The declaration of the Anambra State governorship election as inconclusive by the Independent National Electoral Commission (INEC) on Monday dominates the headlines of Nigerian newspapers on Monday.The Guardian reports that the Anambra State governorship election has been declared inconclusive by the Independent National Electoral Commission (INEC) on Monday.
INEC Returning Officer of the Anambra governorship election, Florence Obi, said that a supplementary election will hold in 362 polling units in Ihiala Local Government Area on Tuesday, November 9.
Obi made the announcement at INEC headquarters in Awka, Anambra State capital, saying the election did not take place in Ihiala due to reports of insecurity in the environment.
She cited Nigeria’s electoral act and noted that the election in Ihiala Local Government Area has to be completed before the overall results for the Anambra governorship election will be announced.
However, the results released so far by INEC puts the candidate of the All Progressives Grand Alliance (APGA), Prof Chukwuma Soludo, in pole position to win the election. Soludo leads with 103,946 votes.
The candidate of the All Progressives Congress (APC) Andy Uba has 42,942 votes while the candidate of the Peoples Democratic Party (PDP) Valentine Ozigbo has 51, 322 votes and Young Progressives Party (YPP) candidate Ifeanyi Ubah has 20,917 votes.
ThisDay says that the Standards Organisation of Nigeria (SON) has introduced fresh standards to combat the high level of rejection faced by Nigeria’s agricultural commodities at the global markets.
The move, according to the standards body, is apt and timely to make Nigeria agro commodities competitive at the international markets, especially with the introduction of African Continental Free Trade Agreement (AfCFTA). The Director General, SON, Mallam Farouk Salim, stated this on the sidelines of the visit of SON Governing Council to audit SON’s facilities in Ogba area of Lagos.
According to him, most of the times when Nigerian goods are rejected, it is due to failing to go through standard procedure locally before exporting to other countries, saying that as long as exporters continue to ignore local available standards, their products would continue to be rejected.
He added: “Exporters do not check the standards of the country they are exporting to so as long as our exporters ignore our standards, they will still have their products rejected, but if they follow the procedures, we are here to partner and assist them to make sure that their products are accepted globally.”
The Punch reports that the Central Bank of Nigeria has fixed the maximum loan amount that a participant in its newly introduced initiative, called ‘The 100 for 100 PPP – Policy on Production and Productivity’, can get at N5bn.
The CBN disclosed this in its guidelines for the implementation of the initiative which was released on Saturday.
It said, “Quarterly, starting from November 1, 2021, the initiative shall select 100 private sector companies with projects that have potential to significantly increase domestic production and productivity, reduce imports, increase non-oil exports, and overall improvements in the foreign exchange generating capacity of the Nigerian economy.
“The initiative, which shall be bank-led, will be rolled over every 100 days (that is, quarterly) with a new set of companies selected for financing under the initiative.”
The apex bank said the initiative would be implemented in collaboration with relevant stakeholders, with a focus on micro and macroeconomic impacts, in terms of contribution to GDP and exports, sustainable jobs created, local content development, production output, and capacity utilisation and integration into the global value chain.
“Loan amount shall be a maximum of N5bn per obligor. Any amount above N5bn shall require the special approval of CBN’s management,” it said.
The newspaper says that the Securities and Exchange Commission and the Standards Organisation of Nigeria have said they will intensify collaboration on the commodities trading ecosystem with the hosting of a commodities standards sensitisation workshop.
The SEC said in a statement on Sunday that the workshop would hold this week in Lagos, with processors farmer groups, exporters, farmer co-operatives, merchants/off-takers and agric extension officers expected to attend.
It said the partnership would help foster the development of a grading and standardisation system in line with international best practices. The Director-General of the commission, Mr Lamido Yuguda, had said recently that SEC constituted a technical committee on the commodities trading ecosystem to identify the challenges of the existing framework and develop a roadmap for a vibrant ecosystem, according to the statement.
According to Yuguda, it is globally recognised that a unique feature of a commodities exchange is the standardisation of the commodities traded on its platform.
He noted that the establishment of relevant standards would be transformational for the Nigerian commodities trading ecosystem. The DG of SON, Mallam Farouk Salim, was quoted as saying that the agency was excited to collaborate with the SEC as it sought to develop the capital market in Nigeria and the Nigerian economy at large.
The Sun report that the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote has stated that the Petroleum Industry Act (PIA) 2021 will enable the development of host communities, reduce funding pressure on government, boost capacity development in identified skills gaps, and stimulate investment in Nigeria’s oil and gas industry.
He made the assertion at the Association of Energy Correspondents of Nigeria (NAEC) 2021 Strategic International Annual Conference held recently in Lagos.
Speaking through the Director, Monitoring and Evaluation, Mr. Tunde Adelana, Wabote said the PIA will foster development of critical infrastructure and enhance the utilisation of gas resources for national development.
He stated that the PIA provides legal governance, regulatory and fiscal framework for the oil and gas industry in Nigeria, and development of Host Communities.
The Act, he noted contains 5 Chapters, 319 Sections, and 8 Schedules dealing with Rights of Pre-emption; Incorporated Joint Ventures; Domestic Best Price, and Pricing Framework.
According to him, the PIA will bring about the formation of NNPC Limited, its Functions; Gas Flare and Gas Infrastructure; Midstream Operations; Fiscals, Taxes, and Royalties; and Host Community Development with a bid to engage the business of renewables.