Economy

No controversy over status of Nigeria SEZ Investment Company – Presidency

Published

7 years ago

April 4, 2019

No controversy over status of Nigeria SEZ Investment Company – Presidency

The Presidency says there is no controversy whatsoever about the status of Nigeria SEZ Investment Company Limited (NSEZCO), also known as Nigeria Special Economic Zones Company Limited as being speculated in some quarters.

Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, stated this in a statement in Abuja on Wednesday.

The presidential aide, who was reacting to reports in sections of the media about the status NSEZCO, said the company was designed as a special purpose vehicle to deliver Project MINE (Made in Nigeria for Exports), which is a Presidential initiative.

“We wish to confirm that NZESCO was incorporated as a special purpose vehicle to deliver Project MINE (Made in Nigeria for Exports), which is a Presidential initiative.

“The Federal Government’s Economic Recovery & Growth Plan (ERGP) identified the development of Special Economic Zones (SEZs) as a major strategic tool to accelerate the implementation of the Nigeria Industrial Revolution Plan (NIRP),’’ he said.

He added that the Project MINE was envisioned by the Federal Ministry of Industry Trade and Investment (MITI) to develop SEZs to world-class standards and position Nigeria as the pre-eminent manufacturing hub in sub-Saharan Africa and a major exporter of made in Nigeria goods and services regionally and globally.

He said: “Indeed, Project MINE was necessitated by the following factors:

Lack of operating competitiveness that limits the growth of the zones, despite the presence of generous fiscal and regulatory incentives.

For government-owned SEZs, there were limited Federal budget allocations to make the required investments in infrastructure, operations and management services;.

Others are the need to develop the skills and experience to operate and manage the zones to world-class standards of efficiency;

The absence of a deliberate strategy to attract investors, create clusters or encourage the development of local value chains using SEZs, and therefore the lack of appropriate link between the industrialization strategy of government and the Free Trade Zones.

Project Mine therefore seeks to achieve the following specific objectives:

· Support structural transformation of the Nigerian economy by increasing the manufacturing sector’s contribution to GDP to 20 per cent by 2029;

-Contribute to sustainable inclusive growth by creating 1.5 million new direct manufacturing jobs in the initial phase of Project MINE;

-Increase and diversify foreign exchange earnings to at least US$30bn annually by 2029, by increasing manufacturing sector exports;

-Create local models of global best practice in the provision of world class infrastructure at competitive costs connecting SEZs to international and regional markets with transport links, uninterrupted power, ICT, water, sewage and other services to ensure smooth and efficient operation of SEZ businesses;

· Promote the “cluster” effect to be gained by locating similar export-oriented manufacturing businesses within the same locality;

· Attract world class investors with strong positions in global supply chains and investors with potential to increase the scale of operations rapidly to set up operations in SEZs; and

· Create an enabling environment for SEZ businesses by instituting best in class legal and regulatory frameworks, using technology and streamlined processes to facilitate movement of people, goods and capital and easy access to government services, approvals and permits.’’

Adesina recalled that in June, 2018, the Federal Executive Council (FEC) approved NSEZCO, with the endorsement of the Economic Management Team, as the holding entity for FGN investments and proprietary interests in existing and future SEZs.

He said the FEC approval also provided that all current and future capital appropriations for Project MINE should be transferred to NSEZCO’s account, as soon as opening formalities were completed.

“With the formalities completed, NSEZCO became the platform through which Federal Government’s capital budget appropriations for SEZs are converted into long term value creating investments.

“NSEZCO is a public private partnership (PPP) company to operate world-class standards of governance and management, to facilitate mobilization of capital and other resources from PPP partners, in order to overcome budgetary constraints to the provision of critical infrastructure for SEZs.

“By aggregating and harnessing FG’s investment in a strong corporate special purpose vehicle, NSEZCO will facilitate the mobilization of additional capital from development finance institutions (DFIs) and private investors. Ministry of Finance Incorporated (MOFI) is the shareholder, holding the FG’s interest of 25% in NSEZCO.

“The balance of 75% is currently held in trust on behalf of other prospective shareholders, pending completion of investors’ diligence and documentation and approval procedures,’’ he further maintained.

The presidential spokesman also recalled that on Feb. 8, NSEZCO signed investment agreements with three Development Finance Institutions: Afreximbank, Bank of Industry, the Nigeria Sovereign Investment Authority (NSIA) and Ministry of Finance Incorporated for their investment in NSEZCO at a ceremony presided over by President Muhammadu Buhari at the Presidential Villa.

He stated that Africa Finance Corporation and African Development Bank which are still in the preliminary stages of their internal approval processes were also in attendance as observers.

Adesina quoted President Buhari at the signing ceremony as saying that: “When we committed to the implementation of the Nigeria Industrial Revolution Plan and launched our Economic Recovery and Growth Plan to fast track implementation, we had a vision of Nigeria as the pre-eminent manufacturing hub in Sub-Saharan Africa and a major exporter to our immediate West African sub-region, the rest of Africa and indeed the World.”

He said already, NSEZCO was mobilizing capital from the Federal Government and the development finance institution shareholders, for the development of Special Economic Zones across Nigeria.

He disclosed that pilot projects in the first phase were Enyimba Economic City, Abia State, Lekki Model Industrial Park, Lagos State and Funtua Cotton Cluster, Katsina State.

The presidential media aide maintained that “in addition, pre-development studies are on-going in Benue, Kwara and Sokoto States whilst studies will soon commence in Ebonyi, Edo and Gombe States amongst others”.

Economy

NNPCL has responded to queries on unaccounted N210trillion – Senate

Published

3 hours ago

October 8, 2025

Our Reporter

By Hassan Taiye

The Senate through its committee on Public Account declared Tuesday that the Nigerian National Petroleum Company ( NNPCL) , has responded to 19 queries raised against it in the Audit reports of 2017 to 2023.

The Committee had on the 29th of July this year , gave the Chief Executive Officer of NNPCL, Engineer Bayo Ojulari , three weeks to respond to the 19 queries on N210trillion yet to be accounted for, in the Audited account of National Oil Company .

Responding to questions from journalists at the close of plenary on Tuesday on whether NNPCL had responded to the queries or not , the Chairman of the Committee, Senator Aliyu Wadada ( Nasarawa West) said yes but explained that the responses were yet to be critically looked into .

He said : “While we were on recess, management of NNPCL wrote to the committee, requesting an extension of time to enable them compile data and respond comprehensively to the questions we raised — and we granted that request.

“They have since responded, and we now have answers to all 19 questions we sent to them.

“However, the report is yet to be presented before the committee. That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.

“But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter”.

He added that beyond the audited financial statements, there are other issues emerging around the NNPC.

According to him, the first of such issues is production sharing contracts — specifically, the production cost to Nigeria which must be clearly defined, and the public deserves to know what portion goes to the NNPC, what goes to the international oil companies (IOCs), and what accrues to the government under the production sharing arrangement.

“Furthermore, the committee has been informed that NNPC Retail has declared a loss.

“This development is also of concern to us and to the public. We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us.

“As far as the audited financial statements are concerned — which cover the period between 2017 and 2023 — NNPC has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course.

“Out of those answers, the ones that make sense and those that do not will be evident to the public”, he stressed .

Economy

Nigerians to Pay More for Petrol as Fuel Prices Rise Nationwide

Published

1 day ago

October 7, 2025

Our Reporter

By: Fabian Apechihin

Nigerians are facing yet another spike in fuel prices as premium motor spirit (petrol) now sells for between ₦905 and ₦945 per litre across several filling stations in Abuja.

Checks on Monday, October 6, 2025, revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets, along with Empire, AA Rano, and Shema filling stations, adjusted their pump prices upwards. Empire Filling Station in Gwarimpa reportedly sold petrol at the highest rate of ₦945 per litre.

Other stations, including MRS, Emedeb, Ranoil, and Eterna, dispensed petrol between ₦885 and ₦910 per litre.

Marketers Blame PENGASSAN Strike for Price Surge
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the sudden hike to disruptions caused by last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

IPMAN President, Abubakar Maigandi, explained that the price increase was largely due to supply interruptions. He noted that stations receiving supplies from Dangote Refinery were still selling between ₦885 and ₦895 per litre, adding that prices were expected to stabilize soon.

“The feud between Dangote Refinery and PENGASSAN may have triggered panic buying and artificial scarcity. I can assure you that prices will drop and return to normal in the coming days,” Maigandi said.

IPMAN spokesperson Chinedu Ukadike also confirmed that the PENGASSAN strike caused temporary shortages in Lagos and Abuja but expressed optimism that availability would improve as supply chains normalize.

Depot Prices Edge Up
Depot prices have reportedly risen slightly, with Dangote Refinery selling petrol at ₦844 per litre, Ranoil and Aiteo at ₦845, and NIPCO at ₦850 in Lagos.

The fuel price increase comes just days after Dangote Refinery and PENGASSAN resolved their dispute over the alleged mass dismissal of Nigerian workers, which led to a two-day strike. Federal Government intervention helped broker peace between both parties.

Dangote Refinery later thanked President Bola Ahmed Tinubu and other mediators for their role in ending the strike.

Shettima, PENGASSAN Trade Words
Meanwhile, Vice President Kashim Shettima, speaking at the 31st Nigerian Economic Summit (NES31) on Monday, criticized PENGASSAN, declaring that “Nigeria is bigger than the union.”

In response, PENGASSAN President Festus Osifo countered, saying the country is also “bigger than Dangote Refinery and the presidency,” emphasizing the union’s commitment to protecting Nigerian workers’ rights.

Economy

Tourism wearing a new face in Kwara: Commissioner

Published

1 week ago

September 28, 2025

Our Reporter

Urges Kwarans, foreigners to embrace it Stephen Olufemi Oni, Ilorin

Kwara State Government has continued to showcase the beauty of culture and traditional assets and its uniqueness in the daily lives of the citizens, urging the people to embrace it for development.

The State Commissioner for Communications, Hon. Bolanle Olukoju, had earlier in a broadcast, enjoined the people of the State, at home and in the diaspora, to embrace tourism as a tool for developmental progress to sustain transformational growth in line with the policy thrust of Mallam AbdulRahman AbdulRazaq’s-led administration.

The Commissioner made the call to mark the 2025 World Tourism day with the theme, ‘Tourism and Sustainable Transformation’, as declared by the United Nation’s World Tourism Organization(UNWTO).

According to Olukoju, tourism is more than travel, it is actually a way of supporting people, culture, and the environment while driving economic growth, urging all and sundry to explore the various tourist sites around them.

“Tourism is not just travel, it is about building a future where every journey contributes to people, culture and planet, it is about hospitality that opens our heart and also helps to preserve our heritage and create opportunities for growth and development”, She said.

The Commissioner, who was delighted that the Ilorin Emirate Durbar was recently ranked among the top ten festivals in Nigeria, celebrated Hajia Faridah Shagaya, who was recognised among Africa’s top tourism personalities, describing the recognitions as sources of pride for the state.

She commended the administration of Governor AbdulRazaq for investing in tourism and hospitality, citing projects such as the Visual Arts Centre, Flower Garden, and Sugar Factory Film Studios, among others, as commendable efforts.

She also announced that this year’s celebration includes a roundtable with stakeholders to advance discussions on the future of tourism in Kwara State.

“Tourism is wearing a new face, from the Sugar Factory Film Studio, the Visual Arts Centre and the improved road network to Owu Waterfalls and many more which are evident of his work and is gradually opening Kwara to the World”, she added.

The Commissioner, who was represented at the event by the Director, Personnel, Finance and Supply, Hajia Salamat Yahaya, assured that tourism will continue to receive priority attention under the present administration and urged all stakeholders to support the ongoing efforts to make Kwara a leading destination for culture, heritage, and hospitality.

In her remarks, the Secretary, kwara State Hospitality and Tourism Development Board, Hajia Ramat Akanni, applauded the present administration for priority attention given to the Board.

Hajia Akanni expressed optimism towards an enviable tourism and hospitality driven state, which she assured, would attract prospective investors and enhance revenue generation for the state.

She sought support and utmost compliance from hoteliers and relevant stakeholders to achieve the desired goals, pointing out that violators will face the full wrath of the law.

Relevant stakeholders and participants at the one-day event later visited Sobi Hills and the Kwara Sugar Film Factory as part of activities marking the celebration.

End