Agriculture & Nigerian Economy
CBN’s Loan to Build 300,000 Homes and Create 1.5 million Jobs in Nigeria
The Central Bank of Nigeria (CBN) has approved N200 billion as mortgage finance facility to the Family Homes Fund Limited (FHFL) and low income earners.
According to a statement issued by the CBN, the initiative is to be implemented in collaboration with the Family Homes Fund Limited as the lead developer, as it is introduced to support the Federal Government’s Economic Sustainability Programme in other to fast track the construction of over 300,000 homes in the 36 states of the federation and the Federal Capital Territory and create more than 1.5 million jobs.
‘’The Programme will house up to 900,000 children and adults (at an average of 3 persons/home) on a low income with direct impact on health, education and economic outcomes. It targets those who currently live in informal settlements with shared facilities in unsanitary environments and low-income earners across the country.’’
“In that regard the Programme will deliberately aim to revive local manufacturing of construction materials including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings and bricks,’’ it read.
The funds, which would be released to the Family Home Funds by the Central Bank of Nigeria is subject to the cumulative maximum limit of N200 billion. The facility type which would be a term loan is to enable FHF finance the construction of social housing units for low-income earners and is for a 3-year tenor from the date of disbursement.
The facility, which is expected to be repaid in not more than 3 instalments within the tenor of the facility, has an interest rate of not more than 5% per annum.
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Agriculture & Nigerian Economy
Nigeria’s Strategic Objective to Capture 10% Of Africa’s Import by 2035 – Achimugu
The Nigerian National Action Committee on the African Continental Free Trade Area, AfCFTA, has revealed that its strategic objective is to capture 10 per cent of Africa’s imports by 2035, thereby doubling Nigeria’s export in the process.
This was disclosed by the coordinator oil and gas work stream, secretariat of the National Action Committee on the AfCFTA, Franca Achimugu, at the implementation plan adoption meeting with the oil and gas work stream which was held at the Nigeria National Petroleum Corporation headquarters, in Abuja, on Thursday.
While introducing the agreement and what the oil and gas sector stands to benefit from its full implementation, she said, “AfCFTA means Nigeria is no longer Africa’s largest economy, we need to sit up and get our house in order.”
She added that Nigeria is aligning itself for agreements, which comes with the elimination of tariffs.
She also mentioned that Nigeria’s mission is to become the preferred provider of value-added services to Africa.
Recall that it was reported earlier this month that the AfCFTA secretariat and the African Export-Import Bank signed an agreement on the management of the base fund of the AfCFTA adjustment fund.
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The AG. Controller general, federal fire service (ffs), Karebo Pere samson has cautioned Nigerians against storage of premium motor spirits (PMS) popularly known as petrol in their homes during this period of scarcity.
Karebo said petrol is a highly inflammable liquid which if not handled carefully can cause serious fire explosion.
This was disclosed in a statement released by Abraham Paul the public relations officer of the services
Karebo explained that invariably there is always a risk of a fire outbreak or an explosion if there is a source of ignition nearby such as a naked flame or an electrical spark.
The ag controller general stressed that Nigerians should avoid any act which could lead to fire outbreak in their environment.
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Agriculture & Nigerian Economy
NNPC Ltd Commences Distribution Of 1Billion Litres Of Petrol Across Nigeria to Ease Fuel Crisis
The Nigerian national petroleum corporation limited has said that it has commenced the distribution of one billion litres of safe premium motor spirit to fuel stations across the country.
This was made known by group executive director, downstream, NNPC, Adetunji Adeyemi on Tuesday in Abuja during a press briefing.
He said in order to ensure smooth distribution of the PMS nationwide, NNPC constituted a monitoring team with the support of the Nigeria midstream and downstream petroleum authority and other security agencies.
Adeyemi stated that the NNPC commenced operations on Tuesday at its depots and retail outlets to aid with the distributions across the country and an additional 2.3 billion litres of PMS is expected to arrive in Nigeria before February ends in order to address the current situation and restore sufficiency above the 30-day national target
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