16 Oct

Daily Watch – 40k manufacturing jobs may go, FG to reimburse states over roads

  • Analysts have warned that the federal government’s drive to create jobs for millions of unemployed Nigerians may suffer a setback because of the CBN’s forex restrictions. The policy, which took effect in June, had excluded some essential raw materials from the list of items valid for forex in the Nigerian foreign exchange markets. Some analysts are projecting manufacturing job losses of up to 40,000 as a result.
  • The National Economic Council, presided over by Vice President, Yemi Osinbajo, has assured state governors that the Federal Government will reimburse monies spent on maintaining federal roads across Nigeria. The VP said that all those who have followed due process will be refunded their expenses. The NEC also took a look at the states being affected by flooding and what the federal and state governments were doing about it.
  • The World Bank has defended its $75 million loan to Edo State Government, saying that it only grants significant funding to governments it trusts would use the funds judiciously to achieve its development results. Two top executives of the World Bank, Gloria Joseph Raji and Khwima Nthara said the Bank trusts Edo State Government to use the fund properly. “Each time we came to Edo, we were quite impressed that we were taken around to see the results of these reforms and that is why it was easy for us at the World Bank to sell the reforms programmes in Edo to our Board in Washington.” “When we disbursed $75 million under the First Developmental Policy Operation to Edo State, we did not say to Edo State, you must use it to build this hospital, or this school or all of that, it was on the basis of your completion of critical policies and institutional actions which we call ‘prior actions,” they said.
  • The Managing Director of the Nigeria Liquified Natural Gas (NLNG), Babs Omotowa, has said that despite the best efforts, the problem of gas flaring in beyond what the organization can handle alone. However, their efforts have reduced gas flaring significantly down from 65 per cent to 20 per cent.