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#EndSARS: Lagos Revives 10,000 Businesses With N939m, As Sanwo-Olu Initiates Project To Fund Talent Development

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Lagos State government, yesterday, said that 10,000 business owners affected by the wanton destruction of properties during the #EndSARS protest were given N939.98 million support fund to recover their losses.

This came on a day Governor Babajide Sanwo-Olu inaugurated a 9-member committee on film production empowerment, an intervention project to revitalize the entertainment and tourism sectors in the state.

Speaking during the ministerial press briefing to commemorate the second anniversary of the Babajide Sanwo-Olu administration in office, the Commissioner for Wealth Creation and Employment, Mrs. Yetunde Arobieke, said: “The MSME Recovery Fund was set up to support businesses in Lagos State whose properties and assets were vandalized post #EndSARS protests that rocked the nation in October 2020. With funding from the Lagos State Government, corporate organizations, and private individuals, businesses were supported with grant sums ranging from N50,000 to N5,000,000, to beneficiaries to rebuild their businesses.

“About N939.98 million (approximately. US$2.47million) were disbursed to 1835 beneficiaries, and 10,005 direct jobs and 40,020 indirect jobs saved.”

Mr. Babajide Sanwo-Olu also initiated an intervention project that will jump-start the transformation of the Entertainment and Tourism sector.

The Governor, on Wednesday, inaugurated the Committee on Film Production Empowerment at the State House, Marina to fund youth creativity and entertainment activities in the State, following the disruption caused by the spread of Coronavirus (COVID-19) that impacted negatively on entertainment and tourism in the State.

Richard Mofe-Damijo – a veteran filmmaker and Nollywood actor – is the chairman of the nine-member committee, comprising five industry practitioners and four Government officials. They are selected to drive the Governor’s vision to actively support youth creativity and entrepreneurship in the sector.

The committee’s inauguration came months after the Governor set aside N1 billion seed capital to unlock the potential in hospitality and tourism businesses.

The scheme is to support the creative ideas of movie and entertainment producers who are constrained by funds to bring their concepts into reality. Applicants are to be supported with funding based on the financial plans of their projects. The grant may be as much as N40 million for each beneficiary.

Entertainment and Tourism form a key pillar of the Government’s T.H.E.M.E.S. Agenda being implemented to drive inclusive growth and socio-economic development across sectors of the State’s economy.

Sanwo-Olu described entertainment and tourism as enablers of growth with huge potential for employment opportunities. The sector, he said, is critical to achieving his administration’s youth development objectives, given its high rate of absorption of creative young people in its supply chains.

He said: “This is a signpost of all pockets of intervention we have created for the development of creativity and tourism sector. Aside from the N1 billion set aside for the hospitality industry, this scheme is specifically targeted at our movie industry which is known all over the world. This is with the belief that we can further raise the status of our creative output and commercialize the returns to a level it can compete with Hollywood and Bollywood.

“We realized most of our film production experts and directors face a lot of funding impediments. We are intervening to close this gap and bring credible veterans who have the knowledge and have demonstrated capacity in the industry to drive this project. That is why we carefully selected five key practitioners in the industry to lead. The Committee will be supported by four Government officials to limit bureaucracy for the Committee to achieve its objectives.”

The Governor made it known that the scheme sought to leverage idea and talent development to transform Nollywood into a brand that would compete favourably with advanced film industries, such as America’s Hollywood and India’s Bollywood.

Sanwo-Olu said the committee had been given the authority to disburse the support grants to movie producers who have fresh ideas and those whose stories are yet to be completed.

He charged the committee to work out its engagement modalities and administrative responsibility of selecting the beneficiaries of the scheme.

He said: “As we roll out this scheme, we want to be able to help the industry around job creation and bring youths out of unemployment, using the creative industry. We also want to create entrepreneurs that will use their creativity to enhance the market shares of the sector.

“We want to support industry practitioners to raise capacity, support development of local content, and discourage the action of taking proceeds from the industry out of the country, thereby denying local practitioners the benefits of their talents. We will not restrict your (committee’s) ability; we will give you leeway to do your job.”

Sanwo-Olu said the intervention would galvanize the private sector into committing more funding to the industry for accelerated growth. He expressed optimism that the scheme would unlock the potential of the Lagos coastline and turn it into a destination of choice in African tourism.

Commissioner for Tourism, Mrs. Uzamat Akinbile-Yussuf, said the committee members would set the conditions for accessing this fund, determine the eligibility of applicants and decide on the amount that could be given to an individual applicant or group at a particular time.

She said: “This intervention will make Lagos State continue to retain its position as the hub of film making in Nigeria and as a city for the creative minds.”

Mofe-Damijo described the committee’s appointment as “a big honour”, describing members as passionate practitioners in the Entertainment industry.

“We don’t have any excuse not to perform in this assignment. We will do everything in our capacity to ensure that result which the Governor has envisioned comes to reality,” he said.

Other industry veterans in the committee include ace cinematographer, Tunde Kelani, a Film and Television Producer, Ms. Mo Abudu, movie director, Mr. Kunle Afolayan, and Mrs. Peace Anyim-Osigwe

The Government officials in the committee are Adebukola Agbaminoja, Ferdinand Tinubu, Taju Olajumoke, and Mrs Funke Avoseh (Secretary).

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Federal Government To Grant Mining Licenses To Only Companies That Process Locally

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Nigeria will only grant new mining licences to companies that present a plan on how minerals would be processed locally, under new guidelines being developed, a government spokesperson confirmed on Thursday.

This is a departure from Nigeria’s long-standing practice of exporting raw commodities, as governments around Africa work to increase the value derived from their substantial mineral reserves.

To spur investment, Nigeria will offer investors incentives including tax waivers for importing mining equipment, make it easier to secure electricity generation licences, allow full repatriation of profits and boost security, Segun Tomori, a spokesperson for Nigeria’s minister of solid minerals development said.

“In exchange, we have to review their plans for setting up a plant and how they would add value to the Nigerian economy,” Tomori said. He did not say when the guidelines would be finalised or come into effect.

However, last week the minister of solid minerals development, Dele Alake, said it was now government policy to make value addition a condition for obtaining licences so as to create jobs and help local communities.

Alake, who also chairs an African mining strategy group comprising mining ministers from Uganda, Democratic Republic of Congo, Sierra Leone, Somalia, South Sudan, Botswana, Zambia and Namibia, is pushing for a continent-wide effort to get maximum local benefit from mineral exploration.

Nigeria, Africa’s top energy producer, has struggled to extract value from its vast mineral resources due to poor incentives and neglect. The underdeveloped mining sector contributes less than 1% of the country’s gross domestic product.

Last year Nigeria exported mostly tin ore and concentrates worth about 137.59 billion naira ($108.34 million), mainly to China and Malaysia, according to the country’s statistics bureau.

The government aims to drive more investment into the sector by issuing more licenses. It has set up a state-owned solid minerals corporation offering investors a 75% stake and established a special security unit tasked with fighting illegal miners.

The government is also trying to regulate artisanal miners, who dominate the sector, by grouping them into cooperatives.

Foreign mining companies operating in Nigeria include Canada-based Thor Explorations which is involved in gold exploration, Chinese-owned Xiang Hui International Mining which partnered with a local company to process gold, and Indian-owned African Natural Resources and Mines, which is building a $600m iron ore processing plant in northern Nigeria.

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Governor Babajide Sanwo-Olu Felicitates President Tinubu At 72

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Governor Babajide Sanwo-Olu, has congratulated President Bola Ahmed Tinubu on his 72nd birthday, describing him as a brave, bold, and passionate leader who is dedicated to the advancement, growth, and development of Nigeria.

He said that President Tinubu’s contribution to the nation’s growth is cause for celebration, citing the President’s unparalleled bravery, integrity, honesty, and patriotism in his efforts to steer Nigeria’s ship in the correct path since he into office on May 29, 2023.

Governor Sanwo-Olu, in a statement issued on Thursday by his Special Adviser, Media and Publicity, Mr. Gboyega Akosile, said President Tinubu has provided honest and transparent leadership in Nigeria by taking bold decisions to address challenges militating against the prosperity of Nigeria and Nigerians.

Sanwo-Olu further described the President as a visionary and master strategist whose democratic credentials are scholarly materials for study in political economy.

He said: “On behalf of my family, the government, the people of Lagos State,  members of the Governance Advisory Council (GAC), leaders, and members of the ruling All Progressives Congress (APC) in Lagos State, I congratulate our leader, President Bola Tinubu, on the occasion of his 72nd birthday.

“President Tinubu has sacrificed the greater part of his life in the service of our dear State and Nigeria. He contributed to the enthronement of democracy and good governance, serving first as a Senator in the aborted third republic and later as a pro-democracy activist, working tirelessly as a member of the National Democratic Coalition (NADECO) to struggle for the de-annulment of the June 12, 1993 presidential election.

“President Tinubu’s financial wizardry and economic intellect, which he put to good use as the Governor of Lagos State, have taken our dear state to a greater height. Today, Lagos is the pride of Nigeria, occupying an enviable position as the fifth largest economy in Africa.

“President Tinubu has made positive impacts in the country through the Renewed Hope agenda of his administration. His unblemished service and track record of impressive achievements in public office have made him a role model for many Nigerians.

“As President Tinubu celebrates his 72nd birthday, it is our prayer that God will grant him more prosperous years in good health and wisdom as he continues to serve our dear nation.”

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JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

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The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

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