FG urges China to intensify support for $ 5bn Mambilla Power Project

THE Nigerian Investment Promotion Commission ( NIPC), has called on the Chinese Government to intensify its support for Nigeria’s infrastructural development, especially with the Belt and Road Initiative ( BRI), and the N2.1 trillion ($ 5.792 billion) 3,050 megawatts ( MW) Mambilla hydropower project. Chairman, Governing Council of NIPC, Babangida Nguroje, made the appeal, Tuesday, at the 50th anniversary to mark the diplomatic relationship between Nigeria and China organised by the Centre for China Studies, and the Chinese Embassy in Abuja.

Nguroje noted that such a support was necessary due to the strategic importance and critical role the project would play in stimulating Nigeria’s economy .

The financing arrangement for the $ 5.8 billion project indicates that while China’s Export- Import Bank will provide 85 per cent of the resources, the Federal Government will cater for 15 per cent of the joint project. Nguroje described China as a big brother to Nigeria, particularly in the area of driving the country’s economic and industrial revolution. He said: “For a shared future to complement efforts and drive inclusiveness, it is pertinent that China ignites its big brother role in Nigeria and drives the economic and industrial revolution needed for the largest black nation. Nigeria needs China to bring on board beneficial and impactful investments that will support the women and the large numbers of youths in Nigeria. Because any nation that invests in women and youth will turn around the fortune of the country and further improve the lives of its community.”

While commenting on the huge gap in trade volume between both countries, Nguroje stressed the need for Nigeria to maximise the potential of the African Continental Free Trade Area ( AFCFTA) agreement in bridging the gap between the two countries.

Director, Centre for China Studies, Charles Onunaiju, said sharing of experience in policies between both countries would boost Nigerian Government’s effort on poverty alleviation.

THE Federal Government has expressed optimism in its ability to reach 100,000 small businesses, as it concludes plans to roll out the last two schemes that make up the MSMES Survival Fund, namely, the Guaranteed Offtake Stimulus ( GOS) Scheme, and the General MSMES Grant.

According to the government, the purpose of the GOS is to stimulate direct local production by enabling 100,000 MSMES in the production sector with funds to produce postCOVID- 19 lockdown stimulus products.

The Minister of State, Industry, Trade and Investment, Ambassador Mariam Katagum, who is also the Chairperson, Steering Committee, MSME Survival Fund and Guaranteed Off- Take Schemes ( GOS), said the Steering Committee for the Survival Fund would submit its reports to the Federal Ministry of Finance, Budget and National Planning as well as await the second tranche of the Fund, adding that the existing schemes were progressing seamlessly.

While noting that the scheme would give preference to products produced in reasonably sufficient volumes in each State of the Federation, Katagum said the product must be able to create jobs and have a multiplier effect on the surrounding economy.

Katagum in her statement said: “The Federal Government is set to roll out the last two schemes of the MSMES Survival Fund component of the National Economic Sustainability Plan ( NESP) namely, the Guaranteed Offtake Scheme ( GOS) and the General MSMES Grant. Two of the components approved under the Economic Sustainability Plan ( ESP) are the MSMES Survival Fund and Guaranteed Off- take Scheme.

“The Steering Committee approved the implementation of the two Schemes in five distinct parts namely; the Payroll Support Scheme, Artisan and Transport Scheme, Formalization Support Scheme, General MSMES Grant and the Guaranteed Offtake Scheme.