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| Vice President Yemi Osinbajo |
*NNPC assures of adequate PMS supply by next week
*30 vessels to deliver an additional supply of 2.3 Billion litres of PMS into the country till month-end February, 2022
*5 States/FCT ahead in 70% COVID-19 vaccination target by Dec. 2022
The National Economic Council (NEC) has resolved to encourage the growth of the automotive industry in Nigeria by improving patronage of locally manufactured vehicles, just as the Council got assurances that the current fuel situation in parts of the country would be resolved by next week.
Both of these issues form part of the discussions at this monthโs National Economic Council meeting chaired by Vice President Yemi Osinbajo, SAN, with Governors, Federal Ministers and top officials in attendance. NEC is composed of all 36 State Governors, the Central Bank Governor and the Minister of the Federal Capital Territory alongside some other members of the Federal Executive Council.
Briefing NEC on the benefits of locally manufactured vehicles in the country, the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said despite the potentials, the local automotive industry has been significantly plagued by several challenges such as weak demand for locally assembled cars, as well as lack of government patronage which could have assisted the assemblers in achieving economies of scale.
Also, Council received an update on the Covid-19 vaccination by the Executive Director, National Primary Health Care Development Agency (NPHCDA), Dr. Faisal Shuaib, calling Council to note that by March next month, the country needs to reach 50% of eligible vaccination at least for the first dose. Then, by December this year, the plan is to achieve 70% full vaccination rate.
He added that 5 States including FCT are hitting the mark, the States being Nasarawa, Jigawa, Ogun, Osun and Kwara.
Council resolved that State authorities should prioritize vaccination of citizens against the disease and that since Lagos, and FCT carry the highest-burden, whatever support is necessary should be made available to them.
Below are other highlights from todayโs National Economic Council meeting:
NEC OF THURSDAY 17TH FEBRUARY, 2022 (2ND IN 2022) 123rd MEETING
FINANCIAL UPDATES:
THE HONORABLE MINISTER OF STATE FOR BUDGET AND NATIONAL PLANNING GAVE COUNCIL AN UPDATE ON THE UNDER LISTED ACCOUNTS AS FOLLOWS:
1. EXCESS CRUDE ACCOUNT (ECA)
BALANCE AS OF 16TH FEBRUARY, 2022 STANDS AT
$35,870,622.30
2. STABILIZATION ACCOUNT
BALANCE AS OF 16TH FEBRUARY, 2022 STANDS AT
N30, 503, 586, 767.76
3. DEVELOPMENT OF NATURAL RESOURCES ACCOUNT
BALANCE AS OF 16TH FEBRUARY, 2022 STANDS AT
N 51,035,959,035.44
PRESENTATION FROM THE NCDC ON STATE PERFORMANCE REPORT ON OUTBREAK OF COVID-19 IN NIGERIA
Situational report on the outbreak of COVID-19 in Nigeria as of 17 February, 2022 showed the total number of cases at 254,091 while the number of cases tested was 4,233,363. The active cases is put at 20,493 while 230,457 cases were discharged and the number of deaths was put at 3,141.
The Council was also informed that cases have declined by 58.6% over the last 6 weeks with only 2 deaths in the past 2 weeks. The NCDC presentation noted that the Centre has engaged health facilities across the federation especially tertiary health facilities in other to curb the death of health workers due to Covid-19.
Implementation and enforcement of the COVID-19 health regulation 2021 signed by President Muhammadu Buhari is in progress to:
*Increase State COVID-19 sample collection and testing.
PRESENTATION ON THE NIGERIA JUBILEE FELLOWS PROGRAMME (JEP) BY THE HONOURABLE MINISTER OF INDUSTRY, TRADE AND INVESTMENT OTUNBA NIYI ADEBAYO
Council was called to note that: 60% of the Nigerian population is under 35 years of age and by 2050, Nigeriaโs population is expected to double (becoming the 3rd largest country in the world) with over 13.8 million youth within the labour force bracket.
The Minister introduced the Jubilee Fellows Programme as one of the measures to address the increasing population of unemployed youths. The programme will:
ยท Connect 20,000 graduates annually to opportunities in Private and Public Sector Institutions
ยท Create a talent pipeline for Private & Public Sector to draw from
ยท Provide a platform for high level public & private sector policy dialogue on Employment Creation & Talent Management, etc.
Deployment of the programme’s Cohort and First Placement is expected to be done by April 2022.
Current numbers:
*116,763 applications from prospective fellows received
* 5,898 Private Sector Institutions Expressed interest to Host Fellows
* Financing: Goal to mobilise $260 Million over the five year Programme period.
*Already EU has committed 44Million Euros into the Fund.
PRESENTATION ON THE BENEFIT AND IMPACT OF PROCURING LOCALLY MANUFACTURED/ASSEMBLED VEHICLES BY THE HONOURABLE MINISTER OF INDUSTRY, TRADE AND INVESTMENT, OTUNBA NIYI ADEBAYO & DG, NATIONAL AUTOMOTIVE DESIGN AND DEVELOPMENT COUNCIL, NADDC, MR. JELANI ALIYU
The Nigerian Automotive Industry has been identified as one with a catalytic effect on the economy.
Council was therefore called to note that: the industry has achieved the following:
ยท US $1Billion in Foreign Direct Investments
ยท 63 Licenses issued
ยท Over 30 Active Assemblers
ยท Demand for 400,000 vehicles per Annum
Despite the potential, the industry has been significantly plagued by several challenges such as weak demand for locally assembled vehicles due to:
ยท Lack of Government patronage to assist assemblers in achieving economies of scale; and
ยท Insufficient vehicle credit financing to stimulate private off-take.
Therefore, the Ministry hereby urges the State Governments to support the quest of driving Nigeriaโs industrialization agenda and job creation aspiration.
Benefits of the Automotive industry:
ยท Catalyst for driving mass production, local content and transfer of skills and knowledge:
ยท Potential to stimulate growth in other sectors such as asphalt, wood gasoline and road construction;
Impact of Governmentโs patronage:
ยท Enable Original Equipment Manufacturers (OEMs), achieve economies of scale and drive assembly capacity upwards;
ยท Stimulate economic growth in other sectors such as road construction
ยท Prevent fledgling auto assembly companies and downsizing of staff, therefore mitigating capital flights and development of other countries.
ยท Africa accounts for about 30% of the global Automotive Industry despite its strong demographic profile.
Significant growth is expected to be witnessed in the African vehicle market due to demographic trends, low current base and AFCFTA impact
State Governments can utilize Locally Assembled Vehicles in addressing some of the challenges facing the Public Transportation System.
PRAYERS TO THE COUNCIL
The National Automotive Design and Development Council (NADDC) through the Federal Ministry of Industry, Trade and Investment hereby:
๏ง Seeks the support of the National Economic Council in obtaining the firm commitment of the Executive Governors to procure locally assembled vehicles.
๏ง Use same to address the burden of the public transportation system on citizens for official use by the States and for personal use.
Council welcomed the Prayers and accepted them as recommendations. It was also stated that it is important to know why former policies and automobile companies failed so that past mistakes are not repeated.
NNPCโS PRESENTATION OF UPDATE ON PMS SUPPLY & DISTRIBUTION:
PMS Supply Sufficiency (As of am 17th February -2022)
*30 vessels to deliver an additional supply of 2.3 Billion litres of PMS into the country till month-end February, 2022
*NNPC as the supplier of last resort has continued to sustain adequate petroleum products supply and distribution to the Nation despite challenges associated with the unending waves of pipeline vandalism, product theft and Cross-border smuggling of PMS
QUEUE SITUATION REPORT AS AT 7:30am 17/2/22
NNPCโS strategy is on for restoring stability in PMS supply and distribution by:
๏ง Boosting Incoming PMS Supplies
๏ง Recertification and Release of In-country PMS Stock
๏ง Enhancing Distribution Management
