Federal Government Hands Over Concessioned Silo Complexes To Concessionaires

Must Read

PZ Cussons commences entries for Cussons Baby Moments’ 6th season

PZ Cussons has announced the commencement of entries of the 6th season of its eponymous baby competition in Nigeria tagged...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Ankara Styles For Slim Ladies: Top 5 Looks You Must Try! (Pictures)

Today’s fashion of Nigeria shows off plenty of Ankara styles for slim ladies, that will help them to create a...
- Advertisement -
- Advertisement -

Honourable Minister of Agriculture and Rural Development, Chief Audu Ogbeh today managed over the official handing over ceremony of concessioned silos complexes to concessionaires who had developed as fancied bidders after a successful negotiation.

Speaking at the event, Chief Ogbeh stated that the Federal Government instituted the silos complexes and commodity warehouses in various parts of the country with the purposes of promoting products storage, commodity price stability and industrial supply, combining that the concession is to secure adequate management and maximum utilization of the facilities.

Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Dr Mohammed Bello Umar explained the concession of the silo as a step in the right direction, adding: “This will result in excellent and beneficial use and will assist to generate wealth for the operators, generate employment and stimulate agricultural production in Nigeria”.

Read:  Cigarette Decline Rates Accelerate As Juul Share Grows

Director General, Infrastructure Concession Regulatory Commission (ICRC), Engr. Chidi Izuwah remarked: “These assets will now create financial value and aid the transformation of our nation as we are out to ensure that the government reap the full benefit of any public-private partnership agreement”.

The transaction process to concession the silo complexes was initiated in August 2013 by the ministry, statutorily supervised by the infrastructure concession regulatory commission (ICRC) with aid from the World Bank and the ministry of finance.

Read:  Nigeria’s Inflation Rate rose to 11.24% in September 2019, 0.22% Higher Than August 2019 Rate

The concession term is for a period of 10 years, during which the concessionaires will operate and maintain the silo complexes under the supervision of the ministry and ICRC. The concessionaires will compensate the government through a fee structure broken down into components.

Read:  Ogbeh Charges The Ncard To Provide Policy Direction That Would Improve Enabling Environment For Agric Investors To Ensure Food Security

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Samsung Presents Galaxy A10s, A20s and A30s For New Smartphone Generation

Samsung yesterday unveiled new members of the Galaxy A Series smartphones – the Galaxy A10s, A20s and A30s. These...

Federal Govt & World Bank To Debate $3 Billion Power Sector Loan

Ndubuisi Francis, Obinna Chima, Kunle Aderinokun, Nume Ekeghe and Nosa Alekhuogie in Washington DC. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed,...

CBN Issues Part Of N499 Billion Credit Penalty To Banks

The Central Bank of Nigeria (CBN) had Issued to some banks part of the N499,175,535,097 subtracted from 12 banks as additional cash savings after...

Yankee Candle Celebrates 50 Years of Candle-Making and A ‘Scent-Evoking’ 10 Years in Singapore

SINGAPORE - Media OutReach - 18 October 2019 - Yankee Candle®, America's best-loved candle, celebrates its 50th anniversary and ten years in Singapore this year. Founded by Mike Kittredge in 1969, Yankee...

More Articles Like This