Sound Sultan (born Olanrewaju Fasasi on November 27, 1976) was a Nigerian rapper, singer, songwriter, actor, comedian and recording artist. He was regarded as one of the pacesetters of modern hip hop music in Nigeria.
His demise was announced in a statement by his family on Sunday.
“He is survived by his wife, three children and his siblings. We, his family will appreciate the utmost privacy as we come to grips with the tragic loss.”
Angioimmunoblastic T-cell lymphoma (AITL) is a rare form of non-Hodgkin lymphoma, which is a group of related malignancies (cancers) that affect the lymphatic system (lymphomas). Lymphomas are the cancer of white blood cells (lymphocytes) and can be divided depending on the type of cells, B-lymphocytes (B-cells) or T-lymphocytes (T-cells), AITL is a T-cell lymphoma.
The lymphatic system functions as part of the immune system and helps to protect the body against infection and disease. It consists of a network of tubular channels (lymph vessels) that drain a thin watery fluid known as lymph from different areas of the body into the bloodstream.
The General Manager of LASPARK Mrs Adetoun Popoola revealed these plans on Wednesday, during a press conference at the Ikeja Office of LASPARK, saying tree planting is the best defence mechanism to stop global warming adding that the State Government in 2008 declared July 14 of every year as the Lagos State Tree Planting Day.
“This is further established as a statutory responsibility of Lagos State Parks and Gardens Agency (LASPARK) in its Law 2011 Section 20(1)” she said.
Popoola said the Tree Planting Day remains a significant one as it offers the opportunity to create awareness on the need to protect the environment and enhance healthy living through the planting of trees, stressing that since the inception of Governor Sanwo-Olu’s administration, over 24000 trees have been planted and an additional 4,000 trees are expected to be planted at this year’s tree planting day.
With a target of planting 50,000 trees annually, the General Manager acknowledged the significance of trees at this time, in healing the world after the devastating effect of the COVID-19 Pandemic.
Speaking further, Popoola averred that the flattening of the COVID 19 pandemic curve worldwide and the current realities encouraged the Agency to lend a hand towards global physical environment restoration efforts noting that the theme for this year’s celebration is tagged “Restore and Recover”.
The General Manager stated that tree planting is one of the cheapest nature-based climate action solutions announcing that there will be Ceremonial Tree Planting at designated locations which will be done by the Governor, Mr Babajide Olusola Sanwo-Olu and his Deputy Dr Kadir Obafemi Hazmat as well as their wives, adding that trees will also be planted simultaneously across all 57 Local Governments and Local Council Development Areas, Lagos State Ministry of Environment & Water Resources and Environmental Agencies of the State Government.
She said other environment stakeholders will as well be marking the day by planting trees at their respective domains, noting that LASPARK representatives at the 57 Local Government Areas and Local Council Development Areas have been sensitized and mobilized in preparation for the exercise.
While encouraging more people to participate in the tree planting event, Popoola confirmed that free tree seedlings will be distributed across all the LGAs and LCDAs in the state as well as to interested participants, private organisations, Non-Governmental Organisations, Community Development Associations, and other volunteers groups.
In order not to jeopardize the gains in the fight against the covid 19 pandemics, the General Manager maintained that the celebration will be devoid of the usual fanfare noting that planting at the ceremonial and designated sites across the state will be carried out in line with the recommended safety guidelines.
To inculcate the habit of tree planting in school children, Popoola disclosed that the Agency has also designed a competition for school children saying children from Lagos State Government schools between the ages of 4 and 12 will be required to create sculptures or any art form depicting their interpretation of the event theme: “Restore and Recover.”
She mentioned that schools (in each of the educational districts) with the best entries will be rewarded with learning resources like electronic tablets, books and other educational materials adding that a Mini Botanical Gardens will also be established in the winning schools, to give students opportunities of direct contact with nature to develop their talents and encourage them to conduct ecological observations.
The General Manager affirmed that LASPARK’s vision for a greener and healthier Lagos will contribute in no small measure to achieving a Healthy and Sustainable Environment as captured in the policy thrust of the Present Administration stressing that as the custodian of open spaces in Lagos, the Agency has brought into its fold, more green partners to support and advance the greenery initiatives of the State Government.
She emphasized that the alliance is considered as key infrastructural support to the state government stride in creating a more sustainable and economic viable city through Public-Private Partnership asserting that the Agency is still open to individual and private sector partnerships and collaborations to enable it to achieve more.
Here is a step-by-step guide on how to redeem gift cards in Nigeria in 2021 and gift card rates in Nigeria
Persistent dollar scarcity in Nigeria has forced many import-dependent businesses to seek alternatives to traditional means of purchasing foreign products and payment for those products.
One of the several alternatives adopted by small import companies operating in Nigeria is gift cards. However, because of scams perpetrated by few fraudulent individuals, navigating this new terrain or niche required a guide.
To dive into how to beat fraud and exchange your gift cards to Naira in minutes, let’s first understand what gift cards are!
What Are Gift Cards
Gift cards are prepaid debit cards with a preloaded specific amount for the purchase of items.
Here is How a Gift Card Works
Since gift cards are prepaid debit cards loaded with funds for future purchases, the two types of gift cards, the open-loop and the closed-loop cards can be used online and in person.
Here are the differences between Open and Closed Loop Gift Cards
Open-loop gift cards can be used at many merchants, like regular debit cards while closed-loop gift cards are good at just one retailer.
Please note that closed-loop gift cards are usually not reloadable.
For many gift cards, there is a stipulated minimum and maximum initial loading amount, the usual minimum is $10 and a common maximum is $500. In some situations, they can be used to pay for a portion of purchase with cash, debit, or credit used to balance the expense. As a precaution to mitigate the risk of losses, many gift cards can also be registered online — a strategy that allows the remaining balance to be tracked and frozen if a card is lost. In this way, some gift cards are safer than cash.
Gift cards can be used to purchase items online and in physical stores where gift cards are accepted. For example, a bearer can use the apple gift card to buy apps, music, books, etc and also at any retail store that accepts gift cards.
How to Redeem Gift Cards to Naira
Apexpay.org, Nigeria’s fast-growing gift cards exchange company, is the leading gift card exchange platform online.
Discuss all the modalities and submit your bank account details
Receive your payment in minutes.
Apexpay has developed a system that eases the burden and closes the gap that exists in the exchange industry by ensuring a safe and secure platform for both seller and buyer.
The Most Popular Gift Cards in Nigeria this Year
Amazon Gift Card
Visa Gift Card
Walmart Gift Card
Target Gift Card
Starbucks Gift Card
eBay Gift Card
American Express Gift Card
iTunes Gift Card
Google Play Gift Card
Amex Gift Card
Sephora Gift Card
Best Buy Gift Card
Gamestop Gift Card
MasterCard Gift Card
Nordstrom Gift Card
Apple Store Gift Card
Steam Gift Card
Macy Gift Card
Vanilla Gift Card
Nike Gift Card
Offgamers Gift Card
Home Depot Gift Card etc.
Gift Card Rates in Nigeria Today – Naira Gift card rates per $100
Globacom has began pre-paid roaming, data roaming, and 4G LTE services in China and the United Arab Emirates.
According to the company, the commencement of the services in these countries is a continuation of its foray into different strategic locations across the world where Glo services can be enjoyed by its customers.
With the development, Glo customers visiting China and UAE will have unhindered access to super fast 4G LTE and pre-paid roaming, in addition to all postpaid services which had been launched by Globacom many years ago. “We assure our customers of excellent calling and browsing services”, the company stated.
small: we’re social
China and United Arab Emirates, therefore, join other countries where Glo customers can enjoy its prepaid and postpaid services. The rest include United Kingdom, Finland, Spain, Serbia, Sweden, Norway, Russia, Holland, France, Portugal, Poland, Switzerland, Denmark and other parts of Europe. Others in the American region include Brazil, United States, Bolivia, Cayman and Grenada, Chile, St Kitts and Nevis, St Lucia and Paraguay.
Another major Asian country where Glo subscribers will enjoy the company’s services is Japan. Glo postpaid services are available in the Asian country, and the Nigerian contingent to the forthcoming Olympic games will benefit extensively from the services. They can communicate, browse and chat with their friends and loved ones without hassles all though the summer games.
The Glo postpaid services are also available in Afghanistan, Bahrain, Lebanon, Bangladesh, China, Hongkong, India, Indonesia, Macau, Singapore and South Korea. Others are Mongolia, Myanmar, Maldives, Philippines, Syria, Taiwan, Tajikistan and Vietnam.
In Africa, Glo postpaid services are available in Cape Verde, Cote d’ Ivoire, Benin Republic, Congo DR, Equatorial Guinea, Egypt, Gabon, Ethiopia, Ghana, Gambia, Mali, Niger Republic and several other destinations on the continent. .
Globacom has the largest roaming footprint covering over 500 networks across over 90 countries, while its roaming rates across different countries are the most competitive in the industry, the company added.
Leading financial services and technology platform, Tangerine has officially launched its financial service product offerings.
Speaking at the press conference held earlier in the week, Livingstone Magorimbo, Head Life Insurance, Tangerine Nigeria, Dapo Akisanya, Head Pensions, Tangerine Nigeria & Ibitunde Balogun, Head Commercial, Tangerine Nigeria who introduced the press to Tangerine and shared the businesses agenda and future growth plans.
In September 2019, Tangerine was established following the acquisition of a 100% equity stake in Metropolitan Life Insurance Nigeria by Verod Capital Management (“Verod”), a leading private equity firm investing in growth companies across Anglophone West Africa.
This was immediately followed by a stream of strategic mergers & acquisitions, notably: The acquisition of ARM Life through Metropolitan Life to establish the 4th largest life insurer in Nigeria – Tangerine Life Insurance Limited; Verod’s acquisition of Law Union and Rock, one of the leading general insurance companies in the space, which has since been rebranded as Tangerine General Insurance Limited; the acquisition of Assured MFB, a microfinance bank, by Tangerine Life to establish Tangerine Money; and in the pensions space, the acquisition of Pension Fund Administrators (PFA) – AXA Mansard Pension and a minority stake in a significant PFA by Verod. AXA Mansard has since been rebranded Tangerine Pensions and the process to merge the two PFAs has commenced. The merger will produce a formidable competitor with wide geographic coverage.
Today, Tangerine comprises of the following entities: Tangerine Life, Tangerine General, Tangerine Pensions, and Tangerine Money. Tangerine is positioned to be Africa’s preferred one-stop financial solutions provider, leveraging a tech-driven, flexible, high-access platform to drive business across all the financial services segments in Africa to deepen financial inclusion, facilitate wealth creation and protection.
Speaking at the press conference on the progress Tangerine has made since 2019, Dapo Akisanya, Head Pensions, Tangerine Nigeria said, “In under 2 years, we have been able to successfully acquire and rebrand several businesses, firmly establishing Tangerine.
We have also made significant strides in repositioning our businesses in readiness for growth by assembling a strong, agile, and experienced team that aligns with our strategic thinking. In the area of recapitalization, the Nigerian insurance industry is currently going through a suspended recapitalization process, which has sought to increase the minimum statutory capital levels for life insurance and general insurance businesses from N2 billion to N8 billion and N3 billion to N10 billion, respectively.
For our 2 insurance businesses – Tangerine Life and Tangerine General – this recapitalization process has already been concluded”.
From L-R: Yomi Onifade , Head Operations, Tangerine Nigeria, Adesola Balogun, Senior Brand Manager, Tangerine, Ibitunde Balogun, Head Commercial, Tangerine Nigeria, Livingstone Magorimbo, Head Life Insurance, Labisi Adesokan, Head Brand and Communications, Tangerine, Akinseye Akinola, Head Banking Services, Tangerine Nigeria, Niniola Yomi-Layinka – Brand Manager, Tangerine, Ademayowa Adeduro, Head General Insurance, Dapo Akisanya, Head Pensions, Tangerine Nigeria & Bode Agbadaola – Brand Activations Manager, Tangerine at the Tangerine official launch press conference held on Wednesday 7th July, 2021-Brand Spur Nigeria
Speaking on their plans to deepen financial inclusion and impact the Nigerian socio-economic landscape, he added, “At Tangerine, we believe in democratizing access to financial services and products and we seek to achieve this by developing simple value-adding products that are easy to understand and, which leverage technology to increase ease of accessibility, helping millions of uninsured Nigerians have protection or save for the future”.
Head Life Insurance, Tangerine Nigeria Livingstone Magorimbo shared plans to establish Tangerine as the No. 1 financial solutions provider of choice in Africa by driving efficiency, value addition and growth.
“Our intention over the next 3 to 4 years is to build strong businesses that are profitable and have a fair share of the larger market, in all of the segments we participate in. We aim to do this by ensuring that the assets acquired in Nigeria are efficient and all the merger synergies are fully realized. In addition, we plan to generate value through customer acquisition, expansion of our agent network, cross-selling to our pool of customers and improving efficiencies. The issue of real time claims processing is one of our target deliverables, as we continue to look for operational efficiencies to add value to our customers and distribution partners”.
Mr. Magorimbo also touched on Tangerine’s growth and expansion plans, “We see our future growth coming from the retail segment where we have made significant investments in understanding the market need, and in the technology and people required to support us going forward. We are also set to expand Tangerine’s presence beyond Nigeria. We plan to have a presence in at least 8 African countries by 2024”.
Technology is the backbone of the Tangerine financial services ecosystem. Speaking on Tangerine’s approach to product development, Head Commercial, Tangerine Nigeria Ibitunde Balogun said, “We have merged deep consumer insights and cutting-edge technology to build a range of carefully tailored and relevant products that create value by broadening the financial potential of every individual, offering a unique blend of life insurance coverage, pensions and wealth management to help individuals live without the worries of the future”.
“At Tangerine, we believe that digital transformation done right can help build a seamless environment for interaction with customers. This is what guides our agile infrastructure. We have built a one-stop platform for customers that features a front-end user interface that enables seamless interaction; with single sign-on for our mobile app; a core operating platform that is specific to each business which cross-sells within regulatory limits to other businesses; and the ability to integrate Application Programming Interface (APIs) smoothly, facilitating partnerships.
“We’ve also built intelligence capability by implementing business logic and Artificial Intelligence (AI), giving due consideration to the Nigeria Data Protection Regulations and other local data privacy rules of industry-specific regulators. AI is used to understand and predict customer needs and preferences, and thus optimize value-add across all touchpoints”, he added.
Tangerine is equipped with a robust, integrated, and scalable digital platform that has been designed to meet the needs of a growing financial solutions ecosystem.
Furthermore, it is driven by a high-performance and experienced management team. As a result, Tangerine is uniquely positioned for significant growth and impact.
Peakhas called on all chocolate lovers across the country to celebrate in its World Chocolate Day 2021 campaign aimed at creating memorable family moments.
Brand Spur Nigeria reports that World Chocolate Day, also known as International Chocolate Day, is an annual global celebration of chocolate every July 7 since 2009.
Peak Chocolate showcases different ways to enjoy the brand while having fun. Several events were lined up to celebrate the day.
There were activations in key cities across the country, where the brand delighted consumers with amazing chocolate tasting experiences.
Other activities included digital conversations on social media, highlighting the versatility and health benefits of chocolate and in particular, Peak Chocolate; and the deployment of huge inflatable World Chocolate Dayballoons across high traffic areas in activated cities.
Speaking on the campaign, the Marketing Manager, Peak Milk, Grace Onwubuemeli, stated that every year on July 7, the World Chocolate Day allows chocolate lovers around the world to indulge in their favorite treat, and because Chocolate is both comfort food and a special occasion luxury, many people often have positive memories of their chocolate treats.
“Having a bite or sip of chocolate takes us right back to the good old days. Chocolate is truly the universal language of love and happiness. We want to showcase Peak Chocolate as the brand that helps our customers create amazing memories so they can go ahead and indulge without guilt on this day. With Peak Chocolate, families can enjoy exciting moments and just have fun,” Onwubuemeli said.
The celebration also featured ‘Chocolate Takeover’ with Chef Cupid who created three unique recipes using Peak Chocolate. These recipes were recreated by chocolate lovers as Peak Chocolate rewarded the best entries with shopping vouchers.
Peak Chocolate is a perfect blend of cocoa, milk, and sugar available in a 400g pouch and 20g sachet. It serves as a nourishing treat. Manufactured in Nigeria under very hygienic conditions to provide quality beverages, Peak Chocolate milk beverage is easy to make as all you need to do is add water to it and mix.
Peak Chocolate contains 28 vitamins and minerals and extra fortified with vitamins A, D, C, B1, and B6. It is versatile and can be served hot or cold at any time of the day.
Peak Chocolate nourishes every family and everyone can indulge by including it in their day-to-day recipes like cakes, smoothies, milkshakes, etc. Everyone deserves a delicious Peak Chocolate treat. It is delightful nourishment even in moments of indulgence.
Muncul Nigeria has announced its plan to establish a factory in Nigeria as it launched the mango flavour of its flagship product in the country.
The Indonesian manufacturer of consumer goods started operations in Nigeria in 2018 with an herbal energy drink.
The company unveiled the mango flavour of the product at an event in Lagos on Wednesday.
Muncul Nigeria’s Commercial Manager, John Abah, said during his presentation that Sido Muncul, the Indonesian parent company, saw the potential of the population of the Nigerian market and decided to launch operations in the country.
He said “Within two years of selling in Nigeria, we now have distributors, wholesalers and retailers across Nigeria. Some of them are in attendance here. We are now planning to expand into other African countries.
“For now, KukuBima is our only product variant in the Nigerian market. By 2022, we will be launching a new product and are planning to establish a factory for manufacturing in Nigeria in the future.”
Abah added, “With operations in 15 countries including Nigeria, Indonesia and the Philippines, we generated a revenue of $237m in 2020. Our net profit margin after tax is 24 per cent, and we currently have 300 stock-keeping units. “We also have a debt-free balance sheet with a dividend payout ratio of 80 per cent.”
Leading marketing and brand communications network, Ogilvy Africa, has named Alex van Niekerk as Group Creative Director.
Based in Nairobi, Alex joins the network’s creative leadership team to a portfolio of brands managed by Ogilvy Africa from Kenya and select countries across SSA.
Alex is a highly accomplished creative having won over 50 awards at festivals such as Cannes Lions, Clios, D&AD, One Show, London International Awards, Loeries and several others.
Speaking of the appointment, Vikas Mehta, CEO – Ogilvy Africa, said “Top-of-the-line creative talent across marketing disciplines is an essential ingredient to our One-Ogilvy recipe. Over the past 12 months, we’ve made a deliberate effort to further strengthen competencies across communication, content, experience and PR&I with fresh talent who thinks digital-first. Alex’s appointment is another important step in that direction. With his track record of continued excellence, we hope to see him further raise the bar in how we drive growth for our clients.”
With over a decade of experience at some of South Africa’s top agencies, Alex started his career with the red and white at Ogilvy Cape Town and later became Creative Director at the King James Group, where his work contributed to both agencies reaching #1 rankings by the Loeries Panel including Digital Agencies of the Year respectively. He has created and executed world-class campaigns for some of the region’s leading brands for clients such as EABL, Ford, Sanlam Investments, Santam Insurance, SAB, Netflix, Pick n Pay, Johnnie Walker, Carling Black Label, Volkswagen, Audi and Comedy Central, to name a few. His previous experiences at both traditional and digital agencies means he brings to the table concepts that truly transcend disciplines.
“What excites me most about rejoining the organization, which in many ways has had a profound impact on my development as a creative leader, is to see the resilience and conviction with which the team here has upheld the standards of creative excellence that Ogilvy has always stood for. In a time where finding ways for brands to make meaningful differences in people’s lives has become more complex and challenging than ever before, it speaks volumes to the talent and ambitions of our agency, as well as the potential for new innovation that lies in front of us in finding solutions for the problems our clients are facing. I’m looking forward to the ride”, said Alex.
Nigeria’s Senate has officially passed the Petroleum Industry Bill (PIB) on July 1 2021. The PIB seeks to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of Host Communities.
The PIB contains 5 Chapters, 319 Sections and, 8 Schedules dealing with Rights of Preemption; Incorporated Joint Ventures; Domestic Base Price and Pricing Framework; Pricing Formula for Gas Price for the Gas Based Industries; Capital Allowances; Production Allowances and Cost Price Ratio Limit; Petroleum Fees, Rents and Royalty; and Creation of the Ministry of Petroleum Incorporated.
1.The key objective is ensuring good governance and accountability, the creation of a commercially oriented national petroleum company, and fostering a conducive business environment for petroleum operations.
Photo by Grant Dur
2.Creation of the Nigerian Upstream Regulatory Commission responsible for the technical and commercial regulation of the upstream petroleum operations; and the Nigerian Midstream and Downstream Petroleum Regulatory Authority responsible for the technical and commercial regulation of the midstream and downstream operations in Nigeria. The Commission and Authority are exempted from the provisions of any enactment relating to the taxation of companies or Trust Funds
3.Imposition of up to 1% levy on the wholesale price of petroleum products sold in the country (0.5% each for the Authority Fund and Midstream Gas Infrastructure Fund)
4.Incorporation of a commercial and profit-focused NNPC Limited under CAMA within 6 months from commencement of the new law with ownership vested in the Ministry of Finance Incorporated (and Ministry of Petroleum Incorporated) on behalf of the Federation to take over assets, interests and liabilities of NNPC. This structure is expected to pave the way for eventual sale of shares to Nigerians.
5.Any assets, interest and liabilities not transferred to NNPC Limited will remain with NNPC until extinguished or transferred to the government after which NNPC shall cease to exist. Transfer and sale of the shares are subject to approval by the government and endorsement by the National Economic Council.
6.NNPC Limited will earn 10% of proceeds of the sale of profit oil and profit gas as management fee while 30% will be remitted to Frontier Exploration Fund for the development of frontier acreages in addition to 10% of rents on petroleum prospecting licences and mining leases.
Administration
7.The main objective is to promote the exploration and exploitation of petroleum resources in Nigeria for the benefit of the Nigerian people and promote sustainable development of the industry, ensure safe, efficient transportation and distribution infrastructure, and transparency and accountability in the administration of petroleum resources in Nigeria.
8.Avoid economic distortions and ensure a competitive market for the sale and distribution of petroleum products and natural gas in Nigeria, and avoid cross-subsidies among different categories of consumers.
9.The Commission is required to develop a model licence and model lease to include a carried interest provision giving NNPC Limited the right to participate up to 60% in a contract.
Host communitiesdevelopment
10.The main objective is to foster sustainable prosperity within host communities, provide direct social and economic benefits and enhance harmonious co-existence.
11.Any company granted an oil prospecting licence or mining lease or an operating company on behalf of joint venture partners (the settlor) is required to contribute 3% – 5% (upstream Companies) and 2% (other companies) of its actual operating expenditure in the immediately preceding calendar year to the host communities development trust fund. This is in addition to the existing contribution of 3% to the NDDC. The Fund is tax-exempt and any contributions by a settlor are tax-deductible.
12.Board of trustees and executive members of the management committee may include persons of high integrity and professional standing who may not necessarily come from any of the host communities.
13.Available funds are to be allocated 75% for capital projects, 20% as a reserve and 5% for administrative expenses. However, a community will forfeit the cost of repairs in the event of vandalism, sabotage and other civil unrest causing damage to petroleum facilities or disruption of production activities.
Fiscalframework
14.The key objective is to establish a progressive fiscal framework that encourages investment in the Nigerian petroleum industry, provides clarity, enhances revenues for the government while ensuring a fair return for investors.
15.FIRS to collect Hydrocarbon Tax of 15% – 30% on profits from crude oil production, CIT at 30% and Education Tax at 2% which will no longer be tax-deductible. The Commission will collect rents, royalties, and production shares as applicable while the Authority will collect gas flare penalty from midstream operations. Late filing of tax returns will attract N10m on the first day and N2m for each subsequent day the failure continues. A N20m fine is applicable to an offence where no penalty is prescribed.
16.Generally, expenses must be wholly, reasonably, exclusively and necessarily incurred to be tax-deductible. However, a cost price ratio limit of 65% of gross revenue is imposed for hydrocarbon tax deduction purposes, any excess cost incurred may be carried forward.
17.No tax deduction for head office costs while tax deduction of interest on monies borrowed is subject to the satisfaction of the commission that the fund was employed for upstream operations and the interest rates reflect market conditions.
18.Royalties are payable at the rates of 15% for onshore areas, 12.5% for shallow water, and 7.5% for deep offshore and frontier basins, 2.5% – 5% for natural gas. In addition, a price-based royalty ranging from 0% – 10% is payable to be credited to the Nigerian Sovereign Investment Authority.
19.Gas utilisation incentive will apply to midstream petroleum operations and large-scale gas utilisation industries. An additional 5-years tax holiday will be granted to investors in gas pipelines.
Miscellaneousprovisions
The PIB repeals about 10 laws including the Associated Gas Reinjection Act; Hydrocarbon Oil Refineries Act; Motor Spirit Act; NNPC (Projects) Act; NNPC Act (when NNPC ceases to exist); PPPRA Act; Petroleum Equalisation Fund Act; PPTA; and Deep Offshore and Inland Basin PSC Act. It amends the Pre-Shipment Inspection of Oil Exports Act while the provisions of certain laws are saved until termination or expiration of the relevant oil prospecting licenses and mining leases including the Petroleum Act, PPTA, Oil Pipelines Act, Deep Offshore and Inland Basin PSC Act.
Taiwo Oyedele, Africa Tax and Legal Services Leader, PwC Nigeria
The new list of LIFDCs consists of 47 countries, four less than the previous list. Three countries graduated out of the list based on income criterion – Djibouti, Solomon Islands and Viet Nam, and one country, India, graduated based on the food import criterion.
List of low-income food-deficit countries (LIFDCs) per region
Africa Countries – 36
Americas – 2
Asian Countries – 9
List of low-income food-deficit countries (LIFDCs)
Benin
Haiti
Nicaragua
Burkina Faso
Burundi
Cameroon
Central African Republic
Chad
Comoros
Congo
Côte d’Ivoire
The Democratic Republic of the Congo
Eritrea
Ethiopia
Gambia
Afghanistan
Bangladesh
Democratic People’s Republic of Korea
Kyrgyzstan
Nepal
Syrian Arab Republic
Tajikistan
Uzbekistan
Yemen
Ghana
Guinea
Guinea-Bissau
Kenya
Lesotho
Liberia
Madagascar
Malawi
Mali
Mauritania
Mozambique
Niger
Rwanda
Sao Tome and Principe
Senegal
Sierra Leone
Somalia
South Sudan
Sudan
Togo
Uganda
United Republic of Tanzania
Zimbabwe
LIFDCs are currently defined as nations that are:
First, a country should have a per capita Gross National Income (GNI) below the “historical” ceiling used by the World Bank to determine eligibility for assistance by the International Development Association (IDA) and for the 20-year IBRD terms, applied to countries included in World Bank’s categories I and II. The newly updated LIFDC list is based on the GNI for 2019 (estimated by the World Bank using the Atlas method) and the historical ceiling of USD 1 945 for 2019.
The second criterion is the net food trade position (i.e. gross exports minus gross imports) of a country averaged over the last three years for which statistics are available, in this case 2017, 2018 and 2019. Trade volumes for a broad basket of basic foodstuffs (cereals, roots and tubers, pulses, oilseeds and oils other than tree crop oils, meat and dairy products) are converted and aggregated by the calorie content of the individual commodities.
Third, the self-exclusion criterion is applied if a country meeting the above two criteria specifically requests to be excluded from the LIFDC category.
Furthermore, in order to avoid countries changing their LIFDC status too frequently – typically reflecting short-term, exogenous shocks – an additional factor was introduced in 2001.
This factor, called “persistence of position” postpones the “exit” of a LIFDC from the list, despite the country not meeting the LIFDC income criterion or the food-deficit criterion, until the change in its status is verified for three consecutive years. In other words, a country is taken out of the list in the fourth year, after confirming a sustained improvement in its position for three consecutive years.
Unless concerted action is taken, things could get worse for many LIFDCs, where population growth is projected to outstrip gains in food production, and the liberalization of the grain trade, under the Uruguay Round Agreement, is likely to increase food prices in the short term.
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