NEPZA trains 40 personnel for security of special economic zones

By Favour Nnabugwu



The Nigeria Export Processing Zones Authority (NEPZA) has commenced training for 40 of its personnel to boost security architecture in all special economic zones in the country.

The ongoing exercise, which is being done  in collaboration with the Department of State Services (DSS), was inaugurated on Monday in Lagos.

The Managing Director of  NEPZA, Prof. Adesoji Adesugba, said that  the training was aimed at providing maximum security in the economic zones to attract both foreign and local investors.

According to Adesugba, investors look out for the security of their investments, the destination and the core infrastructure in place.

He said that  some security crises had exposed the gaps in Nigeria’s security architecture which pushed them to take every step necessary to ensure security of businesses and other investments in all economic zones in the country.

He added that the Nigerian special economic zones would have a well-designed security apparatus, in line with international best practices in special economic zones globally.

“We had done studies and discovered that there is the need for us to set up a security  unit.

“What we have done is to work with what government is already doing by working with the DSS to put things together to train a few of our own staff.

“We want to make sure that we optimise their deliverables by retraining them to fit into the Special Economic Zones Security (SEZSEC),” he said.

Mr Toyin Elegbede, the  Executive Secretary, Nigerian Economic Zones Association (NEZA), said that SEZSU would complement what the Nigerian security services were already doing.

Elegbede said that the members of the association, who used to be apprehensive,  were now assured that their investments were safer.

“It will boost business activities because the first thing an investor looks for when trying to come into a free zone is security of his or her property and investment,” he said.
A retired Customs Deputy Controller General, Mr  Austin Warikoro,   said that  the training would ensure that SEZSEC was aware of the rules and regulations guiding the customs.

Warikoro, who was one of the facilitators,  said that  the trainees would be taught the laws and procedures of customs, familiarise them  with necessary documents and how the actions of people affect the economy of the country.

Earlier, the Commandant of State Services Academy (SSA), Mr Salami Ajege, urged the participants to take the 30 days’ training seriously so that  they would learn the essentials they would need to apply  to succeed as security operatives.

Ajege said that some of the essentials include; timeliness, critical thinking, observation and memory training, resourcefulness, dedication to duty, self-confidence, discipline, diligence, multitasking and effective Communications.

Nigeria records 3.11% economic growth in Q1 ’22 – NBS

By Favour Nnabugwu



The National Bureau of Statistics, NBS, said that Nigeria’s economy grew by 3.11 percent year on year, YoY, in the first quarter of the year (Q1’22) from 0.51 percent recorded in the corresponding period in 2021 (Q1’21).

The NBS stated this in the Nigerian Gross Domestic Product Report (Q1 2022) released this morning.

The stated”Gross Domestic Product (GDP) grew by 3.11 percent (year-on-year) in real terms in the first quarter of 2022, showing a sustained positive growth for six consecutive quarters since the recession witnessed in 2020 when negative growth rates were recorded in quarter two and three of 2020.

“The first quarter 2022 growth rate further represents an improvement in economic performance. The observed trend since Q4 2020 is an indication of a gradual economic stability.

“The Q1 2022 growth rate was higher than the 0.51 percent growth rate recorded in Q1 2021 by 2.60 percent points and lower than 3.98% recorded in Q4 2021 by 0.88% points. Nevertheless, quarter-on-quarter, real GDP grew at -14.66 percent in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter. In the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms.

“This performance is higher when compared to the first quarter of 2021 which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25 percent. The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25 percent growth recorded in the first quarter of 2021 and higher compared to the 13.11 percent growth recorded in the preceding quarter.”

Islam investment, Takaful insurance companies sign  MoU

By admin


The Islamic Corporation for Investment Insurance and Export Credit (ICIEC) ( and the International Federation of Islamic Takaful and Insurance Companies (IFTI) signed a groundbreaking Memorandum of Understanding (MOU) in a move designed to boost the development of the Islamic insurance sector.

The MoU was signed by Mr. Oussama KAISSI, Executive Director of ICIEC, and Mr. Reda Amin Dahbour, President of IFTI.
Under the terms of the MoU, ICIEC, which is the insurance arm of the Islamic

Development Bank Group, and IFTI, an umbrella entity for the Islamic Takaful and insurance companies around the world, agreed on a general framework to facilitate cooperation. on their common goals, and on a variety of collaborative initiatives and programs.

One of the main objectives of the MOU is to promote the Islamic insurance industry and support the member institutions of the Federation to provide the best solutions and services, while strengthening the technical capabilities of the workforce in the field of Islamic insurance. . ICIEC, through IFTI, will support member institutions and companies operating in the field of Islamic insurance and encourage them to introduce and promote export credit insurance as new products among their offerings.

Under the broader terms of the MoU, both institutions agree to cooperate in organizing seminars and courses for employees and providing coordinated technical support. ICIEC offers its reinsurance services to IFTI for export credit insurance. The MoU explicitly encourages all other ICO companies to introduce foreign investment insurance and export credit products as new.

Oussama KAISSI, CEO of ICIEC, welcomed the signing of the MoU. “There are excellent synergies between our organizations. We look forward to working together with IFTI to further our common goals of contributing to the promotion of Islamic insurance, supporting institutions and companies in the introduction of export credit insurance, and encouraging more operators to introduce them as new products.”