The setting up of a panel to revive the Ajaokuta Steel plant and the endorsement of the Madagascar’s COVID-19 cure by Nigerian leader are some of the leading stories in Nigerian newspapers on Tuesday.
The Punch reported that the Nigerian government has inaugurated the Ajaokuta Presidential Project Implementation Team with the aim of diversifying the economy. The Secretary to the Government of the Federation, Boss Mustapha, is the chairman of the team, while the Minister of Mines and Steel Development, Olamilekan Adegbite, is the alternate chairman.
The Nation newspaper said that President Muhammadu Buhari has endorsed that Madagascar’s COVID-19 cure syrup be brought to Nigeria, the Chairman of the Presidential Task Force (PTF) on coronavirus control, Boss Mustapha, said on Monday.
Mustapha said that the Madagascar COVID-19 solution would go through standard validation process before it could be considered for use in Nigeria.
THISDay reported that the Asset Management Corporation of Nigeria (AMCON) yesterday said it has recovered a total of N1.1 trillion from debtors since its establishment. AMCON Managing Director/Chief Executive Officer, Mr. Ahmed Kuru, said in a telephone interview with THISDAY that the amount recovered was as at the end of the first quarter of 2020, with cash accounting for about 60 percent of the recovery, while non-cash assets were about 40 percent.
The Guardian reports although the COVID-19 pandemic may have forced many Nigerians to buy locally produced goods on account of distortions in global economy and supply chain, weak consumer purchasing power and lockdown have affected sales and production, driving inventory of unsold goods to N420billion in the first quarter (Q1) of 2020. According to the Manufacturers Association of Nigeria (MAN), there is a need for government to initiate policies that will strengthen the purchasing power of consumers to stimulate aggregate demand and deliberately support industries to reduce the production cost of manufactured products in the country.
The Sun newspaper says that the Nigerian Communications Commission (NCC) has refuted a report making the rounds in the online spaces and other sites that the telecoms industry was going to switch on 5G in Lagos from May 10 -12, 2020. According NCC, the statement from the faceless individuals or groups cannot be further from the truth.
The NCC said that it had unequivocally stated that there was no deployment of 5G in Nigeria at the moment.
The Vanguard reports that the Chief Executive Officers of manufacturing concerns in Nigeria have called on the government to consider five percent interest rate on loans for five to seven years for manufacturers investing to scale up production. They also called for review of existing loans with reduction in interest rate to five percent and two years moratorium.
GIK/APA