- Six billion naira will be used to serve as a vehicle for northern region’s economic recovery and development
- The NSGF said the initiative was part of the efforts to make the region attain some degree of financial independence
- Governor Shettima said the fund will be contributed by all the 19 northern governors of the region
The northern states Governors’ Forum (NSGF) has created a joint financial institution worth six billion naira to serve as a vehicle for the region’s economic recovery and development.
Governor Kassim Shettima of Borno state and out-going chairman of the forum made this known while highlighting his achievements in the last four years on Friday in Kaduna.
He said the initiative was part of the efforts to make the region attain some degree of financial independence.
He said under the scheme, the region’s moribund textile industry and New Nigeria Development Company (NNDC) would be revived.
Shettima said the fund expected to be contributed by all the 19 northern governors of the region had so far realised 650 million naira.
“In pursuance of these objectives, each state is to contribute N50 million monthly for a period of six months.
“So far, we have N650 million out of the expected N5.7 billion. I am therefore calling on states that are yet to fulfill their pledge, to do so, in order to enable us embark on the implementation of the various programmes and projects articulated under the scheme.
“These include the establishment of a renewable energy plant, capable of generating 3000 – 4000MW of electricity.
“The forum has also taken pragmatic initiatives to resuscitate the New Nigeria Development Company (NNDC) to restore it to its position as the business and economic live-wire of the region,’’ he said.
According to him, about N6 billion was approved by the forum for the implementation of a five-year strategic development plan, which will propel the region into economic prosperity.
“In addition, a new commodity marketing company was established, as a subsidiary of the NNDC, to develop and promote agricultural activities in the region.
“To further consolidate the economic base of the region, the NNDC had signed a memorandum of understanding with Savanna Petroleum Limited for the development of four oil blocks.
“The NNDC has commenced negotiations with the Department of Petroleum Resources (DPR) to venture into oil and gas exploration in the northern region,’’ Shettima said.
He also disclosed plans to resuscitate the Kaduna Textiles Company to full production of textile materials, “which hopefully, would among other things, meet the uniform needs of our Armed Forces and other para-military agencies.“
Shettima said the forum had also resolved the misunderstanding between pensioners and the management of the New Nigerian Newspapers.
Meanwhile, Legit.ng had reported that Governor Simon Lalong was elected as the new chairman of the Northern Governors Forum for another four years.
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