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Minister of Commerce and Industry, Chief Achike Udenwa, yesterday in Abuja informed a delegation of the visiting Islamic Development Bank (IDB) that the Nigerian economy is still virgin and therefore needs facilities from the bank to stimulate growth and development.
?In the private sector, a lot of expertise and capacity are available within Nigeria, these capacities also need further improvement, we need a lot of funding for the Small and Medium Enterprises to grow,? he said.

Udenwa added that the Small and Medium enterprises require medium and long term funds which the Commercial Banks in Nigeria are not able to provide because they are structured to lend on short term basis. He pointed out that this is the area where the Nigerian business community will need the assistance of the Islamic Development Bank.
The Minister made this disclosure when a delegation of the Bank led by its West Africa Regional Manager, Mr. Musa Sillah, paid him a courtesy visit.
Udenwa acknowledged the fact that quite a large number of the Nigerian public are ignorant of the activities of the bank before now.

He expressed happiness for the visit as it will help to sensitise the public about its activities in the country.
According to him, the bank is coming into Nigeria at a time when it is most needed by both the private and public sectors.
The minister said ?Nigerians will embrace you and will want to make use of your facilities to further enhance the development of the economy?
He was appreciative of the fact that the bank was already involved in some form of public and private financing especially in the area of agriculture in Anambra, Gombe and Yobe states.
He said the construction of four science secondary schools and the 300 hospital beds in Kaduna is a welcome development.
The Minister pointed out that the economy is presently undergoing a lot of reforms which needed some long financing to develop its infrastructural base especially in the areas of transportation, power, manufacturing and in the area of solid mineral development.

He said the country will need the assistant of the Development Bank to finance some of these projects at competitive rate. Concerning the Private sector, Udenwa said it is gratifying to note that the likes of Dangote, Chicason and some other companies have benefited from the arrays of facilities from the Bank. He said the need for the Business Forum between the Bank and Nigeria?s private sector has become imperative. He said the Commerce Ministry as the hub of industrial development will lead the way in bring both the Government and the Private sector to a meeting point towards the enhancement of the growth of the economy.

In an earlier remark the leader of the delegation Mr. Musa Sillah said the Islamic Cooperation For Financing of the Private Sector is the equivalent of International Finance Cooperation of the World Bank. He said since Nigeria became a member of the organisation four years ago, relations between Nigeria and the Bank has grown steadily. He said between 2006 and now the total exposure of financing activities in the Country has risen to USD200 Million. Mr. Sillah pointed out that the purpose for the visit has become expedient in order to increase awareness to the Nigerian Business environment so that they benefit from the facilities of the Bank at interest free rate. He said since Nigeria is a member of the Organization its lending to the general public cuts across religion background. He said the Agricultural facilities are presently being enjoyed in Anambra, Gombe and Yobe states and some other projects in Kaduna state. He said the Vice President of the Bank and President Musa Yar? Adua had made considerable progress at a diplomatic level with subsequent progress with the by Nigeria?s Chief Economic Adviser Mr. Tanimu Yakubu to Saudi Arabia in October this year. He said what is important now for a practical steps to move forward in the organization of the event to showcase the available opportunities needed by the Private sector to stimulate industrial growth in the country.

Court Stops FG from Withdrawing Daar Communications? Licience
From Paul Obi in Abuja

A Federal High Court sitting in Abuja yesterday granted an order of interim injunction on the federal government from withdrawing the network licence of DAAR Communications Plc (owners of Ray Power 100.5FM radio station, Daarsat and AIT).
Justice Adamu Bello granted the order sought through a motion ex parte filed by DAAR Communications' counsel, Chief Mike Ozekhome restraining the National Broadcasting Commission(NBC), Ministry of Information and Communications and the Attorney General of the Federation from doing anything that will prevent Daar Communication from running its two broadcast channels of RayPower and AIT.

The ex-parte motion read as follows:?An order of this Honorable court directing the maintenance of the status quo ante bellum and suspension of all acts tending towards, revocation, suspension or cancellation of its existing license and/or threats of any detrimental actions, including proceedings and processes relating to the planned revocation or withdrawal of the plaintiff?s licence pending the determination and hearing of the motion on notice already filed before this honorable court?.
While speaking with Journalists after the ruling, Chief Ozekhome said that the NBC is planning to withdraw the network license of DAAR Communications which will stop Ray Power and AIT from their network broadcast.
The injunction was sought after the Commission failed to issue DAAR Communications a fresh network license during the bidding held by the commission between September 6 and December 12, 2009.