Nigeria Unveils New Metering And Auto Policy; Qatar invests $390 Million.

The Nigerian Ministry of Trade and Investment has unveiled a new metering system and a new auto policy to take effect from 2013. The new metering system is directed at ending loopholes with weights and measures, to appreciate the value Nigerians get from local and imported products and save $3 billion. The Minster of Trade and Investment, Olusegun Aganga, made this known in a chat with Journalists. He said, “All over the world, there is legal metrology which ensures that what you buy is accurate and legal. If you look at the Nigerian Extractive Industry Transparency Initiative Report, there is a lot of leakage in the oil and gas industry, either because the meters are not working or they are not installed at the right places.” “But for the first time, President Goodluck Jonathan has given us approval to commence that operation across all sectors of the economy; we are starting with the oil and gas, telecoms and power sector. We expect to save for the country about $3 billion and also generate revenue of about N17.4 billion for the government in 2013” He also mentioned – at another meeting – of a new auto policy by the Government to boost local manufacturing; and revealed that plans have been concluded with Qatar to sign a Memorandum of Understanding for a new investment. He submitted that, “Nigeria and Qatar have concluded arrangement on the investment plan. Qatar is expected to invest $390 million in logistics and transport sector of our own economy.”