Economy

China’s consumption expected to expand in July- Analysts

Published

on


China’s consumption was forecast to enter positive territory for the first time this year in July, Shanghai Securities News reported Wednesday.


Tang Jianwei, Chief Researcher of the Bank of Communications, told the paper that “Consumption is expected to rise around two per cent year on year in July as China’s consumption market will further warm up in the second half.”

Official statistics show that China’s retail sales of consumer goods, a major indicator of consumption growth, declined 1.8 per cent year on year to 3.35 trillion yuan (480.27 billion dollars) in June, narrowing by one percentage point from May.

Factors including the reopening of cinemas in low-risk areas and work resumption of tourism enterprises have supported the recovery of the consumption market, according to the paper.

China allowed cinemas in low-risk areas to reopen starting on July 20, box office takings on the day stood at a paltry 3.5 million yuan amid stringent anti-virus measures.

Zhu Jianfang, Chief Economist of CITIC Securities, said that notable growth of vehicle sales and recovery of catering business would help consumption return to positive territory in July.

Figures from the China Passenger Car Association showed retail sales of passenger vehicles rose 2.9 per cent month on month to exceed 1.65 million in June, the fourth consecutive month that the market saw month-on-month growth.

Edited By: Joseph Edeh/Isaac Aregbesola (NAN)

https://nnn.ng/chinas-consumption-expected-to-expand-in-july-analysts/

Metro

NAHCON mourns Emir of Zazzau

Published

on


The National Hajj Commission of Nigeria, (NAHCON) has expressed sadness over the death the Emir of Zazzau, Alhaji Shehu Idris.


NAHCON Executive Chairman,  Alhaji Zikrullah Hassan, in a statement by Mrs Fatima Usara, Head, Public Affairs of the commission, on Monday in Abuja, described the demise of the monarch as a great loss to the country.

Hassan also said that the demise of the emir came at a time when dignified royal fathers like him were most needed.

He said his personality was most needed in cementing the unity of the Nigerian society along the vision of the States and Federal Government.

He said that the NAHCON family extended its condolence to President Muhammadu Buhari, Gov. Nasiru El-Rufa’I of Kaduna State, his immediate family and entire people of Zazzau over the loss of the venerated statesman.

” We pray jannatul firdaus to be his final abode. May the Almighty grant his family and people the fortitude to bear the loss,” he said.

Edited By: Josephine Obute/Ali Baba-Inuwa
Source: NAN

 

 

 

https://nnn.ng/nahcon-mourns-emir-of-zazzau/
Continue Reading

General news

Fayemi inaugurates steering committee on Open Government Partnership

Published

on


Gov. Kayode Fayemi of Ekiti on Monday inaugurated the steering committee of Open Government Partnership (OGP), to further demonstrate his administration’s commitment to open governance, transparency and accountability.


News Agency of Nigeria reports that OGP is an international multi-stakeholder initiative aimed at promoting open governance, citizen’s empowerment, fight corruption and harness new technology to strengthen member states.

Fayemi, who inaugurated the committee at the Governor’s Office, Ado-Ekiti, said the OGP initiative was in consonance with his restoration agenda as clearly spelt out in the five pillars of his administration.

The steering committee, which is to be coordinated by the Commissioner for Budget, Mr Femi Ajayi, had the Director General Office of Transformation and Service Delivery (OTSD), Prof. Mobolaji Aluko as member.

Special Adviser, Bureau of Public Procurement, Mr O’seun Odewale; Permanent Secretary (Finance) Mr Folorunso; Permanent Secretary (Budget) Mr Adeleke Adefolaju; Accountant General, Mrs Titilayo Olayinka and Special Adviser, Mr Biodun Oluleye.

Others include: Prof. Oluwadare C.T, Olafunsho Olajide from Disability Not a Barrier Initiative; President, Ekiti Chambers of Commerce, Industries, Mines and Agriculture (ECCIMA), Chief Kola Akosile; and Representative of the Institution of Chartered Accountants of Nigeria, Mrs Agbaje.

Members of the steering committee, according to the Governor, were selected from civil society organisations, professional bodies, youth parliaments, public service and other interest groups.

This was to ensure more commitment from the government to promote open governance, empower citizens, fight corruption and harness new technology to strengthen governance in Ekiti State.

The Governor explained that his administration had always prioritised inclusion of the needs and aspirations of towns and communities in the State’s annual budgets

He said that the OGP initiative would increase collaboration between government and other stakeholders to improve the standard of living of the people in the state.

“The Open Government Partnership initiative will also promote more collaboration work within government by promoting mutual accountability, information sharing and coordination among MDAs.

“This will promote efficiency in government and delivery of the goals of the five pillars,” he said.

Fayemi explained that OGP would further strengthen his administration’s reforms in open budget, open contracting, revenue transparency, beneficial ownership transparency, assets disclosure, access to information, citizens’ engagement and empowerment.

Ekiti being the first State to join OGP in South-western Nigeria, Fayemi expressed delight that his administration’s efforts at deepening good governance and embracing inclusive participation were gaining recognition at international level.

According  to him,  as a responsible government, we always insisted that all government functionaries demonstrated understanding of accountability and transparency in their various activities.

“The policy areas are the right to information, gender and inclusion, digital governance and rights, protection of civic space and natural resources and fight against corruption.

“The OGP was launched in 2011 with eight (8) founding member government. In July, 2016 Nigeria, through the efforts of Open Alliance, joined the partnership as 70th member country.

“To deepen ongoing institutional and policy reforms in Ekiti State, we applied for membership of Open Government Partnership in October, 2019, the application was graciously approved,” he said.

Earlier, the Commissioner for Budget and Economic Development, Mr Femi Ajayi stated that the initiative involved engaging citizens in governance, adding that the benefits of the partnership was enormous.

Ajayi said that such partnership, if well coordinated would cement the already cordial relationship between the government and the civil society.

Edited By: Josephine Obute/Felix Ajide
Source: NAN

 

 

https://nnn.ng/fayemi-inaugurates-steering-committee-on-open-government-partnership/
Continue Reading

Entertainment

FG urges states to provide infrastructure for film industry devt.

Published

on


The Federal Government on Monday called on states to provide necessary infrastructure for the growth of the film industry  to create wealth and employment for youths.


The Minister of Information and Culture, Alhaji Lai Mohammed, made the call in Abuja while inaugurating the Steering Committee for the Reform and Commercialisation of the Nigerian Film Corporation (NFC).

The News Agency of Nigeria reports that the Federal Government is partially commercialising the NFC to effectively discharge its mandate to plan, promote, organise and co-ordinate the development of the motion picture industry in the country.

Inaugurating the committee, the minister underscored the need for states to invest in  infrastructure to boost the film industry because of its potentials to create jobs and boost the economy

Relying on International Monetary Fund data, Mohammed said the Nigerian film industry, Nollywood, is the second largest employer of labour and contributed N893 billion to the nation’s Gross Domestic Product (GDP) in 2015.

The minister also noted that Nollywood could perform better if the needed infrastructure such as film houses and enabling environment were provided.

In a comparative analysis, the minister disclosed that Nigeria has only 142 cinema houses compared to South Africa with 782 cinema houses.

According to him, the US has  40,393 cinema houses while India and China have 11,209 and 50,976 cinema houses respectively.

“You cannot have a successful film industry without adequate cinema houses because the major revenue source of the industry is exhibition .

“The most successful film in Nigeria today is “Wedding Party 1 and 2”  that grossed about two million dollars within a week through the cinema houses.

“You can imagine  a gross of 2 million dollars using only 142 cinema houses, and how much the film would have grossed if we have about 1000 cinema houses for exhibition,” he said.

“That is why it is important to appeal to our state governments to invest in infrastructure in the  industry.

“I do not  think it will be too much  for the state government to ensure they build one cinema house in each local government area of their states to give us an additional 774 cinema houses in the country.

“In India, 14 million people attend cinema daily and I can imagine the impact it will have on the economy,” he said.

The minister also underscored the need for states to look into building purpose-built arenas for concerts and shows to encourage creative artists.

“I will advise state governments to look into having arenas in each senatorial district or one in the state capital.

“I do not know of any place where we have purpose-built arena today because most places where we have concerts are not purpose-built.

“We have artists in Nigeria that can sell out anywhere in the world;  Burna boy, Wiz Kid and Davido sold out in Arena 02 in London and in other big arenas over the world.

“The biggest arena in Nigeria which is not even purpose-built can only accommodate about 7000 people whereas the Arena 02 in London accommodates up to 20,000 people,” he said.

The minister also canvassed for easy acquisition of land and tax waivers for artistes and investors who would like to build cinema houses or invest generally in the industry.

He noted that apart from wealth and employment creation, promoting the film industry would help to build inclusion and reduce social tension.

The minister noted that the intention of the administration is to make Nigeria the capital of entertainment in Africa,

He said though the film industry had been largely driven by the private sector, the Federal Government had been supporting the industry by providing enabling environment and funding.

“In 2013, there was “Project Nollywood” in which the government made available to the sector about 17 million USD for the growth and promotion of the industry.

“I am also aware of the various multilateral injection of funds to this industry and we have also embarked on revolutionary reforms to reposition the industry,” he said.

Earlier, Mr Alex Okoh, the Director General of the Bureau of Public Enterprises (BPE), said with the tremendous potentials of the film industry to reposition the nation’s economy, the government needed to play a prominent role.

Okoh said that the government was reforming the NFC to take the leading role in harnessing the potentials in the sector.

He, however, clarified that the reform process “is not a privatisation of the corporation but the commercialisation of this important enterprise and agency of government.”

“The clarification is that in this reform process, there is no transfer of ownership, no sale of shares and no privatisation of the entity.

“It is basically to ensure the resident value of the enterprise and its commercial viability,” he said.

He said the steering committee  being chaired by the minister would consider and approve the recommendations submitted by the project delivery team for the commercialisation of the corporation.

Other members of the steering committee inaugurated by the minister were Okoh, the Permanent Secretary of the ministry, Mrs Grace Gekpe and the Managing Director of NFC, Chidia Maduekwe.

The Director Information and Communication of BPE, Dikko Mohammed, will serve as the Secretary of the committee.

(
Edited By: Mufutau Ojo)
Source: NAN

https://nnn.ng/fg-urges-states-to-provide-infrastructure-for-film-industry-devt/
Continue Reading

Economy

Why FG is commercialising NFC — Lai Mohammed

Published

on


The Federal Government says it is reforming and commercialising  the Nigerian Film Corporation (NFC) to address the agency’s teething challenges and reposition it for improved performance.


The Minister of Information and Culture, Alhaji Lai Mohammed, made this known on Monday in Abuja while inaugurating a Steering Committee for the Reform and Commercialisation of the Corporation.

He said the federal government has engaged the services of a Business Development Consultant to conduct a due diligence on the corporation and sector and recommend a strategy that is suitable for its reform and commercialisation.

Mohammed said the NFC, which was established with a mandate to plan, promote, organise and co-ordinate the development of the Nigerian motion picture industry, has not been able to meet up with its statutory functions.

He noted that since its establishment, the Corporation has faced several challenges including inability to engage in commercial film production.

The minister said the law establishing NFC limits its operational functions such that it cannot leverage on the private sector-led growth of the industry.

He added that the National Film Institute (NFI), a unit in NFC, is not empowered to leverage its technical and professional capabilities for commercial purposes and revenue generation.

Mohammed said the NFC’s civil service structure comes with bureaucratic limitations, budgetary constraints and operational inefficiency.

“A critical look at the existing organizational structure shows that NFC is over-bloated and needs to be restructured to reflect its purpose.

NFC has obsolete equipment, with some dating back to colonial times,” he said.

The minister noted that the reform of the corporation will help in the efforts of the government to reposition the nation’s film industry, Nollywood, and make Nigeria the capital of entertainment in Africa.

Relying on International Monetary Fund data, Mohammed said Nollywood is the second largest employer of Labour and contributed N893 billion to the nation’s Gross Domestic Product (GDP) in 2015.

The minister noted that Nollywood could perform better if the NFC is restructured and needed infrastructure enabling environment are provided.

He noted that apart from wealth and employment creation, promoting film industry would help to build inclusion and reduce social tension.

Earlier, Mr Alex Okoh, the Director General of the Bureau of Public Enterprises (BPE), said with the tremendous potentials of the film industry to reposition the nation’s economy, the government needed to play a prominent role.

Okoh said that the government is reforming the NFC to take the leading role in harnessing the potentials in the sector.

He, however, clarified that the reform process “is not a privatisation of the corporation but the commercialization of this important enterprise and agency of government”.

“The clarification is that in this reform process, there is no transfer of ownership, no sale of shares and no privatization of the entity.

“It is basically to ensure the resident value of the enterprise and its commercial viability,” he said.

He said the steering committee being chaired by the minister would consider and approve the recommendations submitted by the project delivery team for the commercialisation of the corporation.

Other members of the steering committee inaugurated by the minister are, Okoh, the Permanent Secretary of the ministry, Mrs Grace Gekpe and the Managing Director of NFC, Chidia Maduekwe.

The Director Information and Communication of BPE, Dikko Mohammed, will serve as the Secretary to the committee.

NFC, established by Decree No. 61 of 1979 and is 100 per cent  owned by the Federal Government and has its registered office in Jos, Plateau State.

 It is established to distribute documentary films on different aspects of Nigeria’s socio-cultural and political life and provide film services for the Federal Government.

The corporation is to train young talented Nigerians in the art of film making, conducting research into Nigerian films and provide technical and financial support to film Industry and practitioners.

NFC is also established to regulate and organise professional practice in the film industry.

Edited By: Wale Ojetimi
Source: NAN

https://nnn.ng/why-fg-is-commercialising-nfc-lai-mohammed/
Continue Reading

NAHCON mourns Emir of Zazzau Fayemi inaugurates steering committee on Open Government Partnership NCC set to commence cost-based review of new rates for International voice calls services Osinbajo Engages APC Social Media Influencers on hate speech NCDC, NIMR, partners to conduct COVID-19 antibody tests in 4 states Organisation trains varsity students on anti-corruption skills COVID-19: PTF warns against neglect of protocols Osinbajo, UNN students discuss technology, innovation ECOWAS Court set to resume from extended vacation on Oct. 7 Gov. Zulum inaugurates committee on LG pensioners, gratuities payment Rohr calls up 21 old faces, 4 new faces for Super Eagles’ 2 friendlies At 75, UN remains true to aspirations of founders -Buhari NAF trains 435 specialists to man its platforms Civil servants in C/River protest removal of names from payroll Oyo schools resume, comply with COVID-19 guidelines, staggered session NSE market indicators resume week with 0.01% growth Sokoto: Hisbah arrest 3 over alleged circulation of rape video on social media Akufo-Addo calls for stronger regional approach to quash terrorism in ECOWAS sub-region New Emir of Biu receives appointment letter Use standard road signs, FRSC tells construction firms in Lagos FG sensitises stakeholders on safe school reopening template FG urges states to provide infrastructure for film industry devt. Why FG is commercialising NFC — Lai Mohammed UN at 75: Guterres urges sustenance of world peace Sanwo-Olu vows to fulfil promises to Lagosians Niger governor calls for collaboration on maintenance of state roads LCCI wants urgent gazetting of CAMA 2020 Kano State Fire Service decorates 47 promoted officers Gov. Masari pays N70.99bn pension, gratuities to retirees-HoS Rainstorm damages INEC office roof in Kwara Okowa mourns Emir of Zazzau Bring oil thieves to justice, Gov Wike urges to security agencies Resumption: FRSC tasks school owners, managers on safety, COVID-19 guidelines in bus system Edo poll voter turnout decline worrisome in spite of credible conduct — CDD Bayelsa begins 2021budget process, pledges citizens’ participation World Peace Day: NGO organises arts exhibition to promote peace, peaceful co-existence NGO warns against monoculture plantation, illegal logging in C/River Attack on police officers in Sokoto ‘ll not be left unaddressed – AIG Darey Art Alade drops new EP ‘Way Home’ Emir of Zazzau’s demise, big loss to Nigeria – Kalu Club’s server collapses over demand for first Bundesliga game in 11 years NIBCARD Games to represent Nigeria in world’s largest game exhibition Nasarawa SDP lawmaker defects to APC Russian, WHO discuss cooperation in fight against COVID-19 Dutch Prime Minister tells cheering football fans to shut up Nasarawa NYCN gets acting Chairman, secretary Vote Buying: CSOS urge NASS to expedite passage of Electoral Offences Commission Bill Lawmaker donates 5 motorised boreholes, promises more COVID-19: Plateau surveillance team attacked in communities – Commissioner Ogun schools resume for 2020/2021 academic activities, comply with COVID-19 protocols