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- Nigerian President Muhammadu Buhari launched redesigned local banknotes on Wednesday to control the supply of the Nigerian naira, the local currency of Africa's most populous country.
Speaking at the unveiling of the locally produced coins in Abuja, the Nigerian capital, Buhari detailed the basis for his approval of the Central Bank of Nigeria (CBN) to redesign the 200, 500 and 1000 naira notes, saying they have reinforced with security features that make them difficult to counterfeit.
"There was an urgent need to take control of the currency in circulation and address the hoarding of naira notes outside the banking system, the shortage of clean and undamaged notes in circulation and the increase in counterfeiting of high-quality naira notes. It is on this basis, I gave my approval for the redesign of the 200, 500 and 1000 naira notes," the Nigerian leader said, noting that he had been approached by the CBN earlier in the year asking for permission to embark on the currency redesign project.
The redesign of the naira notes had been long overdue for a new look, Buhari said, noting that international best practice requires central banks and national authorities to issue new or redesigned notes every five to eight years. He also noted that it has been almost 20 years since the last major redesign of Nigeria's local currency.
"A banknote redesign cycle is generally aimed at achieving specific objectives, including, but not limited to: improving banknote security, mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management". He explained.
Godwin Emefiele, Governor of CBN, said at the opening ceremony that the redesigned banknotes would help fight corruption, control rising inflation, make policies more effective and ensure financial inclusion.
About a month ago, the CBN said the move to redesign the naira notes became necessary as the country's currency management had recently faced several daunting challenges that continued to grow in scale and sophistication with unintended consequences.
At least 80 percent of local currency in circulation is outside commercial bank vaults, the CBN noted, saying this was due to significant hoarding of notes by the public.
Following the presentation of the new notes on Wednesday, the existing notes would be seized to be considered legal tender on January 31, 2023, according to CBN. ■
The Rice Farmers Association of Nigeria (RIFAN) has signed a Memorandum of Understanding (MoU) with Tiamin Rice Company for the processing and sale of rice locally and internationally. This is contained in a statement issued by Tiamin Rice Company Managing Director Aliyu Ibrahim in Abuja on Wednesday. Aliyu said the initiative was aimed at growing quality rice with Tiamin processes and packets with state-of-the-art milling technology for sale locally and internationally, particularly to Egypt. He said the MoU, which would be operational for a two-year period, was signed at the company's 600 metric ton per hour capacity mill in Bauchi state. “RIFAN and Tiamin share a common agenda in the area of rice cultivation and milling. “This is to ensure sustainable management of the rice supply chain under a partnership that seeks to produce, mill and pack the highest quality processed rice for export and local trade. “With a combined capacity of 920 tons per hour from its two mills in Kano and Bauchi states, Tiamin Rice is one of the largest rice producers in Nigeria,” he said. According to Aliyu, the company also has a 10,000-hectare rice farm in Udubo, Bauchi state. and dry-season agriculture is carried out on the farm with state-of-the-art agricultural machinery. “Although the company has benefited from six different interventions from the development office of the Central Bank of Nigeria (CBN). He said the intervention was to the tune of more than N20 billion, adding that the company had successfully repaid four of the intervention funds. Aliyu said Tiamin Rice Company was the first corporate entity to access funds from CBN's Private Sector-Led Accelerated Agricultural Development Program (P-AADS).
Edited. eniola williams
Source Credit: NAN
The Cooperative Ficing Agency of Nigeria (CFAN) has called on the Central Bank of Nigeria (CBN) to include housing as part of its official listing strategy.
CFAN Executive Secretary and Executive Director Mr. Emmanuel Atama made the appeal at the sixth CFAN summit in Abuja on Tuesday.
Atama said that including housing in the CBN's official inclusion campaign would help CFAN members in rural areas to have better access to housing and be officially included.
He said that the summit was aimed at accessing how the products of official inclusion could create jobs and wealth for a more secure life among the cooperative movement in the country.
The executive secretary listed the official inclusion products of the CBN to include savings, credit, pension, insurance and capital markets.
“The summit will stop at three major issues of housing, agriculture and Micro, Small and Medium Enterprises (MIPYMES).
“The CBN should include housing in its official inclusion campaign.
“The way in which money is allocated to MSMEs, they should also consider housing,” he said.
CFAN Chairman Alhaji Sadeeq Abubakar said the summit was aimed at analyzing the cooperative business environment with a view to addressing the challenges and prospect of opportunities abounding in the economy.
Abubakar said that the official listing products and momentum of CBN had had a positive impact on CFAN members.
Dr. Paul Oluikpe, Head of Official Inclusion for CBN, said that stakeholder collaboration was key to improving official inclusion in the country.
Oluikpe, Okafor's representative from the bank, said the importance attached to cooperative development as a key pillar in driving the formal inclusion of Nigerian adults cannot be overstated.
Mr. Madu Hamman, Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), said the bank's Cooperative Housing Development Loan (CHDL) provided construction funds for cooperatives registered with the National Housing Fund (NHF).
Hamman, represented assistant Mr. Dominic Agabi, said the bank had extended its cooperative lending window to the informal sector.
He said the extension was to allow all citizens equal access to both building and selling.
The managing director said the loan was disbursed to cooperative societies at an interest rate of 9.5 percent.
Hamman, who corroborated CFAN's call for housing to be included as one of the official inclusion strategies, said it would help more aid workers access housing loans.
The two-day summit attracted cooperative societies and members from different states.
============Edited. eniola williams
Source Credit: NAN
The CEO of Erisco Foods Ltd., Chief Eric Umeofia, has called on the Central Bank of Nigeria (CBN) to unify the country's exchange rate to aid economic stability and recovery.
Umeofia made the appeal during the company's distributor rewards and product launch event on Tuesday in Lagos.
He noted that multiple exchange rates had caused economic disruption, illiquidity, and round-trip travel that had affected the operations of many companies in the country.
“If the country wants to get rid of unstable exchange rates, we need to eliminate the different exchange rates, the parallel market is around N770 while the official rate is around N440.
“The reality is that many companies obtain their currencies from the parallel market, since access to currencies from the official market is difficult.
“Since I came to the country 10 years ago, the value of my investment has dropped by cents to dollars.
“Last Monday, I lost N74 million due to exchange rate differentials. I traded naira to a dollar in N900 for a good I wanted to buy, the next day, it collapsed to around N800, I lost N74 for every dollar,” he said.
Umeofia noted that the main bank must develop a clear strategy and timetable for how it intends to achieve full unification of the country's multiple exchange rates.
According to him, this will enhance the strength of the naira, boost liquidity, promote domestic and foreign investment, and stimulate economic growth.
He pointed out that many companies were closing due to wrong actions and inefficiencies of the Ministries, Departments and Agencies (MDA).
Umeofia stressed that if the Nigerian Customs Service, NAFDAC and CBN implement their functions judiciously, the Nigerian economy will improve within six months.
He added that to get out of the current economic uncertainty, the public must stop sponsoring imported products.
Umeofia pointed out that the patronage of imported goods to the detriment of locally produced goods was economic sabotage.
Furthermore, Mr. Nnamdi Umeofia, Managing Director of Erisco Foods, called on the Lagos State Government to ensure a conducive business environment, saying that the activities of some of his staff were detrimental to business growth.
Umeofia noted that business operations in the state were frustrating due to constant harassment from the state government under the guise of earning internally generated revenue.
In addition, Umeofia said that to improve nutrition and encourage Nigerians to eat healthy food, the company introduced seven new wellness products.
The Nigerian News Agency reports that Erisco Foods has also awarded ACP Danjel Amah one million Naira and products worth N120,000 per year for two years, for his exemplary and professional conduct in refusing a $200 billion bribe .
Umeofia recalled that his attitude led to the arrest of the alleged armed robbery syndicate in Kano state, while appealing to others to emulate Amah's professionalism and integrity.
It also awarded to Mr. Abraham Airaodion, a Nigerian taxi driver in Sharjah, United Arab Emirates, who returned 100,000 dirhams, some 12 million naira, which he forgot in his taxi.
Some of the company's distributors were also awarded for their excellent performance and contributions to the growth of the company.
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Source Credit: NAN
CBN Governor, Mr. Godwin Emefiele
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to protect the interests of millions of unbanked and underserved Nigerians, who mostly reside in rural areas.
The main bank made this known on Sunday, in a statement, Corporate Communications, Mr. Osita Nwanisobi, in the context of the planned redesign of certain Naira denominations.
Nwanisobi expressed his satisfaction with the positive response of the banking public to the plan.
He said the CBN remains committed to its smooth implementation, in order to preserve the integrity of the Naira cash volume outside the banking system.
“The CBN is pleased to note the positive response of the banking public to the policy through the increase in currency deposits in banks and other official institutions.
“The CBN remains committed to the seamless implementation of the initiative to ensure the achievement of its goal of preserving the integrity of the local legal tender.
“This will get a significant amount of cash out of the banking system and its use for criminal activities, restricting counterfeiting and promoting official listing,” he said.
Nwanisobi said that CBN was taking steps to ensure that vulnerable Nigerians do not suffer adverse hardship due to the Naira redesign initiative.
“As a result, the banking public in rural and underserved areas can access CBN branches in all 36 states for inquiries.
“They can inquire about the options to deposit their current N200, N500 and N1,000 notes, the account opening process and official access points,” he said.
According to him, "agent locations" across the country have been fully enabled for Bank Verification Number (BVN) registration, opening bank accounts and eNaira wallets, e-card distribution, and cash deposit.
“Due to policy, agents have also been given priority so they can deposit cash collections through bank branches across the country.
“The CBN will continue to monitor developments and will issue updates to the banking public on the implementation of the Naira redraft policy as necessary,” it said.
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Source Credit: NAN
The Institute of Chartered Accountants of Nigeria (ICAN) on Thursday stressed the need to address hyperinflationary pressures, brain drain and other macroeconomic challenges plaguing the country.
Mallam Tijjani Isa, President of ICAN, said this at a press conference to mark the annual International Accounting Day 2022.
Isa said the advice had become imperative as economies around the world faced tough times.
He pointed out that global challenges have intensified with events such as the war between Russia and Ukraine, climate change, rising consumer prices, contractions in Gross Domestic Product (GDP), trade wars, political tensions, among others. others.
Isa said that, at the country level, various socioeconomic imbalances were hitting citizens hard, with inflation at its highest level in 17 years amid declining purchasing power of citizens.
“In order to successfully tackle the problems of inflation, Nigeria needs to take both short-term and long-term measures,” he said.
The president of ICAN highlighted the need to revitalize the textile and agricultural sectors with modern technology and adequate prices to meet the country's textile and food demand, and also for export purposes.
Addressing plans to redesign part of the country's currency, Isa tasked the Central Bank of Nigeria (CBN) to consider the views of various stakeholders.
This, he explained, would ensure that critical issues such as the cost of designing and printing the new banknotes, the timing of the policy, the likely impact of the policy on inflation and exchange rates were successfully addressed.
He highlighted the need to find a permanent solution to the currency crisis so that the country develops at the desired pace.
On the brain drain, he noted that while the phenomenon is not unique to Nigeria, deliberate steps must be taken to stem the tide.
“Unfortunately, the quality of our certification makes our members more desirable for jobs off our shores.
“The weak socioeconomic environment of our beloved nation has not made it any easier to persuade our local talent to stay.
“Therefore, we encourage the managers of our economy to create a conducive business and regulatory environment that arouses the interest of professionals to stay behind to build our nation,” he said.
According to him, ICAN is doing its part in developing the entrepreneurial skills of its members.
"However, a favorable environment is required for professionals to unfold their full potential in job creation and generation," he said.
LR: Dr. Adedeji Awobotu, ICAN Council Member; Mr. Mukaila Lawal, Deputy Secretary, Corporate Services, ICAN; Mallam Tijjani Musa Isa, President of ICAN; Chief Davidson Alaribe, 1st Deputy Vice President, ICAN; Ms. Njum Nnennaya Uma-Onyemenam, ICAN Council Member and Dr. Ijeoma Anaso, Deputy Registrar, Technical Services, ICAN During a health walk to mark International Accounting Day celebrationAddressing the International Accounting Day event, Isa emphasized the need for accountants to take regular walks and eat healthy to tackle some health challenges.
This, he said, would allow them to continue their unique roles in the national and global economy.
“The profession has evolved since 1494 and accountants are globally recognized for the great work they do to make businesses prosper, support the economy and help people navigate the complexities of the office.
“Accountants are the conscience of society and with this unique responsibility, we lead the entrenchment of responsible governance in the public and private sectors.
“We defend an effective civil servant management system, as well as the best practices in corporate governance, we provide indispensable advisory functions to economic actors and invaluable information to guide investors.
"In fact, our expertise is critical to achieving a prosperous and secure planet," he said.
He stressed the need for early adoption of the International Sustainability Reporting Standards to unlock the flow of capital into Nigeria for an effective transition to a sustainability-based economy.
Isa noted that at the United Nations Climate Change Conference COP27 in Egypt, the excess of confusion and credibility deficit over zero net assets of non-state entities was discussed.
This, he said, was in tune with resolutions made at the 52nd Annual Conference of Accountants that public sector entities should include sustainability activities in their reporting as solutions to the human challenges of poverty, official inclusion, inequality and climate change.
He stated that the institute was positioned to ensure that the required competencies in this regard were developed.
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Source Credit: NAN
The Petroleum Products and Deposits Traders Association of Nigeria (DAPPMAN) says accessing foreign exchange at the official rate is a serious challenge for traders.
Ms. Winifred Akpani, President of DAPPMAN, said this at a press conference in Lagos on Tuesday.
Akpani urged the federal government to provide oil traders with access to foreign exchange at the official rate of the Central Bank of Nigeria (CBN) to improve the supply and distribution of Premium Motor Spirit (PMS), also known as gasoline, throughout the world. country.
She said that accessing foreign exchange at the official rate would boost fuel supply across the country.
He added that the burden of obtaining foreign exchange through the parallel market for transactions domiciled in Nigeria had left oil traders in dire straits.
“Accessing dollars for our operations has been an insurmountable obstacle for oil traders.
“The difference between the CBN exchange rate and the parallel market exchange rate continues to widen,” he said.
Akpani pointed out that, in addition to basic operating expenses denominated in dollars, oil traders were also faced with obtaining funds from the parallel market to pay tariffs and levies, some unauthorized, also charged in dollars.
“For example, to rent a ship to transport 20,000 metric tons of gasoline within Nigeria for 10 days, the shipping costs are denominated in dollars, which is equivalent to about 220 million naira at the official exchange rate of 440 naira.
“And a whopping N440 million for oil traders who have to get foreign exchange from the parallel market at N880.
“This implies an additional cost of N11 per liter for this transaction due to the official and parallel forex market spread,” he said.
According to her, for the same transaction, the pier fees, also charged in dollars, amount to 15.4 million naira at the official exchange rate and 30.8 million naira for oil traders who are supplied in the parallel market. .
“In addition, Jetty Berth is charged in dollars and amounts to N2.2 million at the official exchange rate and N4.4 million at the parallel market exchange rate.
“While port fees, collected in dollars by the Port Authority (NPA) and the Nigerian Maritime Administration and Security Agency (NIMASA), come to N71.51 million at the official exchange rate and N142.796 million for sellers that obtain foreign currency from the parallel market.
"DAPPMAN here the government to establish a level playing field in the access of traders in the sector to foreign exchange at the CBN exchange rate for their operations," he said.
Akpani said that accessing foreign exchange through the CBN window would improve capacity and facilitate the continuous supply of gasoline and bring forth a regime of sustainability in terms of storage, distribution and supply throughout the country.
“The Nigerian National Oil Company (NNPC) Ltd., which historically acted as a provider of last resort, is now the leading oil company in Nigeria with the acquisition of OVH and has full access to dollars at official CBN rates.
"The NNPC also has access to products through exchange agreements," he said.
Akpani denounced the absence of a level playing field that guarantees access to dollars for all marketers at official rates, and that having the NNPC as the sole importer of gasoline was not sustainable, considering the enormous consumption of the product.
According to her, strategic decisions must be made in the industry to ensure that Nigeria takes full advantage of the expected growth in demand for oil products in Africa.
“For us in Nigeria, this will include full deregulation of the sector and a deliberate strategy to create an enabling environment for all oil traders to add value, together with the NNPC,” he said.
Akpani said DAPPMAN viewed the government's plan to remove the subsidy by 2023 as the right decision that would reposition the sector for sustainable growth and development.
He said removing the subsidy would free up funds to bolster the capacity needed to transform the health, education, defense and transportation sectors, among others.
“As we approach Christmas and transition to the 2023 election year, the nation needs the full engagement of all carriers to bolster capacity and ensure product availability with excellent service levels.
“While there may be fears about potential gasoline shortages, DAPPMAN assures Nigerians of its ability and willingness to work assiduously to increase supply as the government addresses foreign exchange availability challenges in the sector,” he said.
The DAPPMAN chief praised the Federal Government and the Nigerian Midstream and Downstream Regulatory Authority for emerging gains in the sector, especially after the introduction of the Petroleum Industry Act.
“There have been important meetings aimed at outlining a sustainable future for the sector.
"These must continue, as the success of the sector in the face of the looming global energy crisis depends on collaboration and consideration of how operators can shore up capacity based on market-friendly policies and a level playing field." Akpani pointed out.
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Source Credit: NAN
The Independent Commission on Corrupt Practices and Other Related Crimes (ICPC) said it has begun the process of disposing of assets seized from the Federal Government.
ICPC spokesperson Ms. Azuka Ogugua made this known in a statement issued in Abuja on Sunday.
She said this was in line with the Proceeds of Crime Management and Recovery Act (POCA), enacted in Buhari on May 12, with an opening of bids to select auctioneers.
Ogugua quoted ICPC President Professor Bolaji Owasanoye as praising the bill's impact on the war against corruption, describing it as a tool that ensures clarity of purpose for asset recovery and management.
Owasanoye noted that the unregulated structure surrounding forfeited assets had often led to huge revenue losses, ultimately defeating the purpose of recovery.
He further said that POCA was introduced as a standardized procedure to manage and dispose of forfeited assets.
The ICPC president added that he had also established a governance directorate and ensured that all processes were deliberate and executed by experts in the relevant fields.
This, he said, had promoted transparency and prioritized the prevention of corruption.
Owasanoye also highlighted the fact that each agency that recovered assets was responsible for the disposition of the forfeited assets, adding that the process was tamper-proof.
“Per the instructions, all proceeds would be deposited in a dedicated account domiciled at the Central Bank of Nigeria (CBN) and accessible only at the discretion of the National Assembly and the President of the Federal Republic of Nigeria.
“Whatever comes out at the end of this exercise, there is a dedicated account under the watchful eye of CBN.
"No one has the power to transfer or move anything from that account, except the National Assembly and the President," he said.
Speaking about the bill, the ICPC chief said that the commission had an asset recovery and management manual that provided guidelines to ensure that all processes were governed and controlled.
It also noted that the commission, in accordance with POCA, established a committee made up of board members, directors, labor representatives, civil society organizations, the media and the Public Procurement Office, to manage the bidding process.
Owasanoye expressed satisfaction that the commission was one of the first to conduct an auction based on POCA and suggested that the success of the process would ultimately encourage other agencies to follow suit.
The statement further said that the bid opening process began with the opening and counting of submitted offers, based on lots that had been publicly announced and subject to strict terms and conditions.
“There were two lots available, with 58 and 54 offers respectively. Each box was meticulously processed and records were taken of offers accepted, returned and withdrawn.
“The technical bid opening was attended by members, Dr. Grace Chinda and Senator Anthony Agbo, directors, staff from relevant departments, bidders and outside observers from the Office of Public Procurement and a civil society organization.
The Nigerian News Agency reports that ICPC President was represented at the event as a member of the commission, Dr. Louis Mandama.
Edited and 'Wale Sadeeq
Source Credit: NAN
Gov. Babajide Sanwo-Olu of Lagos State, says his administration will continue to prioritise the growth and development of Micro, Small and Medium Enterprises (MSME) to further boost the economy of the state.
Sanwo-Olu made the pledge at the Lagos Chamber of Commerce and Industry (LCCI) 2022 Lagos International Trade Fair (LITF) with the theme: “Connecting Businesses, Creating Value,” on Friday in Lagos.
He described the MSMEs as the heartbeat of any economy, saying that their development was critical, particularly in the face of the current harsh global uncertainties posed by COVID-19 pandemic and the Ukraine-Russian war.
“There is no gainsaying that most of the businesses that will be participating in this fair are MSMEs, which are the bed rock of sustainable development in most global economies.
“In Nigeria, this sector is the heart beat of our industrial and economic development and in Lagos State, MSMEs have significantly contributed to employment creation, value addition, income generation and appreciable poverty reduction,” he said.
He added that MSMEs were crucial to the state’s economic growth and stability, and its quest to achieve the Sustainable Development Goals (SDGs), particularly in the promotion of creativity and decent work for all.
“As a government, our administration’s priority is the business sector, with particular focus on MSMEs.
“With a population of over 22 million, Lagos is the 5th fastest growing city in the world, which is why it is an investors’ delight.
“Therefore, it is imperative to formulate and implement policies, programmes and projects that would propel the state to a globally competitive economy,” Sanwo-Olu said.
He assured that his government would continue to create policies that would deliberately engender ease of doing business to enable the state attract investments and allow businesses to thrive.
According to him, the state will not rest on its oars, until businesses are properly positioned and Lagos becomes the biggest economy.
He also encouraged public-private partnership to drive development in infrastructure, health, education and others.
“This is to utilise the resources trapped in private sector.
“We would continue to ensure ease of doing business deliberately to help investors with planning and risk taking to further increase job opportunities.
“As a government, we would continue to look at what we can do to engage our youths, and we are creating a platform for new start-up innovation for our creative minds.
“We are creating an ecosystem and providing grants to help start ups and MSME through the Lagos State Employment Trust Fund(LSETF).
“All of these interventions and funding are available and we implore MSMEs to take advantage of them to address brain drain,” he said.
Sanwo-Olu added that the state government was tackling issues around climite change and stressed the need for innovation to address the development.
Ide John Udeagbala, National President, Nigerian Association of Chamber’s of Commerce, Industry, Mines and Agriculture (NACCIMA), lauded the Central Bank of Nigeria (CBN) plan to redesign and reprint the nation’s currency.
According to him, the step should have been taken five years ago to control currency circulation, improve currency security and enhance adoption of cashless economy.
He, however, stated that the country’s move to borrow to fund part of the 2023 budget was worrisome given its current debt profile.
He said equally of concern were the parameters of assumptions in the 2023 budget estimates, especially the dollar to naira conversion rate put at 435.57 to the dollar.
According to him, most businesses in the country thrive on the parallel foreign exchange market rates with no measurable checks in sight by the monetary authorities.
“Consequently, most manufacturers will continue to purchase dollars at the parallel market in the coming year.
“It is, therefore, evident that the 2023 budget is not a true reflection of the economic reality of today’s Nigeria,” he said.
Udeagbala, noting the possibility of Nigeria hosting the 2025 Intra-African Trade Fair (IATF), charged government to buy into the possibility by providing the infrastructure which includes security and foreign exchange availability for the fair.
“Some economic benefits include foreign exchange earnings, infrastructural development and reviving of dying SMEs.
“IATF is a vehicle being used to promote trade and exhibition.
“However, for Nigeria to benefit from this, we must take care of our socio -economic challenges such as infrastructure deficits, forex challenges and the likes.
“It is the hope of NACCIMA and organised private sectors in general that government will chart its course towards addressing these challenges in line with our numerous suggestions outlined and place our economy on prosperous path,” he said.
NewsSourceCredit: NAN
The Federal Government on Friday restated its commitment to improving the trade environment to boost domestic production and exports.
President Muhammadu Buhari, said this at the 36th edition of the Lagos International Trade Fair (LITF) organised by the Lagos Chamber of Commerce and Industry (LCCI).
The president, represented by the minister, Industry, Trade and Investment, Otunba Niyi Adebayo, said the government would continue to support all initiatives to encourage domestic production and exports.
He said the federal government spent N785 billion to improve the trade environment between 2019 and 2022 through the Central Bank of Nigeria (CBN) and the Bank of Industry (BoI).
“We all know the important role trade plays in stimulating our economy and driving sustainable development.
“Through increased trade, our goals of job creation, Gross Domestic Product (GDP) growth, increased foreign exchange earnings and reduced insecurity are actualised.
“The development of export trade takes this a step further and helps our nation reach its economic diversification goals,” he said.
Buhari described the country’s ratification of the African Continental Free Trade Area (AfCFTA) as a great opportunity, seeing that the country’s international trade recorded a surplus of N3.2 trillion between Jan and June.
He, however, stressed that for the country to do better economically, the public and private sectors must work together.
This, he explained, was because of the capacity of the private sector to help boost the demand for Nigerian products by aggressively pursuing value addition and increasing the quality of exported goods.
“This trade fair is a great opportunity to showcase Nigeria’s capacity to produce to international standards and also to export.
“The public sector will continue to drive investment into infrastructure development, encourage access to low-cost financing and provide fiscal incentives to companies wishing to manufacture products for sale.
“The Federal Ministry of Industry, Trade and Investment is reviewing and updating our National Trade Policy in order to firmly establish Nigeria as a worldwide trading hub and a regional leader,” he said.
According to him, the policy will aim to maximise the country’s economic output, expand infrastructural development, promote business growth, industrialisation and entrepreneurship.
“While we take these strides, it is important that all national policy makers, business leaders and trade development partners know that the synergy and cooperation between all parties is cardinal to enhancing trade in Nigeria.
“Through effective partnerships, governance and help from our friends in the private sector, the sky is the limit,” he said.
In his remarks, Dr Michael Olawale-Cole, president, LCCI, said the trade fair’s theme underscored the importance of relationships and networking among businesses for the purpose of wealth creation.
Olawale-Cole said global economic conditions were challenged even after recovering from COVID-19 pandemic and the ongoing Russia-Ukraine war, and recently climate change shocks in the form of devastating floods across the country.
He noted that while the Nigerian economy recorded some impressive growth figures this year, there were heightening fears of recession, food insecurity and more climate change impacts.
The LCCI president stressed the need for investors to continue to demonstrate resilience and determination to forge ahead in spite of these challenges.
“As a chamber, we have strong confidence in the Nigerian economy, and we believe we would meet our growth target for this year.
“The LCCI’s trade fairs, specialised exhibitions, and several business events are some of the many ways we support trade and commerce in the economy.
“We recognise the imperative of non-oil sector development and the need to add value to our primary products in order to improve earnings for both the public and private sectors of the Nigerian economy.
“This trade fair provides a platform to identify non-oil alternatives and highlights the significance of value addition even as it serves as an avenue to boost economic and commercial activities,” he said.
NewsSourceCredit: NAN
