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  •  The Lagos Chamber of Commerce and Industry LCCI has proffered solutions to drive potential investments and harness benefits across mining value chains Head Corporate Communications LCCI Mr Sunday Osanyintuyi stated in Lagos on Monday that this was done in collaboration with major Nigerian solid minerals sector stakeholders They include the Association of Metal Exporters of Nigeria and a group of companies Osanyintuyi quoted Dr Michael Olawale Cole President LCCI as saying that the recommendations were to generate insights that would position Nigeria to earn more foreign exchange from solid minerals Olawale Cole said a report by the Nigerian Extractive Industries Transparency Initiative indicated that revenue from the sector to the Federation Account rose by 54 per cent from N75 billion in 2019 to N128 billion in 2020 Solid minerals exports in the last quarter of 2021 stood at N13 56 billion a decrease of 25 95 per cent compared to the third quarter but an increase of 201 41 per cent when compared with the corresponding quarter of 2020 These are confirmations about the potentials in the solid minerals sector yet untapped Olawale Cole was quoted as saying The LCCI President said that the highlights from the Organised Private Sector showed that the fragmented legislative framework of the 1999 Constitution hindered investments in the solid minerals sector According to him the constitution as amended gives the Federal Government exclusive powers to legislate on mining and solid mineral matters He noted however that states had enacted parallel mining laws and regulations interfering and usurping Federal Government s powers and the powers of the Ministry of Mines and Steel Development to regulate activities in the sector Presently Nigeria only attracts about 0 12 per cent of global exploration investments The emerging market for Nigeria s solid minerals includes industrialised and emerging economies of BRICS countries and the G20 countries which created a demand for energy metals and minerals he said BRICS is the acronym for Brazil Russia India China and South Africa The BRICS members are known for their significant influence on world affairs Olawale Cole also noted that instability in laws and regulations gave bad signals to investors who would not want to risk nationalisation after they have invested in solid minerals exploration He stressed the need for government to establish a robust fiscal framework for investors and address bottlenecks caused by multiplicity of regulatory agencies He also called on government to tackle security challenges across mineral rich communities as it had continued to undermine production and investments There s need to invest in refineries for minerals as we cannot continue to mine minerals and export them in their primary state or else Nigeria might remain a crude exporter of minerals which is analogous to challenges in the oil sector Government and private investors should secure communities buy in in the projects to ensure environmental justice economic empowerment and social harmony These are critical in preventing and replicating the flaws witnessed in the Niger Delta Steel production should be encouraged because mining and metal production could be used to develop infrastructure and reduce import dependence Nigeria must develop mineral commodities markets and dependent instruments to trigger innovation through technology material science biotechnology and supercomputing alloy he said Osanyintuyi also quoted the Minister of Mines and Steel Development Mr Olamilekan Adegbite as saying that a well governed mining sector with good investment inflows was fundamental to a diversified economy Adegbite noted that the solid minerals sector would have developed better than its present position but was marred by low financial intermediation He urged the finance industry to invest in the mining sector to impact the nation s economy positively He said the National Integrated Mineral Exploration Programme NIMEP a Federal Government s had further exposed investment opportunities in gold lead zinc battery minerals barite and iron ore He added that NIMEP which provides reliable geo data for investment decision making is a short term initiative to auction the results from existing exploration and plough back the fund into the development of unexplored minerals The minister noted that the more sustainable approach was financial intermediation and Foreign Direct Investment inflow into the mining sector The success of rebuilding the industry to achieve the transformational ambition for shared mining prosperity depends on the participation of all stakeholders including a vibrant financing industry The Nigerian banking system has limited exposure to mining and this probably is due to a lack of sufficient understanding of the opportunities in mining or the complex nature of the sector According to NIMEP solid minerals are capital intensive and this is evident when a 50 million dollar investment was used in executing four 4 out of the forty four 44 minerals discovered for exploration in Nigeria The ministry would embark on a transformational reform agenda aimed at providing good practice in mineral resource management Adegbite said NewsSourceCredit NAN
    Stakeholders suggest ways to develop solid minerals sector
     The Lagos Chamber of Commerce and Industry LCCI has proffered solutions to drive potential investments and harness benefits across mining value chains Head Corporate Communications LCCI Mr Sunday Osanyintuyi stated in Lagos on Monday that this was done in collaboration with major Nigerian solid minerals sector stakeholders They include the Association of Metal Exporters of Nigeria and a group of companies Osanyintuyi quoted Dr Michael Olawale Cole President LCCI as saying that the recommendations were to generate insights that would position Nigeria to earn more foreign exchange from solid minerals Olawale Cole said a report by the Nigerian Extractive Industries Transparency Initiative indicated that revenue from the sector to the Federation Account rose by 54 per cent from N75 billion in 2019 to N128 billion in 2020 Solid minerals exports in the last quarter of 2021 stood at N13 56 billion a decrease of 25 95 per cent compared to the third quarter but an increase of 201 41 per cent when compared with the corresponding quarter of 2020 These are confirmations about the potentials in the solid minerals sector yet untapped Olawale Cole was quoted as saying The LCCI President said that the highlights from the Organised Private Sector showed that the fragmented legislative framework of the 1999 Constitution hindered investments in the solid minerals sector According to him the constitution as amended gives the Federal Government exclusive powers to legislate on mining and solid mineral matters He noted however that states had enacted parallel mining laws and regulations interfering and usurping Federal Government s powers and the powers of the Ministry of Mines and Steel Development to regulate activities in the sector Presently Nigeria only attracts about 0 12 per cent of global exploration investments The emerging market for Nigeria s solid minerals includes industrialised and emerging economies of BRICS countries and the G20 countries which created a demand for energy metals and minerals he said BRICS is the acronym for Brazil Russia India China and South Africa The BRICS members are known for their significant influence on world affairs Olawale Cole also noted that instability in laws and regulations gave bad signals to investors who would not want to risk nationalisation after they have invested in solid minerals exploration He stressed the need for government to establish a robust fiscal framework for investors and address bottlenecks caused by multiplicity of regulatory agencies He also called on government to tackle security challenges across mineral rich communities as it had continued to undermine production and investments There s need to invest in refineries for minerals as we cannot continue to mine minerals and export them in their primary state or else Nigeria might remain a crude exporter of minerals which is analogous to challenges in the oil sector Government and private investors should secure communities buy in in the projects to ensure environmental justice economic empowerment and social harmony These are critical in preventing and replicating the flaws witnessed in the Niger Delta Steel production should be encouraged because mining and metal production could be used to develop infrastructure and reduce import dependence Nigeria must develop mineral commodities markets and dependent instruments to trigger innovation through technology material science biotechnology and supercomputing alloy he said Osanyintuyi also quoted the Minister of Mines and Steel Development Mr Olamilekan Adegbite as saying that a well governed mining sector with good investment inflows was fundamental to a diversified economy Adegbite noted that the solid minerals sector would have developed better than its present position but was marred by low financial intermediation He urged the finance industry to invest in the mining sector to impact the nation s economy positively He said the National Integrated Mineral Exploration Programme NIMEP a Federal Government s had further exposed investment opportunities in gold lead zinc battery minerals barite and iron ore He added that NIMEP which provides reliable geo data for investment decision making is a short term initiative to auction the results from existing exploration and plough back the fund into the development of unexplored minerals The minister noted that the more sustainable approach was financial intermediation and Foreign Direct Investment inflow into the mining sector The success of rebuilding the industry to achieve the transformational ambition for shared mining prosperity depends on the participation of all stakeholders including a vibrant financing industry The Nigerian banking system has limited exposure to mining and this probably is due to a lack of sufficient understanding of the opportunities in mining or the complex nature of the sector According to NIMEP solid minerals are capital intensive and this is evident when a 50 million dollar investment was used in executing four 4 out of the forty four 44 minerals discovered for exploration in Nigeria The ministry would embark on a transformational reform agenda aimed at providing good practice in mineral resource management Adegbite said NewsSourceCredit NAN
    Stakeholders suggest ways to develop solid minerals sector
    Economy5 months ago

    Stakeholders suggest ways to develop solid minerals sector

    The Lagos Chamber of Commerce and Industry (LCCI) has proffered solutions to drive potential investments and harness benefits across mining value chains.

    Head, Corporate Communications, LCCI, Mr Sunday Osanyintuyi, stated in Lagos on Monday that this was done in collaboration with major Nigerian solid minerals sector stakeholders.

    They include the Association of Metal Exporters of Nigeria and a group of companies.

    Osanyintuyi quoted Dr Michael Olawale-Cole, President, LCCI, as saying that the recommendations were to generate insights that would position Nigeria to earn more foreign exchange from solid minerals.

    Olawale-Cole said a report by the Nigerian Extractive Industries Transparency Initiative indicated that revenue from the sector to the Federation Account rose by 54 per cent from N75 billion in 2019 to N128 billion in 2020.

    “Solid minerals exports in the last quarter of 2021 stood at N13.56 billion, a decrease of 25.95 per cent compared to the third quarter, but an increase of 201.41 per cent when compared with the corresponding quarter of 2020.

    “These are confirmations about the potentials in the solid minerals sector yet untapped,’’ Olawale-Cole was quoted as saying.

    The LCCI President said that the highlights from the Organised Private Sector showed that the fragmented legislative framework of the 1999 Constitution hindered investments in the solid minerals sector.

    According to him, the constitution, as amended, gives the Federal Government exclusive powers to legislate on mining and solid mineral matters.

    He noted, however, that states had enacted parallel mining laws and regulations interfering and usurping Federal Government’s powers and the powers of the Ministry of Mines and Steel Development to regulate activities in the sector.

    “Presently, Nigeria only attracts about 0.12 per cent of global exploration investments

    “The emerging market for Nigeria’s solid minerals includes industrialised and emerging economies of BRICS countries and the G20 countries which created a demand for energy, metals, and minerals,’’ he said.

    BRICS is the acronym for Brazil, Russia, India, China, and South Africa.

    The BRICS members are known for their significant influence on world affairs

    Olawale-Cole also noted that instability in laws and regulations gave bad signals to investors who would not want to risk nationalisation after they have invested in solid minerals exploration.

    He stressed the need for government to establish a robust fiscal framework for investors and address bottlenecks caused by multiplicity of regulatory agencies.

    He also called on government to tackle security challenges across mineral-rich communities as it had continued to undermine production and investments.

    “There’s need to invest in refineries for minerals as we cannot continue to mine minerals and export them in their primary state or else Nigeria might remain a crude exporter of minerals, which is analogous to challenges in the oil sector.

    “Government and private investors should secure communities’ buy-in in the projects to ensure environmental justice, economic empowerment, and social harmony.

    “These are critical in preventing and replicating the flaws witnessed in the Niger Delta.

    “Steel production should be encouraged because mining and metal production could be used to develop infrastructure and reduce import dependence.

    “Nigeria must develop mineral commodities markets and dependent instruments to trigger innovation through technology, material science, biotechnology, and supercomputing alloy.’’ he said.

    Osanyintuyi also quoted the Minister of Mines and Steel Development, Mr Olamilekan Adegbite, as saying that a well-governed mining sector with good investment inflows was fundamental to a diversified economy.

    Adegbite noted that the solid minerals sector would have developed better than its present position, but was marred by low financial intermediation.

    He urged the finance industry to invest in the mining sector to impact the nation’s economy positively.

    He said the National Integrated Mineral Exploration Programme (NIMEP), a Federal Government’s had further exposed investment opportunities in gold, lead, zinc, battery minerals, barite, and iron ore.

    He added that NIMEP which provides reliable geo-data for investment decision-making is a short-term initiative to auction the results from existing exploration and plough back the fund into the development of unexplored minerals.

    The minister noted that the more sustainable approach was financial intermediation and Foreign Direct Investment inflow into the mining sector.

    “The success of rebuilding the industry to achieve the transformational ambition for shared mining prosperity depends on the participation of all stakeholders, including a vibrant financing industry.

    “The Nigerian banking system has limited exposure to mining and this probably is due to a lack of sufficient understanding of the opportunities in mining or the complex nature of the sector.

    “According to NIMEP, solid minerals are capital intensive, and this is evident when a 50-million-dollar investment was used in executing four (4) out of the forty-four (44) minerals discovered for exploration in Nigeria.

    “The ministry would embark on a transformational reform agenda aimed at providing good practice in mineral resource management,’’ Adegbite said.

    NewsSourceCredit: NAN

  •  The Lagos Chamber of Commerce and Industry LCCI on Friday trained about 50 traders at area of Lagos State on the proper usage of Liquified Petroleum Gas LPG The News Agency of Nigeria reports that the training tagged EkoforGasforEko is part of the LCCI gas sensitisation programme for communities in the state The initiative which is a collaboration between LCCI LPG Group and Community Development Committee CDC started on May 27 to run for five Fridays across Ikorodu Ketu Igando Agbado and Lagos central NAN also reports that cylinders and industrial gas burners were given to some of the participants at the event Mr Godwin Okoduwa Member LCCI LPG Group said the essence of the initiative was to create awareness and enlightenment in gas usage particularly for SMEs such as street food vendors Data shows that four million death occur from indoor and outdoor pollution unlike firewood that produce high quantity carbon dioxide and carbonmonoxide LPG produced less quantity of these harmful gases It s healthy and affords women more time to do more productive activities and also keeps the kitchen cleaner he said Okoduwa said those who received free LPG equipment would be monitored to ascertain the impact on their health and social lives While highlighting safety rules to end users Mr Princewill Ekeji Safety Officer Nigeria LPG Association said that the appliances must be installed correctly in line with safety standard to avoid hazard It s very safe but it has potential hazard such as loss of containment that is when gas escapes from the vessel if the hose is damage it could lead to leakage he said Ekeji said cylinders must be kept upright or vertically in well ventilated areas and care must be taken to ensure that people vehicles and children don t move over the hose to avoid disconnection The CDC Chairman Elder Ademola Osibeluwo lauded the initiative and urged the government for more engagement of the grassroots One of the beneficiaries of the free equipment Mrs Sariatu Elewade said she is excited for being free from the pain of using firewood Another beneficiary Mrs Stella Osagiede said using firewood almost blinded her She thanked the organisers for turning her life around NAN
    LPG: LCCI trains 50 traders on proper usage of cooking gas
     The Lagos Chamber of Commerce and Industry LCCI on Friday trained about 50 traders at area of Lagos State on the proper usage of Liquified Petroleum Gas LPG The News Agency of Nigeria reports that the training tagged EkoforGasforEko is part of the LCCI gas sensitisation programme for communities in the state The initiative which is a collaboration between LCCI LPG Group and Community Development Committee CDC started on May 27 to run for five Fridays across Ikorodu Ketu Igando Agbado and Lagos central NAN also reports that cylinders and industrial gas burners were given to some of the participants at the event Mr Godwin Okoduwa Member LCCI LPG Group said the essence of the initiative was to create awareness and enlightenment in gas usage particularly for SMEs such as street food vendors Data shows that four million death occur from indoor and outdoor pollution unlike firewood that produce high quantity carbon dioxide and carbonmonoxide LPG produced less quantity of these harmful gases It s healthy and affords women more time to do more productive activities and also keeps the kitchen cleaner he said Okoduwa said those who received free LPG equipment would be monitored to ascertain the impact on their health and social lives While highlighting safety rules to end users Mr Princewill Ekeji Safety Officer Nigeria LPG Association said that the appliances must be installed correctly in line with safety standard to avoid hazard It s very safe but it has potential hazard such as loss of containment that is when gas escapes from the vessel if the hose is damage it could lead to leakage he said Ekeji said cylinders must be kept upright or vertically in well ventilated areas and care must be taken to ensure that people vehicles and children don t move over the hose to avoid disconnection The CDC Chairman Elder Ademola Osibeluwo lauded the initiative and urged the government for more engagement of the grassroots One of the beneficiaries of the free equipment Mrs Sariatu Elewade said she is excited for being free from the pain of using firewood Another beneficiary Mrs Stella Osagiede said using firewood almost blinded her She thanked the organisers for turning her life around NAN
    LPG: LCCI trains 50 traders on proper usage of cooking gas
    Economy6 months ago

    LPG: LCCI trains 50 traders on proper usage of cooking gas

    The Lagos Chamber of Commerce and Industry (LCCI), on Friday trained about 50 traders at area of Lagos State on the proper usage of Liquified Petroleum Gas (LPG).

    The News Agency of Nigeria reports that the training, tagged: ‘#EkoforGasforEko’, is part of the LCCI gas sensitisation programme for communities in the state.

    The initiative which is a collaboration between LCCI LPG Group and Community Development Committee (CDC) started on May 27, to run for five Fridays across Ikorodu, Ketu, Igando, Agbado and Lagos central.

    NAN also reports that cylinders and industrial gas burners were given to some of the participants at the event.

    Mr Godwin Okoduwa, Member, LCCI LPG Group, said the essence of the initiative was to create awareness and enlightenment in gas usage, particularly for SMEs such as street food vendors.

    “Data shows that four million death occur from indoor and outdoor pollution, unlike firewood that produce high quantity carbon dioxide and carbonmonoxide, LPG produced less quantity of these harmful gases.

    “It’s healthy and affords women more time to do more productive activities and also keeps the kitchen cleaner,” he said.

    Okoduwa said those who received free LPG equipment would be monitored to ascertain the impact on their health and social lives.

    While highlighting safety rules to end-users, Mr Princewill Ekeji, Safety Officer, Nigeria LPG Association, said that the appliances must be installed correctly in line with safety standard to avoid hazard.

    “It’s very safe but it has potential hazard such as loss of containment, that is when gas escapes from the vessel, if the hose is damage it could lead to leakage,” he said.

    Ekeji said cylinders must be kept upright or vertically in well ventilated areas, and care must be taken to ensure that people, vehicles and children don’t move over the hose to avoid disconnection.

    The CDC Chairman, , Elder Ademola Osibeluwo, lauded the initiative and urged the government for more engagement of the grassroots.

    One of the beneficiaries of the free equipment, Mrs Sariatu Elewade, said she is excited for being free from the pain of using firewood.

    Another beneficiary, Mrs Stella Osagiede, said using firewood almost blinded her. She thanked the organisers for turning her life around.

    (NAN)

  •  The Lagos Chamber of Commerce and Industry LCCI and the Argentine Chamber of Commerce and Services have signed a Memorandum of Understanding MoU to improve bilateral trade volumes between Nigeria and Argentina Speaking at the virtual MoU ceremony on Wednesday Dr Chinyere Almona Director General LCCI said the partnership would also promote international relationship between both countries Almona stated that the Nigeria Argentina relations which dated to the early 1970s had progressed significantly in recent years with both countries as active members of the G15 group G15 is a group of developing countries that seeks to foster South South cooperation and promote reform in the global trade system She said that both countries were also members of the G24 a group of countries working to ensure that their interests were adequately represented in international monetary and development finance fora The LCCI DG however noted that in spite of the strong diplomatic ties the volume of trade between both countries was relatively low with 300 million dollars as the highest figure recorded in 2013 She stated that presently the major areas of bilateral trade between Nigerian and Argentine investments were in food Information and Communication Technology ICT and construction Almona said the signing of the MoU was expected to help open more sectors for investment in both countries The COVID 19 pandemic had drastic impact on cross border trade activities and global supply chains with world merchandise trade falling between 10 per cent and 15 per cent in 2020 and 2021 due to the pandemic While full recovery is in progress we need to move quickly on the implementation of the MOU we are signing today as this would help increase the volume of trade between both countries Nigeria is Africa s largest economy with a population of about two hundred million people while Lagos is the commercial nerve centre of the country and the economic hub of the West African subregion The LCCI therefore with a membership comprising thousands of organisations from over 20 sectors of the Nigerian economy is in a strategic position to promote trade and investment between Nigeria and Argentina she said Mr Marcelo Elizondo President Argentine Chamber of Commerce and Services stated that the ceremony was to formalise and start a prosperous journey between both countries Elizondo said that Non Governmental Organizations such as these remained as relevant factor due to its key role in supporting companies wanting to activate international trade and relationship He said that the chamber which accounted for a large percentage of the country s Gross Domestic Product was ready to provide professional help to improve business relationships with non traditional markets Elizondo said that huge potentials for the country s exports were in agro farming products moderate manufacturing industry goods of different kinds from metal pharmaceuticals amongst others He said that the country was recovering its international trade in both exports and imports services to a value never reached before He noted that profound changes from the Russian Ukraine war climate changes COVID 19 and other macroeconomic and non situational changes such as technology disruption had impacted the global economies Elizondo stressed that these developments showed that new strategies for innovation increase in merchant economy and other dynamics were critical factors for the development of any country Given that trade is a two way business we can create links so that Argentine businesses can have access to an external supply that can create competitiveness and this MoU would ensure that all services should supply targets recipients The MoU occasion affirms alliance to improve competitiveness of both countries and improve capabilities of target companies Four big challenges must be tasked in this MoU which international trade is demanding as a whole First thing to achieve is to help companies have better services in terms of good while the second goal is to encourage innovation to make changes with technology and interaction amongst one another The third is to encourage in the companies we would like to foster this MoU with to generate reputation and security in relation to commercial brand and generating confidence in the products and services they offer The last components that complete this is the development of permanent alliances relationship more than legalities and other formalities he said Ambassador of Argentina to Nigeria Alejandro Herrero expressing pride at the significance of the signing of the MoU described it as the most important aspect as regards international trade We are business oriented with good quality people and very rich bilateral political agenda with Nigeria We are aware that we cannot allow the exchange between both countries to be limited to 200 million dollars This MoU is a starting point of a better relationship between both countries he said NAN
    Lagos, Argentine Chambers sign MoU to increase bilateral trade volume
     The Lagos Chamber of Commerce and Industry LCCI and the Argentine Chamber of Commerce and Services have signed a Memorandum of Understanding MoU to improve bilateral trade volumes between Nigeria and Argentina Speaking at the virtual MoU ceremony on Wednesday Dr Chinyere Almona Director General LCCI said the partnership would also promote international relationship between both countries Almona stated that the Nigeria Argentina relations which dated to the early 1970s had progressed significantly in recent years with both countries as active members of the G15 group G15 is a group of developing countries that seeks to foster South South cooperation and promote reform in the global trade system She said that both countries were also members of the G24 a group of countries working to ensure that their interests were adequately represented in international monetary and development finance fora The LCCI DG however noted that in spite of the strong diplomatic ties the volume of trade between both countries was relatively low with 300 million dollars as the highest figure recorded in 2013 She stated that presently the major areas of bilateral trade between Nigerian and Argentine investments were in food Information and Communication Technology ICT and construction Almona said the signing of the MoU was expected to help open more sectors for investment in both countries The COVID 19 pandemic had drastic impact on cross border trade activities and global supply chains with world merchandise trade falling between 10 per cent and 15 per cent in 2020 and 2021 due to the pandemic While full recovery is in progress we need to move quickly on the implementation of the MOU we are signing today as this would help increase the volume of trade between both countries Nigeria is Africa s largest economy with a population of about two hundred million people while Lagos is the commercial nerve centre of the country and the economic hub of the West African subregion The LCCI therefore with a membership comprising thousands of organisations from over 20 sectors of the Nigerian economy is in a strategic position to promote trade and investment between Nigeria and Argentina she said Mr Marcelo Elizondo President Argentine Chamber of Commerce and Services stated that the ceremony was to formalise and start a prosperous journey between both countries Elizondo said that Non Governmental Organizations such as these remained as relevant factor due to its key role in supporting companies wanting to activate international trade and relationship He said that the chamber which accounted for a large percentage of the country s Gross Domestic Product was ready to provide professional help to improve business relationships with non traditional markets Elizondo said that huge potentials for the country s exports were in agro farming products moderate manufacturing industry goods of different kinds from metal pharmaceuticals amongst others He said that the country was recovering its international trade in both exports and imports services to a value never reached before He noted that profound changes from the Russian Ukraine war climate changes COVID 19 and other macroeconomic and non situational changes such as technology disruption had impacted the global economies Elizondo stressed that these developments showed that new strategies for innovation increase in merchant economy and other dynamics were critical factors for the development of any country Given that trade is a two way business we can create links so that Argentine businesses can have access to an external supply that can create competitiveness and this MoU would ensure that all services should supply targets recipients The MoU occasion affirms alliance to improve competitiveness of both countries and improve capabilities of target companies Four big challenges must be tasked in this MoU which international trade is demanding as a whole First thing to achieve is to help companies have better services in terms of good while the second goal is to encourage innovation to make changes with technology and interaction amongst one another The third is to encourage in the companies we would like to foster this MoU with to generate reputation and security in relation to commercial brand and generating confidence in the products and services they offer The last components that complete this is the development of permanent alliances relationship more than legalities and other formalities he said Ambassador of Argentina to Nigeria Alejandro Herrero expressing pride at the significance of the signing of the MoU described it as the most important aspect as regards international trade We are business oriented with good quality people and very rich bilateral political agenda with Nigeria We are aware that we cannot allow the exchange between both countries to be limited to 200 million dollars This MoU is a starting point of a better relationship between both countries he said NAN
    Lagos, Argentine Chambers sign MoU to increase bilateral trade volume
    Economy6 months ago

    Lagos, Argentine Chambers sign MoU to increase bilateral trade volume

    The Lagos Chamber of Commerce and Industry (LCCI) and the Argentine Chamber of Commerce and Services have signed a Memorandum of Understanding (MoU) to improve bilateral trade volumes between Nigeria and Argentina.

    Speaking at the virtual MoU ceremony on Wednesday, Dr Chinyere Almona, Director-General, LCCI, said the partnership would also promote international relationship between both countries.

    Almona stated that the Nigeria-Argentina relations which dated to the early 1970s, had progressed significantly in recent years with both countries as active members of the G15 group.

    G15 is a group of developing countries that seeks to foster South-South cooperation and promote reform in the global trade system.

     

    She said that both countries were also members of the G24, a group of countries working to ensure that their interests were adequately represented in international monetary and development finance fora.

    The LCCI DG, however, noted that in spite of the strong diplomatic ties, the volume of trade between both countries was relatively low, with 300 million dollars as the highest figure recorded in 2013.

    She stated that presently, the major areas of bilateral trade between Nigerian and Argentine investments were in food, Information and Communication Technology (ICT) and construction.

    Almona said the signing of the MoU was expected to help open more sectors for investment in both countries.

    “The COVID-19 pandemic had drastic impact on cross-border trade activities and global supply chains with world merchandise trade falling between 10 per cent and 15 per cent in 2020 and 2021 due to the pandemic.

    “While full recovery is in progress, we need to move quickly on the implementation of the MOU we are signing today as this would help increase the volume of trade between both countries.

    “Nigeria is Africa’s largest economy with a population of about two hundred million people while Lagos is the commercial nerve centre of the country and the economic hub of the West African subregion.

    “The LCCI, therefore, with a membership comprising thousands of organisations from over 20 sectors of the Nigerian economy, is in a strategic position to promote trade and investment between Nigeria and Argentina,” she said.

    Mr Marcelo Elizondo, President, Argentine Chamber of Commerce and Services, stated that the ceremony was to formalise and start a prosperous journey between both countries.

    Elizondo said that Non Governmental Organizations such as these remained as  relevant factor due to its key role in supporting companies wanting to activate international trade and relationship.

    He said that the chamber, which accounted for a large percentage of the country’s Gross Domestic Product, was ready to provide professional help to improve business relationships with non traditional markets.

    Elizondo said that huge potentials for the country’s exports were in agro farming products, moderate manufacturing, industry goods of different kinds from metal, pharmaceuticals amongst others.

    He said that the country was recovering its international trade in both exports and imports services to a value never reached before.

    He noted that profound changes from the Russian-Ukraine war, climate changes, COVID-19 and other macroeconomic and non situational changes such as technology disruption had impacted the global economies.

    Elizondo stressed that these developments showed that new strategies for innovation, increase in merchant economy and other dynamics were critical factors for the development of any country.

    “Given that trade is a two way business, we can create links so that Argentine businesses can have access to an external supply that can create competitiveness and this MoU would ensure that all services should supply targets recipients.

    “The MoU occasion affirms alliance to improve competitiveness of both countries and improve capabilities of target companies.

    “Four big challenges must be tasked in this MoU which international trade is demanding as a whole.

    “First thing to achieve is to help companies have better services in terms of good while the second goal is to encourage innovation to make changes with technology and interaction amongst one another.

    ” The third is to encourage in the companies we would like to foster this MoU with, to generate reputation and security in relation to commercial brand and generating confidence in the products and services they offer.

    “The last components that complete this is the development of permanent alliances, relationship more than legalities and other formalities,” he said.

    Ambassador of Argentina to Nigeria, Alejandro Herrero, expressing pride at the significance of the signing of the MoU, described it as the most important aspect as regards international trade.

    “We are business oriented with good, quality people, and very rich bilateral political agenda with Nigeria.

    “We are aware that we cannot allow the exchange between both countries to be limited to 200 million dollars.

    “This MoU is a starting point of a better relationship between both countries,” he said.

    (NAN)

  •   President Muhammadu Buhari has expressed his administration s commitment and readiness to provide the Nigerian economy with sustainable and inclusive growth The president unveiled him at the inauguration of Dr Michael Olawale Cole as the 24th president of the Lagos Chamber of Commerce and Industry LCCI on Saturday in Lagos He was represented by the Permanent Secretary of the Federal Ministry of Industry Trade and Investment Dr Evelyn Ngige Buhari said his administration focused on addressing challenges in the business environment This he explained would be achieved through relevant government agencies that were already implementing various initiatives to accelerate the pace of recovery of the Nigerian economy He said the Federal Government was willing to work with the private sector to bring the administration s vision of sustained inclusive economic growth to life This administration is focused on providing an enabling environment for businesses to prosper as we understand the importance of the role of the private sector in providing job opportunities and developing critical infrastructure in the country said the president The Governor of Lagos State Mr Babajide Sanwo Olu expressed the readiness of the state to build a stronger partnership with the chamber Sanwo Olu was represented by the Secretary Ministry Ministry of Commerce Industry and Cooperatives Ms Olatokunbo Emokpae He said the partnership with the organized private sector sought to create wealth and employment opportunities for its many unemployed youth In his acceptance speech LCCI President Olawale Cole said that under his leadership the chamber would continue to work closely with its partners in the public and private space He said this included the federal government and its agencies the Lagos state government other state governments development partners the diplomatic community the media and other stakeholders He noted that the LCCI s strategic role in the Nigerian economy required that it harness the Chamber s diverse experiences and competencies to harness the chamber s legacies and leave indelible marks for future generations We can t change everything at once but if we choose wisely and work together transparently flexibly and honestly progress in some areas will lead to progress in many more We will ensure that our advocacy achieves the appropriate level of effectiveness that will be measured from various levels of government to our proposals on directing policies in the interest of the organized private sector I want to call on the government at all levels to do everything possible to make this country a better place to live so that younger generations are less tempted to migrate to other countries I firmly believe that there should be no better country than Nigeria for them because this is a country full of possibilities he said Former LCCI Immediate President Ms Toki Mabogunje said her administration s many accomplishments despite the COVID 19 pandemic were made possible by the LCCI community He listed some of them to include the conclusion of the digitalization of the camera obtaining ISO certifications strengthened advocacy effectiveness creation of new sector groups virtual and physical fair among others I want to acknowledge the extraordinary contributions sacrifices focus and deliberate collaboration of the administration and staff of the led secretariat The level of cooperation that I have enjoyed from the members the secretariat the officers the BoT and the volunteers is truly amazing We have established ourselves as the most important chamber in West Africa and the most important role to play With our ISO certification and ITC benchmark being in the top 10 of our global rankings we can blaze a trail on the African continent as we build the new AfCFTA market estimated at 3 trillion from 1 2 billion people I am immensely grateful to all of you and I hope that you will continue to support the Chamber in the years to come so that we continue to be the leading voice of the organized private sector in Nigeria she said Source NAN
    FG restates commitment to sustainable, inclusive economic growth
      President Muhammadu Buhari has expressed his administration s commitment and readiness to provide the Nigerian economy with sustainable and inclusive growth The president unveiled him at the inauguration of Dr Michael Olawale Cole as the 24th president of the Lagos Chamber of Commerce and Industry LCCI on Saturday in Lagos He was represented by the Permanent Secretary of the Federal Ministry of Industry Trade and Investment Dr Evelyn Ngige Buhari said his administration focused on addressing challenges in the business environment This he explained would be achieved through relevant government agencies that were already implementing various initiatives to accelerate the pace of recovery of the Nigerian economy He said the Federal Government was willing to work with the private sector to bring the administration s vision of sustained inclusive economic growth to life This administration is focused on providing an enabling environment for businesses to prosper as we understand the importance of the role of the private sector in providing job opportunities and developing critical infrastructure in the country said the president The Governor of Lagos State Mr Babajide Sanwo Olu expressed the readiness of the state to build a stronger partnership with the chamber Sanwo Olu was represented by the Secretary Ministry Ministry of Commerce Industry and Cooperatives Ms Olatokunbo Emokpae He said the partnership with the organized private sector sought to create wealth and employment opportunities for its many unemployed youth In his acceptance speech LCCI President Olawale Cole said that under his leadership the chamber would continue to work closely with its partners in the public and private space He said this included the federal government and its agencies the Lagos state government other state governments development partners the diplomatic community the media and other stakeholders He noted that the LCCI s strategic role in the Nigerian economy required that it harness the Chamber s diverse experiences and competencies to harness the chamber s legacies and leave indelible marks for future generations We can t change everything at once but if we choose wisely and work together transparently flexibly and honestly progress in some areas will lead to progress in many more We will ensure that our advocacy achieves the appropriate level of effectiveness that will be measured from various levels of government to our proposals on directing policies in the interest of the organized private sector I want to call on the government at all levels to do everything possible to make this country a better place to live so that younger generations are less tempted to migrate to other countries I firmly believe that there should be no better country than Nigeria for them because this is a country full of possibilities he said Former LCCI Immediate President Ms Toki Mabogunje said her administration s many accomplishments despite the COVID 19 pandemic were made possible by the LCCI community He listed some of them to include the conclusion of the digitalization of the camera obtaining ISO certifications strengthened advocacy effectiveness creation of new sector groups virtual and physical fair among others I want to acknowledge the extraordinary contributions sacrifices focus and deliberate collaboration of the administration and staff of the led secretariat The level of cooperation that I have enjoyed from the members the secretariat the officers the BoT and the volunteers is truly amazing We have established ourselves as the most important chamber in West Africa and the most important role to play With our ISO certification and ITC benchmark being in the top 10 of our global rankings we can blaze a trail on the African continent as we build the new AfCFTA market estimated at 3 trillion from 1 2 billion people I am immensely grateful to all of you and I hope that you will continue to support the Chamber in the years to come so that we continue to be the leading voice of the organized private sector in Nigeria she said Source NAN
    FG restates commitment to sustainable, inclusive economic growth
    Economy1 year ago

    FG restates commitment to sustainable, inclusive economic growth

    President Muhammadu Buhari has expressed his administration's commitment and readiness to provide the Nigerian economy with sustainable and inclusive growth.

    The president unveiled him at the inauguration of Dr. Michael Olawale-Cole as the 24th president of the Lagos Chamber of Commerce and Industry (LCCI) on Saturday in Lagos.

    He was represented by the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Dr. Evelyn Ngige.

    Buhari said his administration focused on addressing challenges in the business environment.

    This, he explained, would be achieved through relevant government agencies that were already implementing various initiatives to accelerate the pace of recovery of the Nigerian economy.

    He said the Federal Government was willing to work with the private sector to bring the administration's vision of sustained inclusive economic growth to life.

    "This administration is focused on providing an enabling environment for businesses to prosper, as we understand the importance of the role of the private sector in providing job opportunities and developing critical infrastructure in the country," said the president.

    The Governor of Lagos State, Mr. Babajide Sanwo-Olu, expressed the readiness of the state to build a stronger partnership with the chamber.

    Sanwo-Olu was represented by the Secretary, Ministry, Ministry of Commerce, Industry and Cooperatives, Ms. Olatokunbo Emokpae.

    He said the partnership with the organized private sector sought to create wealth and employment opportunities for its many unemployed youth.

    In his acceptance speech, LCCI President Olawale-Cole said that under his leadership, the chamber would continue to work closely with its partners in the public and private space.

    He said this included the federal government and its agencies, the Lagos state government, other state governments, development partners, the diplomatic community, the media and other stakeholders.

    He noted that the LCCI's strategic role in the Nigerian economy required that it harness the Chamber's diverse experiences and competencies to harness the chamber's legacies and leave indelible marks for future generations.

    “We can't change everything at once, but if we choose wisely and work together transparently, flexibly and honestly, progress in some areas will lead to progress in many more.

    “We will ensure that our advocacy achieves the appropriate level of effectiveness that will be measured from various levels of government to our proposals on directing policies in the interest of the organized private sector.

    “I want to call on the government at all levels to do everything possible to make this country a better place to live, so that younger generations are less tempted to migrate to other countries.

    "I firmly believe that there should be no better country than Nigeria for them because this is a country full of possibilities," he said.

    Former LCCI Immediate President Ms Toki Mabogunje said her administration's many accomplishments, despite the COVID-19 pandemic, were made possible by the LCCI community.

    He listed some of them to include the conclusion of the digitalization of the camera, obtaining ISO certifications, strengthened advocacy effectiveness, creation of new sector groups, virtual and physical fair, among others.

    “I want to acknowledge the extraordinary contributions, sacrifices, focus, and deliberate collaboration of the administration and staff of the led secretariat.

    “The level of cooperation that I have enjoyed from the members, the secretariat, the officers, the BoT and the volunteers is truly amazing.

    “We have established ourselves as the most important chamber in West Africa and the most important role to play.

    “With our ISO certification and ITC benchmark being in the top 10% of our global rankings, we can blaze a trail on the African continent as we build the new AfCFTA market estimated at $ 3 trillion from 1.2 billion people. .

    "I am immensely grateful to all of you and I hope that you will continue to support the Chamber in the years to come so that we continue to be the leading voice of the organized private sector in Nigeria," she said.

    Source: NAN

  •   President Muhammadu Buhari says the federal government looks forward to working with the newly elected leadership of the Lagos Chamber of Commerce and Industry LCCI The president made the pledge while congratulating Dr Michael Olawale Cole on his installation as the 36th President and Chairman of the Board of the LCCI In the congratulatory message delivered by Mr Femi Adesina on Saturday in Abuja Buhari expressed the hope that Olawale Cole will bring his record of excellence to the position The President salutes the Board and the members of the LCCI founded in 1888 for setting standards in the country and beyond over the years particularly in advising and influencing government policies and attracting investment According to him the appearance of Olawale Cole demonstrates the LCCI s penchant for relevance and effectiveness Source NAN
    FG pledges to work with new LCCI President, Olawale-Cole
      President Muhammadu Buhari says the federal government looks forward to working with the newly elected leadership of the Lagos Chamber of Commerce and Industry LCCI The president made the pledge while congratulating Dr Michael Olawale Cole on his installation as the 36th President and Chairman of the Board of the LCCI In the congratulatory message delivered by Mr Femi Adesina on Saturday in Abuja Buhari expressed the hope that Olawale Cole will bring his record of excellence to the position The President salutes the Board and the members of the LCCI founded in 1888 for setting standards in the country and beyond over the years particularly in advising and influencing government policies and attracting investment According to him the appearance of Olawale Cole demonstrates the LCCI s penchant for relevance and effectiveness Source NAN
    FG pledges to work with new LCCI President, Olawale-Cole
    Economy1 year ago

    FG pledges to work with new LCCI President, Olawale-Cole

    President Muhammadu Buhari says the federal government looks forward to working with the newly elected leadership of the Lagos Chamber of Commerce and Industry (LCCI).

    The president made the pledge while congratulating Dr. Michael Olawale-Cole on his installation as the 36th President and Chairman of the Board of the LCCI.

    In the congratulatory message delivered by Mr. Femi Adesina on Saturday in Abuja, Buhari expressed the hope that Olawale-Cole will bring his record of excellence to the position.

    The President salutes the Board and the members of the LCCI, founded in 1888, for setting standards in the country and beyond, over the years, particularly in advising and influencing government policies and attracting investment.

    According to him, the appearance of Olawale-Cole demonstrates the LCCI's penchant for relevance and effectiveness.

    Source: NAN

  •   The Nigerian Postal Service NIPOST said it had taken advantage of new technological innovations that would enable it meet customers expectations and serve their needs Dr Ismail Adewusi the postmaster general made the assertion during the Special Day of the Federal Inland Revenue Service FIRS at the 2021 Lagos International Trade Fair LITR in Lagos The News Agency of Nigeria reports that the fair holding from Nov 5 to Nov 14 has as its theme Connecting Businesses Creating Value Over 200 000 visitors are expected while about 1 500 exhibitors from 16 countries are participating in the 35th edition of the fair Adewusi said Having embraced innovation NIPOST has taken advantage of the new technology developed new business models and new products and services that meet the needs and expectations of the current dynamic markets Aside the full automation of NIPOST Counters the International Postal System IPS and integrated postal management system IPMS now in place in NIPOST are some of the audacious steps in appropriating the availability of ICT to adequately serve the needs of our army of technologically driven customers Our E commerce and haulage Logistic ventures are gradually taking centre stage in business networking while SMEs and MSMEs constantly take advantage of our competitive rates to deliver goods and services he said He was represented Oladapo general manager NIPOST e Commerce and Logistics Furthermore the postmaster general said that NIPOST was currently providing ficial services to its customers He said NIPOST in a bid to support sustainable development goals banking to the unbanked is currently providing ficial services such as cash and other International fund transfer like Western Union on our counters Adewusi said also that NIPOST is in partnership with NIRSAL Microfice Bank and urged customers that they could access the bank in various NIPOST offices Besides he said NIPOST s awareness campaign at this year s Fair is stamp denotation EMS and Parcel Address Verification System Bulk post and Courier and Logistics Regulatory Department Philately etc He assured customers of the organisation s commitment to effectively and efficiently provide them with quality services He added that handling of their items was currently in line with the global best practices as quality bubble wraps had been introduced and used to protect and safeguard their items from moisture and breakage Earlier MrsToki Mabogunje President Lagos Chamber of Commerce and Industry said that the Trade Fair was specially packaged to showcase innovation in goods and services of indigenous businesses and enterprises in Africa According to her the aim of LCCI is to connect businesses and create value between manufacturers customers major sector companies and consumers products and services at the Fair This year s Trade Fair is specially packaged to showcase innovation in goods and services of indigenous businesses and enterprises in Africa there a platform for connecting with partners that is best served across the world she said Source NAN
    NIPOST embraces technology to serve customers’ needs – Adewusi
      The Nigerian Postal Service NIPOST said it had taken advantage of new technological innovations that would enable it meet customers expectations and serve their needs Dr Ismail Adewusi the postmaster general made the assertion during the Special Day of the Federal Inland Revenue Service FIRS at the 2021 Lagos International Trade Fair LITR in Lagos The News Agency of Nigeria reports that the fair holding from Nov 5 to Nov 14 has as its theme Connecting Businesses Creating Value Over 200 000 visitors are expected while about 1 500 exhibitors from 16 countries are participating in the 35th edition of the fair Adewusi said Having embraced innovation NIPOST has taken advantage of the new technology developed new business models and new products and services that meet the needs and expectations of the current dynamic markets Aside the full automation of NIPOST Counters the International Postal System IPS and integrated postal management system IPMS now in place in NIPOST are some of the audacious steps in appropriating the availability of ICT to adequately serve the needs of our army of technologically driven customers Our E commerce and haulage Logistic ventures are gradually taking centre stage in business networking while SMEs and MSMEs constantly take advantage of our competitive rates to deliver goods and services he said He was represented Oladapo general manager NIPOST e Commerce and Logistics Furthermore the postmaster general said that NIPOST was currently providing ficial services to its customers He said NIPOST in a bid to support sustainable development goals banking to the unbanked is currently providing ficial services such as cash and other International fund transfer like Western Union on our counters Adewusi said also that NIPOST is in partnership with NIRSAL Microfice Bank and urged customers that they could access the bank in various NIPOST offices Besides he said NIPOST s awareness campaign at this year s Fair is stamp denotation EMS and Parcel Address Verification System Bulk post and Courier and Logistics Regulatory Department Philately etc He assured customers of the organisation s commitment to effectively and efficiently provide them with quality services He added that handling of their items was currently in line with the global best practices as quality bubble wraps had been introduced and used to protect and safeguard their items from moisture and breakage Earlier MrsToki Mabogunje President Lagos Chamber of Commerce and Industry said that the Trade Fair was specially packaged to showcase innovation in goods and services of indigenous businesses and enterprises in Africa According to her the aim of LCCI is to connect businesses and create value between manufacturers customers major sector companies and consumers products and services at the Fair This year s Trade Fair is specially packaged to showcase innovation in goods and services of indigenous businesses and enterprises in Africa there a platform for connecting with partners that is best served across the world she said Source NAN
    NIPOST embraces technology to serve customers’ needs – Adewusi
    General news1 year ago

    NIPOST embraces technology to serve customers’ needs – Adewusi

    The Nigerian Postal Service (NIPOST), said it had taken advantage of new technological innovations that would enable it meet customers’ expectations and serve their needs.

    Dr Ismail Adewusi, the postmaster general, made the assertion during the Special Day of the Federal Inland Revenue Service (FIRS) at the 2021 Lagos International Trade Fair (LITR) in Lagos.

    The News Agency of Nigeria reports that the fair, holding from Nov. 5 to Nov. 14, has as its theme: “Connecting Businesses, Creating Value”.

    Over 200,000 visitors are expected while about 1,500 exhibitors from 16 countries are participating in the 35th edition of the fair.

    Adewusi said: “Having embraced innovation, NIPOST has taken advantage of the new technology, developed new business models and new products and services that meet the needs and expectations of the current dynamic markets.

    “Aside the full automation of NIPOST Counters, the International Postal System (IPS) and integrated postal management system (IPMS) now in place in NIPOST are some of the audacious steps in appropriating the availability of ICT to adequately serve the needs of our army of technologically-driven customers.

    “Our E-commerce and haulage/Logistic ventures are gradually taking centre stage in business networking while SMEs and MSMEs constantly take advantage of our competitive rates to deliver goods and services,” he said.

    He was represented Oladapo, general manager, NIPOST e-Commerce and Logistics.

    Furthermore, the postmaster general said that NIPOST was currently providing ficial services to its customers.

    He said: “NIPOST in a bid to support sustainable development goals banking to the unbanked is currently providing ficial services such as, cash and other International fund transfer like Western Union on our counters”.

    Adewusi said also that NIPOST is in partnership with NIRSAL Microfice Bank and urged customers that they could access the bank in various NIPOST offices.

    Besides, he said NIPOST’s awareness campaign at this year’s Fair is stamp denotation, EMS and Parcel, Address Verification System, Bulk post and Courier and Logistics Regulatory Department, Philately etc.

    He assured customers of the organisation’s commitment to effectively and efficiently provide them with quality services.

    He added that handling of their items was currently in line with the global best practices as quality bubble wraps had been introduced and used to protect and safeguard their items from moisture and breakage.

    Earlier, MrsToki Mabogunje, President, Lagos Chamber of Commerce and Industry, said that the Trade Fair was specially packaged to showcase innovation in goods and services of indigenous businesses and enterprises in Africa.

    According to her, the aim of LCCI is to connect businesses and create value between manufacturers, customers, major sector companies and consumers products and services at the Fair.

    “This year’s Trade Fair is specially packaged to showcase innovation in goods and services of indigenous businesses and enterprises in Africa, there a platform for connecting with partners that is best served across the world,” she said.

    Source: NAN

  •   Festus Keyamo Minister of State Labour and Employment has expressed optimism that President Muhammadu Buhari would approve the implementation of the second phase of the Extended Special Public Works ESPW programme Mr Keyamo also assured all verified participants in the programme across the 774 Local Government Areas that they would be fully paid The minister spoke during the National Directorate of Employment NDE Day at the 2021 Lagos International Trade Fair LITF on Friday in Lagos The fair which opened on Nov 5 will end on Nov 14 under the theme Connecting Businesses Creating Value Mr Keyamo said one of the major ways in which the present administration was addressing the prevailing economic situation was through the creation of decent jobs He said the NDE had been able to successfully implement the ESPW programme which was specifically targeted at the poorest of the poor in Nigeria According to him under the intervention 1 000 unskilled and unemployed persons from each of the 774 LGAs were engaged to provide environment specific public works services in their immediate localities The minister said the services were rendered for a period of three months with each participant paid the sum of N20 000 per month Mr Keyamo noted that the impact of the ESPW had been significantly felt across the land I am informed that currently officers of the NDE are out in the field carrying out an Impact Evaluation exercise to imperially establish the extent to which the ESPW has fared with a view to improving on areas of need in subsequent outings Despite the challenges we encountered while implementing the programme I want to assure Nigerians that the participants who have so far been captured and verified by the designated banks will be fully paid Let me use this opportunity to deeply appreciate the President for his pro poor posture You will agree with me that in the history of Nigeria as an independent nation no government has implemented a programme that has addressed the issue of mass unemployment and social inclusion at the grassroots like the current government I am optimistic that the president in his magnanimity and pro poor disposition will approve the implementation of the ESPW in the coming year he said Mr Keyamo disclosed that about N40 billion had been paid so far adding that processes should be expedited by the coordinators to ensure that the remaining N6 billion was disbursed to those yet to be paid He said the government would continue to support the NDE in the discharge of its statutory mandate of creating mass employment opportunities for the unskilled and unemployed in Nigeria through skills training and other innovative methods Also Nuhu Fikpo Director General NDE said the LITF was a great platform for beneficiaries of the directorate s various employment creation schemes to showcase their businesses to the world Today no better testimony can speak about our modest efforts at tackling unemployment than the tangible presence of our beneficiaries displaying their goods and services in the stand of the NDE at this fair They represent our collective aspiration to check mate unemployment and the convincing results that we are on the right path I can only wish them well and greater success as they soldier on in the world of business Mr Fikpo represented by Adeola Shafaru Director Human Resources NDE said In her remark Toki Mabogunje President Lagos Chamber of Commerce and Industry LCCI said there was need for cooperation between the government and private sector in advancing the push for job creation and poverty reduction Mr Mabogunje commended the NDE s efforts in areas like entrepreneurship development skills vocational training and the rural enterprise development support programmes With a federal presence in all the states the Directorate can reach the grassroots through the deployment of technology for training and services The task of creating jobs lies more with the private sector while the government is expected to provide the enabling environment she said NAN
    Buhari will approve second phase of public works program, Keyamo assures Nigerians
      Festus Keyamo Minister of State Labour and Employment has expressed optimism that President Muhammadu Buhari would approve the implementation of the second phase of the Extended Special Public Works ESPW programme Mr Keyamo also assured all verified participants in the programme across the 774 Local Government Areas that they would be fully paid The minister spoke during the National Directorate of Employment NDE Day at the 2021 Lagos International Trade Fair LITF on Friday in Lagos The fair which opened on Nov 5 will end on Nov 14 under the theme Connecting Businesses Creating Value Mr Keyamo said one of the major ways in which the present administration was addressing the prevailing economic situation was through the creation of decent jobs He said the NDE had been able to successfully implement the ESPW programme which was specifically targeted at the poorest of the poor in Nigeria According to him under the intervention 1 000 unskilled and unemployed persons from each of the 774 LGAs were engaged to provide environment specific public works services in their immediate localities The minister said the services were rendered for a period of three months with each participant paid the sum of N20 000 per month Mr Keyamo noted that the impact of the ESPW had been significantly felt across the land I am informed that currently officers of the NDE are out in the field carrying out an Impact Evaluation exercise to imperially establish the extent to which the ESPW has fared with a view to improving on areas of need in subsequent outings Despite the challenges we encountered while implementing the programme I want to assure Nigerians that the participants who have so far been captured and verified by the designated banks will be fully paid Let me use this opportunity to deeply appreciate the President for his pro poor posture You will agree with me that in the history of Nigeria as an independent nation no government has implemented a programme that has addressed the issue of mass unemployment and social inclusion at the grassroots like the current government I am optimistic that the president in his magnanimity and pro poor disposition will approve the implementation of the ESPW in the coming year he said Mr Keyamo disclosed that about N40 billion had been paid so far adding that processes should be expedited by the coordinators to ensure that the remaining N6 billion was disbursed to those yet to be paid He said the government would continue to support the NDE in the discharge of its statutory mandate of creating mass employment opportunities for the unskilled and unemployed in Nigeria through skills training and other innovative methods Also Nuhu Fikpo Director General NDE said the LITF was a great platform for beneficiaries of the directorate s various employment creation schemes to showcase their businesses to the world Today no better testimony can speak about our modest efforts at tackling unemployment than the tangible presence of our beneficiaries displaying their goods and services in the stand of the NDE at this fair They represent our collective aspiration to check mate unemployment and the convincing results that we are on the right path I can only wish them well and greater success as they soldier on in the world of business Mr Fikpo represented by Adeola Shafaru Director Human Resources NDE said In her remark Toki Mabogunje President Lagos Chamber of Commerce and Industry LCCI said there was need for cooperation between the government and private sector in advancing the push for job creation and poverty reduction Mr Mabogunje commended the NDE s efforts in areas like entrepreneurship development skills vocational training and the rural enterprise development support programmes With a federal presence in all the states the Directorate can reach the grassroots through the deployment of technology for training and services The task of creating jobs lies more with the private sector while the government is expected to provide the enabling environment she said NAN
    Buhari will approve second phase of public works program, Keyamo assures Nigerians
    Headlines1 year ago

    Buhari will approve second phase of public works program, Keyamo assures Nigerians

    Festus Keyamo, Minister of State, Labour and Employment, has expressed optimism that President Muhammadu Buhari would approve the implementation of the second phase of the Extended Special Public Works, ESPW, programme.

    Mr Keyamo also assured all verified participants in the programme across the 774 Local Government Areas that they would be fully paid.

    The minister spoke during the National Directorate of Employment, NDE, Day at the 2021 Lagos International Trade Fair, LITF, on Friday in Lagos.

    The fair, which opened on Nov. 5, will end on Nov. 14 under the theme: “Connecting Businesses, Creating Value”.

    Mr Keyamo said one of the major ways in which the present administration was addressing the prevailing economic situation was through the creation of decent jobs.

    He said the NDE had been able to successfully implement the ESPW programme which was specifically targeted at the poorest of the poor in Nigeria.

    According to him, under the intervention, 1,000 unskilled and unemployed persons from each of the 774 LGAs were engaged to provide environment specific public works services in their immediate localities.

    The minister said the services were rendered  for a period of three months with each participant paid the sum of N20,000 per month.

    Mr Keyamo noted that the impact of the ESPW had been significantly felt across the land.

    “I am informed that currently, officers of the NDE are out in the field carrying out an Impact Evaluation exercise to imperially establish the extent to which the ESPW has fared with a view to improving on areas of need in subsequent outings.

    “Despite the challenges we encountered while implementing the programme, I want to assure Nigerians that the participants who have so far been captured and verified by the designated banks will be fully paid.

    “Let me use this opportunity to deeply appreciate the President for his pro-poor posture.

    “You will agree with me that in the history of Nigeria as an independent nation, no government has implemented a programme that has addressed the issue of mass unemployment and social inclusion at the grassroots like the current government.

    “I am optimistic that the president in his magnanimity —and pro-poor disposition will approve the implementation of the ESPW in the coming year,” he said.

    Mr Keyamo disclosed that about N40 billion had been paid so far, adding that processes should be expedited by the coordinators to ensure that the remaining N6 billion was disbursed to those yet to be paid.

    He said the government would continue to support the NDE in the discharge of its statutory mandate of creating mass employment opportunities for the unskilled and unemployed in Nigeria through skills training and other innovative methods.

    Also, Nuhu Fikpo, Director-General, NDE, said the LITF was a great platform for beneficiaries of the directorate’s various employment creation schemes to showcase their businesses to the world.

    “Today, no better testimony can speak about our modest efforts at tackling unemployment than the tangible presence of our beneficiaries displaying their goods and services in the stand of the NDE at this fair.

    “They represent our collective  aspiration to check mate unemployment and the convincing results that we are on the right path.

    “I can only wish them well and greater success as they soldier on in the world of business,” Mr Fikpo, represented by Adeola Shafaru, Director, Human Resources, NDE, said.

    In her remark, Toki Mabogunje, President, Lagos Chamber of Commerce and Industry, LCCI, said there was need for cooperation between the government and private sector in advancing the push for job creation and poverty reduction.

    Mr Mabogunje commended the NDE’s efforts in areas like entrepreneurship development skills, vocational training, and the rural enterprise development support programmes.

    “With a federal presence in all the states, the Directorate can reach the grassroots through the deployment of technology for training and services.

    “The task of creating jobs lies more with the private sector, while the government is expected to provide the enabling environment,” she said.

    NAN

  •   The Federal Inland Revenue Service FIRS says it generated the sum of N4 2 trillion between Jan and Sept 2021 in spite of the challenges posed by COVID 19 Executive chairman of FIRS Mr Mohammad Nami made the disclosure during FIRS Special Day at the 2021 Lagos International Trade Fair LITR on Thursday in Lagos Nami represented Maiyaki Assistant Director of Taxes Bar Beach MSTO said that revenue generation had improved significantly in the country It is with great pleasure that I wish to inform all present that our revenue generation has improved tremendously despite the challenges posed by COVID 19 The sum of N4 2 trillion has been collected Inland Revenue Service FIRS between Jan and Sept 2021 This feat was achieved as a result of the efficiency and effectiveness of the newly introduced in house ex service solution TaxPro Max and intelligence data we gathered mined and analysed in the period under review he said According to him effective measures have also been put in place to ensure tax returns filing payments and other services are easy and seamless He added that e services such as e receipt e TCC e filling e stamp duty and e tax payment and the deployment of the TaxPro Max platform had enabled FIRS to achieve the Federal Government s set revenue target of N7 6 trillion for the service in 2021 The executive chairman commended the Federal Government for understanding that times were hard and for amending the tax laws of the Fice Act 2019 and 2020 for the benefits of all tax payers and reduced the burden of tax payments He solicited the cooperation and support of all tax payers and stakeholders in the task of increasing the nation s non oil revenue to key into the various e services deployed by FIRS Earlier Mrs Toki Mabogunje President Lagos Chamber of Commerce and Industry LCCI urged the FIRS to deploy more technology for its operations so as to make tax payments easier more efficient and more tax compliant in the long term However we do need to address the lingering issues in the tax system which includes complication in tax computations The rigorous process of tax payment for multiplicity of taxes for multiple revenue collection agencies across all the three tiers of government inadequate knowledge and information about tax regulations especially on tax issues she said The LCCI president assured that the Industry would continue to engage with the FiRS on the implementation of its reform initiatives on all major tax administration issues towards creating a more conducive regulatory environment where businesses could thrive to generate more revenue and comply with tax demands The News Agency of Nigeria reports that representative of the Chartered Institute of Taxation also spoke at the event The 35th edition of the fair with theme Connecting businesses creating value is holding from Nov 5 to Nov 14 Over 200 000 visitors are expected while about 1 500 exhibitors from 16 countries are participating in the fair Source NAN
    FIRS generates N4.2tn in 9 months — Official
      The Federal Inland Revenue Service FIRS says it generated the sum of N4 2 trillion between Jan and Sept 2021 in spite of the challenges posed by COVID 19 Executive chairman of FIRS Mr Mohammad Nami made the disclosure during FIRS Special Day at the 2021 Lagos International Trade Fair LITR on Thursday in Lagos Nami represented Maiyaki Assistant Director of Taxes Bar Beach MSTO said that revenue generation had improved significantly in the country It is with great pleasure that I wish to inform all present that our revenue generation has improved tremendously despite the challenges posed by COVID 19 The sum of N4 2 trillion has been collected Inland Revenue Service FIRS between Jan and Sept 2021 This feat was achieved as a result of the efficiency and effectiveness of the newly introduced in house ex service solution TaxPro Max and intelligence data we gathered mined and analysed in the period under review he said According to him effective measures have also been put in place to ensure tax returns filing payments and other services are easy and seamless He added that e services such as e receipt e TCC e filling e stamp duty and e tax payment and the deployment of the TaxPro Max platform had enabled FIRS to achieve the Federal Government s set revenue target of N7 6 trillion for the service in 2021 The executive chairman commended the Federal Government for understanding that times were hard and for amending the tax laws of the Fice Act 2019 and 2020 for the benefits of all tax payers and reduced the burden of tax payments He solicited the cooperation and support of all tax payers and stakeholders in the task of increasing the nation s non oil revenue to key into the various e services deployed by FIRS Earlier Mrs Toki Mabogunje President Lagos Chamber of Commerce and Industry LCCI urged the FIRS to deploy more technology for its operations so as to make tax payments easier more efficient and more tax compliant in the long term However we do need to address the lingering issues in the tax system which includes complication in tax computations The rigorous process of tax payment for multiplicity of taxes for multiple revenue collection agencies across all the three tiers of government inadequate knowledge and information about tax regulations especially on tax issues she said The LCCI president assured that the Industry would continue to engage with the FiRS on the implementation of its reform initiatives on all major tax administration issues towards creating a more conducive regulatory environment where businesses could thrive to generate more revenue and comply with tax demands The News Agency of Nigeria reports that representative of the Chartered Institute of Taxation also spoke at the event The 35th edition of the fair with theme Connecting businesses creating value is holding from Nov 5 to Nov 14 Over 200 000 visitors are expected while about 1 500 exhibitors from 16 countries are participating in the fair Source NAN
    FIRS generates N4.2tn in 9 months — Official
    Economy1 year ago

    FIRS generates N4.2tn in 9 months — Official

    The Federal Inland Revenue Service (FIRS) says it generated the sum of N4.2 trillion between Jan. and Sept. 2021, in spite of the challenges posed by COVID-19.

    Executive chairman of FIRS, Mr Mohammad Nami made the disclosure during FIRS Special Day at the 2021 Lagos International Trade Fair (LITR), on Thursday, in Lagos.

    Nami, represented Maiyaki, Assistant Director of Taxes, Bar Beach MSTO, said that revenue generation had improved significantly in the country.

    “It is with great pleasure that I wish to inform all present that our revenue generation has improved tremendously despite the challenges posed by COVID-19.

    “The sum of N4.2 trillion has been collected Inland Revenue Service (FIRS) between Jan. and Sept. 2021.

    “This feat was achieved as a result of the efficiency and effectiveness of the newly introduced in-house ex-service solution (TaxPro Max) and intelligence/data we gathered, mined and analysed in the period under review,” he said.

    According to him, effective measures have also been put in place to ensure tax returns filing, payments and other services are easy and seamless.

    He added that e-services such as e-receipt; e-TCC, e-filling, e-stamp duty and e-tax payment and the deployment of the TaxPro Max platform, had enabled FIRS to achieve the Federal Government’s set revenue target of N7.6 trillion for the service in 2021.

    The executive chairman commended the Federal Government for understanding that times were hard and for amending the tax laws of the Fice Act 2019 and 2020 for the benefits of all tax payers and reduced the burden of tax payments .

    He solicited the cooperation and support of all tax payers and stakeholders in the task of increasing the nation’s non-oil revenue to key into the various e-services deployed by FIRS.

    Earlier, Mrs Toki Mabogunje, President, Lagos Chamber of Commerce and Industry (LCCI), urged the FIRS to deploy more technology for its operations, so as to make tax payments easier, more efficient, and more tax compliant in the long term.

    “However, we do need to address the lingering issues in the tax system, which includes complication in tax computations.

    ” The rigorous process of tax payment, for multiplicity of taxes, for multiple revenue collection agencies across all the three tiers of government, inadequate knowledge and information about tax regulations, especially on tax issues,” she said.

    The LCCI president assured that the Industry would continue to engage with the FiRS on the implementation of its reform initiatives on all major tax administration issues towards creating a more conducive regulatory environment where businesses could thrive to generate more revenue and comply with tax demands.

    The News Agency of Nigeria reports that representative of the Chartered Institute of Taxation, also spoke at the event.

    The 35th edition of the fair with theme: “Connecting businesses, creating value,” is holding from Nov. 5 to Nov. 14.

    Over 200,000 visitors are expected, while about 1,500 exhibitors from 16 countries are participating in the fair.

    Source: NAN

  •   The Dangote Group has reiterated its commitment to creating jobs for Nigerians saying that at the moment it is the biggest employer of labour in the country Halima Aliko Dangote Group Executive Director Commercial Operations Dangote Group made this known during the Dangote Special Day at the 2021 Lagos International Trade Fair LITR on Wednesday in Lagos DAILY MNIGERIAN reports that the nine day fair is holding from Nov 5 to Nov 14 and has as its theme Connecting Businesses Creating Value Over 200 000 visitors are expected while about 1 500 exhibitors from 16 countries are participating in the 35th edition of the fair Represented by Rabiu Umar Group Chief Commercial Officer Dangote Industries Limited she said the theme of the fair was consistent with the company s drive for innovation and value creation across Africa She expressed optimism that the fair would further expand awareness for the group s products ranging from sugar salt tomato paste noodles pasta fertiliser and its 650 000BPD refinery coming on stream soon Our interest goes beyond profit making to supporting government in job creation reducing poverty and engaging in unprecedented philanthropy In achieving these we respect the laws of the land where we operate With all sense of humility we can say that outside of government the Dangote Group is the biggest employer of labour in Nigeria she added Earlier in her remarks Toki Mabogunje President Lagos Chamber of Commerce and Industry LCCI said the LITF was aimed at facilitating trade commerce and investment Mrs Mabogunje represented by Gabriel Idahosa Chairman Trade Promotion Board LCCI said it also aimed to advance industrialisation of Nigeria s economy to engender a high growth rate of the Gross Domestic Product GDP She commended the Dangote Group for its products and services which have touched the lives of millions of people across the African continent and beyond We appreciate the passion of the group s leadership in providing solutions to the problems governments have not been able to solve in areas of food sufficiency housing and energy The group s operations have created millions of jobs across Africa and contributed immensely to the GDP of many countries Mrs Mabogunje said
    We’re biggest employer of labour in Nigeria, Dangote Group boasts
      The Dangote Group has reiterated its commitment to creating jobs for Nigerians saying that at the moment it is the biggest employer of labour in the country Halima Aliko Dangote Group Executive Director Commercial Operations Dangote Group made this known during the Dangote Special Day at the 2021 Lagos International Trade Fair LITR on Wednesday in Lagos DAILY MNIGERIAN reports that the nine day fair is holding from Nov 5 to Nov 14 and has as its theme Connecting Businesses Creating Value Over 200 000 visitors are expected while about 1 500 exhibitors from 16 countries are participating in the 35th edition of the fair Represented by Rabiu Umar Group Chief Commercial Officer Dangote Industries Limited she said the theme of the fair was consistent with the company s drive for innovation and value creation across Africa She expressed optimism that the fair would further expand awareness for the group s products ranging from sugar salt tomato paste noodles pasta fertiliser and its 650 000BPD refinery coming on stream soon Our interest goes beyond profit making to supporting government in job creation reducing poverty and engaging in unprecedented philanthropy In achieving these we respect the laws of the land where we operate With all sense of humility we can say that outside of government the Dangote Group is the biggest employer of labour in Nigeria she added Earlier in her remarks Toki Mabogunje President Lagos Chamber of Commerce and Industry LCCI said the LITF was aimed at facilitating trade commerce and investment Mrs Mabogunje represented by Gabriel Idahosa Chairman Trade Promotion Board LCCI said it also aimed to advance industrialisation of Nigeria s economy to engender a high growth rate of the Gross Domestic Product GDP She commended the Dangote Group for its products and services which have touched the lives of millions of people across the African continent and beyond We appreciate the passion of the group s leadership in providing solutions to the problems governments have not been able to solve in areas of food sufficiency housing and energy The group s operations have created millions of jobs across Africa and contributed immensely to the GDP of many countries Mrs Mabogunje said
    We’re biggest employer of labour in Nigeria, Dangote Group boasts
    Headlines1 year ago

    We’re biggest employer of labour in Nigeria, Dangote Group boasts

    The Dangote Group has reiterated its commitment to creating jobs for Nigerians, saying that at the moment it is the biggest employer of labour in the country.

    Halima Aliko-Dangote, Group Executive Director, Commercial Operations, Dangote Group made this known during the Dangote Special Day at the 2021 Lagos International Trade Fair, LITR, on Wednesday in Lagos.

    DAILY MNIGERIAN reports that the nine-day fair is holding from Nov. 5 to Nov. 14 and has as its theme: “Connecting Businesses, Creating Value”.

    Over 200,000 visitors are expected while about 1,500 exhibitors from 16 countries are participating in the 35th edition of the fair.

    Represented by Rabiu Umar, Group Chief Commercial Officer, Dangote Industries Limited, she said the theme of the fair was consistent with the company’s drive for innovation and value creation across Africa.

    She expressed optimism that the fair would further expand awareness for the group’s products ranging from sugar, salt, tomato paste, noodles, pasta, fertiliser and its 650,000BPD refinery coming on stream soon.

    “Our interest goes beyond profit making, to supporting government in job creation, reducing poverty, and engaging in unprecedented philanthropy.

    “In achieving these, we respect the laws of the land where we operate.

    “With all sense of humility, we can say that outside of government, the Dangote Group is the biggest employer of labour in Nigeria,” she added.

    Earlier in her remarks, Toki Mabogunje, President, Lagos Chamber of Commerce and Industry (LCCI), said the LITF was aimed at facilitating trade, commerce and investment.

    Mrs Mabogunje, represented by Gabriel Idahosa, Chairman, Trade Promotion Board, LCCI, said it also aimed to advance industrialisation of Nigeria’s economy to engender a high growth rate of the Gross Domestic Product, GDP.

    She commended the Dangote Group for its products and services which have touched the lives of millions of people across the African continent and beyond.

    “We appreciate the passion of the group’s leadership in providing solutions to the problems governments have not been able to solve in areas of food sufficiency, housing, and energy.

    “The group’s operations have created millions of jobs across Africa and contributed immensely to the GDP of many countries,” Mrs Mabogunje said.

  •   Petroleum Products Marketing Company PPMC Managing Director Isiyaku Abdullahi said that total deregulation of the downstream oil sector would save Nigeria 12 trillion naira in four years Mr Abdullahi spoke on Wednesday in Lagos at the 15th Annual Petroleum Trade and Logistics OTL Africa Petroleum Downstream Week 2021 The Nigerian News Agency reports that the theme of the conference is The Nigerian Downstream Oil and Gas Sector in Transition Getting Ready He said At 80 of crude oil 60 million liters of daily consumption and 411 N per dollar of exchange the under recovery gasoline subsidy of Premium Motor Spirit PMS per liter will be 138 N per liter The daily under recovery from PMS will be 8 3 billion naira The annual SPM under recovery will increase to three million naira Mr Abdullahi said savings from removing oil subsidies could be funneled into other critical areas such as infrastructure health care and education He noted that removing subsidies would bring the price of petroleum products in Nigeria on par with its African neighbors and discourage smuggling According to him with the signing of the Petroleum Industry Act PIA the country is moving towards a total deregulation of the downstream sector which will attract more investment Likewise Adeyemi Adetunji Group Executive Director Downstream Nigerian National Petroleum Corporation NNPC argued that the prices of petroleum products would be determined by the free market under the PIA He said The PIA has provided an enabling environment to attract investment ensure fair competition for operators and fair prices for consumers and producers to ensure the stability of the industry The fuel market is expanding given the emerging opportunities in gas Investors and existing players must seize these opportunities to create value for all stakeholders For his part Dr Muda Yusuf former director general of the Lagos Chamber of Commerce and Industry LCCI said the government needs to show political will to end the subsidy regime Mr Yusuf who is the managing director of the Center for the Promotion of Private Enterprise said the failure to fully deregulate the sector was a major obstacle to unlocking its huge investment potential over the past five years decades However Dr Obinna Ogbonna National Auditor Trade Union Congress TUC said the unions had given the government certain conditions that should be met before the subsidies were cut He said What we are saying is that for there to be complete deregulation the government should provide palliatives to the masses and should ensure that there are no job losses in the implementation of reforms in the sector NOPE
    Deregulation will save Nigeria N12trn in 4 years – PPMC
      Petroleum Products Marketing Company PPMC Managing Director Isiyaku Abdullahi said that total deregulation of the downstream oil sector would save Nigeria 12 trillion naira in four years Mr Abdullahi spoke on Wednesday in Lagos at the 15th Annual Petroleum Trade and Logistics OTL Africa Petroleum Downstream Week 2021 The Nigerian News Agency reports that the theme of the conference is The Nigerian Downstream Oil and Gas Sector in Transition Getting Ready He said At 80 of crude oil 60 million liters of daily consumption and 411 N per dollar of exchange the under recovery gasoline subsidy of Premium Motor Spirit PMS per liter will be 138 N per liter The daily under recovery from PMS will be 8 3 billion naira The annual SPM under recovery will increase to three million naira Mr Abdullahi said savings from removing oil subsidies could be funneled into other critical areas such as infrastructure health care and education He noted that removing subsidies would bring the price of petroleum products in Nigeria on par with its African neighbors and discourage smuggling According to him with the signing of the Petroleum Industry Act PIA the country is moving towards a total deregulation of the downstream sector which will attract more investment Likewise Adeyemi Adetunji Group Executive Director Downstream Nigerian National Petroleum Corporation NNPC argued that the prices of petroleum products would be determined by the free market under the PIA He said The PIA has provided an enabling environment to attract investment ensure fair competition for operators and fair prices for consumers and producers to ensure the stability of the industry The fuel market is expanding given the emerging opportunities in gas Investors and existing players must seize these opportunities to create value for all stakeholders For his part Dr Muda Yusuf former director general of the Lagos Chamber of Commerce and Industry LCCI said the government needs to show political will to end the subsidy regime Mr Yusuf who is the managing director of the Center for the Promotion of Private Enterprise said the failure to fully deregulate the sector was a major obstacle to unlocking its huge investment potential over the past five years decades However Dr Obinna Ogbonna National Auditor Trade Union Congress TUC said the unions had given the government certain conditions that should be met before the subsidies were cut He said What we are saying is that for there to be complete deregulation the government should provide palliatives to the masses and should ensure that there are no job losses in the implementation of reforms in the sector NOPE
    Deregulation will save Nigeria N12trn in 4 years – PPMC
    Headlines1 year ago

    Deregulation will save Nigeria N12trn in 4 years – PPMC

    Petroleum Products Marketing Company, PPMC Managing Director Isiyaku Abdullahi said that total deregulation of the downstream oil sector would save Nigeria 12 trillion naira in four years.

    Mr Abdullahi spoke on Wednesday in Lagos at the 15th Annual Petroleum Trade and Logistics, OTL, Africa Petroleum Downstream Week 2021.

    The Nigerian News Agency reports that the theme of the conference is “The Nigerian Downstream Oil and Gas Sector in Transition: Getting Ready”.

    He said: “At $ 80 of crude oil, 60 million liters of daily consumption and 411 N per dollar of exchange, the under-recovery (gasoline subsidy) of Premium Motor Spirit (PMS) per liter will be. 138 N per liter.

    “The daily under-recovery from PMS will be 8.3 billion naira. The annual SPM under-recovery will increase to three million naira. "

    Mr Abdullahi said savings from removing oil subsidies could be funneled into other critical areas such as infrastructure, health care and education.

    He noted that removing subsidies would bring the price of petroleum products in Nigeria on par with its African neighbors and discourage smuggling.

    According to him, with the signing of the Petroleum Industry Act (PIA), the country is moving towards a total deregulation of the downstream sector which will attract more investment.

    Likewise, Adeyemi Adetunji, Group Executive Director, Downstream, Nigerian National Petroleum Corporation, NNPC, argued that the prices of petroleum products would be determined by the free market under the PIA.

    He said: “The PIA has provided an enabling environment to attract investment, ensure fair competition for operators and fair prices for consumers and producers to ensure the stability of the industry.

    “The fuel market is expanding given the emerging opportunities in gas. Investors and existing players must seize these opportunities to create value for all stakeholders. "

    For his part, Dr Muda Yusuf, former director general of the Lagos Chamber of Commerce and Industry, LCCI, said the government needs to show political will to end the subsidy regime.

    Mr Yusuf, who is the managing director of the Center for the Promotion of Private Enterprise, said the failure to fully deregulate the sector was a major obstacle to unlocking its huge investment potential over the past five years. decades.

    However, Dr Obinna Ogbonna, National Auditor, Trade Union Congress, TUC, said the unions had given the government certain conditions that should be met before the subsidies were cut.

    He said: "What we are saying is that for there to be complete deregulation, the government should provide palliatives to the masses and should ensure that there are no job losses. in the implementation of reforms in the sector. ”

    NOPE

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