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  •  The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA has charged the country s monetary authorities to implement policies to strengthen the Naira and reduce inflationary pressures on its citizens NACCIMA Director General Mr Olusola Obadimu gave the advice in an interview with the News Agency of Nigeria on Friday in Lagos in reaction to the August inflation rate of 20 52 per cent NAN reports that analysis by the National Bureau of Statistics NBS revealed that food inflation for the period under review also surged to 23 12 per cent an increase of 1 1 per cent month on month The NBS attributed the development to disruptions in the supply of food products increase in import cost due to the persistent currency depreciation and general increase in the cost of production Obadimu stressed the need to earn more foreign exchange by shoring up the country s export indices to reverse the depreciation of the Naira and strengthen it He noted that by the time the fuel subsidy was removed it would spike inflation because of its obvious multiplier effects Obadimu said printing of Naira by monetary authorities would instead of ensuring flow of disposable income lead to inflation tax seeing that the value of the currency was weak compared to its foreign counterparts Consumption without exports means that the Naira cannot be strong because you must earn foreign exchange to strengthen the Naira Even if you manufacture anything you are not sure of its safety when transporting the goods Also cost of power inadequate infrastructure insecurity have all contributed to inflation Until these factors of insecurity infrastructure and power deficiencies are fixed there is no end to it inflation in sight There must be something to suggest that our monetary policy managers have any clue on what to do to bring inflation down Government must begin to discipline its expenses reduce borrowing and look beyond policies that are short termed but multigenerational to engender economic growth he said The NACCIMA DG stressed the need for value to be added to the country s exports both oil and non oil to generate foreign exchange He also called for the shapening of the nation s various port access and facilities to encourage exports and ensure timeliness of deliveries to desired destinations NewsSourceCredit NAN
    NACCIMA seeks adoption of naira strengthening mechanisms to address inflation
     The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA has charged the country s monetary authorities to implement policies to strengthen the Naira and reduce inflationary pressures on its citizens NACCIMA Director General Mr Olusola Obadimu gave the advice in an interview with the News Agency of Nigeria on Friday in Lagos in reaction to the August inflation rate of 20 52 per cent NAN reports that analysis by the National Bureau of Statistics NBS revealed that food inflation for the period under review also surged to 23 12 per cent an increase of 1 1 per cent month on month The NBS attributed the development to disruptions in the supply of food products increase in import cost due to the persistent currency depreciation and general increase in the cost of production Obadimu stressed the need to earn more foreign exchange by shoring up the country s export indices to reverse the depreciation of the Naira and strengthen it He noted that by the time the fuel subsidy was removed it would spike inflation because of its obvious multiplier effects Obadimu said printing of Naira by monetary authorities would instead of ensuring flow of disposable income lead to inflation tax seeing that the value of the currency was weak compared to its foreign counterparts Consumption without exports means that the Naira cannot be strong because you must earn foreign exchange to strengthen the Naira Even if you manufacture anything you are not sure of its safety when transporting the goods Also cost of power inadequate infrastructure insecurity have all contributed to inflation Until these factors of insecurity infrastructure and power deficiencies are fixed there is no end to it inflation in sight There must be something to suggest that our monetary policy managers have any clue on what to do to bring inflation down Government must begin to discipline its expenses reduce borrowing and look beyond policies that are short termed but multigenerational to engender economic growth he said The NACCIMA DG stressed the need for value to be added to the country s exports both oil and non oil to generate foreign exchange He also called for the shapening of the nation s various port access and facilities to encourage exports and ensure timeliness of deliveries to desired destinations NewsSourceCredit NAN
    NACCIMA seeks adoption of naira strengthening mechanisms to address inflation
    Economy2 weeks ago

    NACCIMA seeks adoption of naira strengthening mechanisms to address inflation

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has charged the country’s monetary authorities to implement policies to strengthen the Naira and reduce inflationary pressures on its citizens.

    NACCIMA Director-General, Mr Olusola Obadimu, gave the advice in an interview with the News Agency of Nigeria on Friday in Lagos, in reaction to the August inflation rate of 20.52 per cent.

    NAN reports that analysis by the National Bureau of Statistics (NBS) revealed that food inflation for the period under review also surged to 23.12 per cent; an increase of 1.1 per cent month-on-month.

    The NBS attributed the development to disruptions in the supply of food products, increase in import cost due to the persistent currency depreciation and general increase in the cost of production.

    Obadimu stressed the need to earn more foreign exchange by shoring up the country’s export indices to reverse the depreciation of the Naira and strengthen it.

    He noted that by the time the fuel subsidy was removed, it would spike inflation because of its obvious multiplier effects.

    Obadimu said printing of Naira by monetary authorities would instead of ensuring flow of disposable income, lead to inflation tax seeing that the value of the currency was weak compared to its foreign counterparts.

    “Consumption without exports means that the Naira cannot be strong because you must earn foreign exchange to strengthen the Naira.

    “Even if you manufacture anything, you are not sure of its safety when transporting the goods.

    Also, cost of power, inadequate infrastructure, insecurity have all contributed to inflation.

    “Until these factors of insecurity, infrastructure and power deficiencies are fixed, there is no end to it inflation in sight.

    “There must be something to suggest that our monetary policy managers have any clue on what to do to bring inflation down.

    “Government must begin to discipline its expenses, reduce borrowing, and look beyond policies that are short termed but multigenerational to engender economic growth,” he said.

    The NACCIMA DG stressed the need for value to be added to the country’s exports; both oil and non-oil to generate foreign exchange.

    He also called for the shapening of the nation’s various port access and facilities to encourage exports and ensure timeliness of deliveries to desired destinations.


    NewsSourceCredit: NAN

  •  Stakeholders especially farmers in the South South have called on the Federal Government to urgently build more silos across the states to reduce annual post harvest losses in the agriculture sector The residents made the call in separate interviews with the News Agency of Nigeria against the backdrop of government s recent disclosure that the country s economic cost of post harvest losses was N3 5 trillion The Minister of State for Agriculture and Rural Development Mustapha Shehuri at the presentation of the International Standard Organisation ISO Certification for Nigerian Stored Products Research Institute Abuja decried the worrisome trend NAN recalls that the minister represented at the occasion by Mr Shehu Bello a Director in the ministry noted further that the losses in fruits and vegetables could be as high as between 50 and 60 per cent Concerned about the huge annual post harvest losses the respondents said the situation if not quickly reversed could worsen Nigeria s food insecurity They also urged government to partner relevant stakeholders in the agribusiness sector to improve on the existing food processing value chain to mitigate annual post harvest losses nationwide The Chairman of All Farmers Association of Nigeria AFAN in Delta Mr Richard Asenime said that with adequate food preservation facilities in place farmers capacity to produce food would increase Asenime however lamented the absence of silos for grain storage in most states saying Delta had only one silo for farmers to preserve their grains after harvest He added that with silos farmers would make more money by regulating supply of their produce and ensuring stability in price In Calabar Mr Bassey Edet Programme Manager Cross River Agricultural Development Programme ADP underscored the importance of having storage facilities in the preservation of farm produce all year round According to him proper handling of the nation s strategic food reserve is the way to go to ensure food security and sustainability Edet said to ensure adequate food supply all year round the federal government needed to establish strategic food reserves in different states and thereafter hand them over to the private sector to manage He regretted that successive governments consistently had to borrow from the World Bank for different agricultural projects without sustainable plans adding that such programmes died soon after the administration left office He said Food banks should be constructed in different states depending on the food crops they produce If this is realised there will be competition and ultimately food prices will drop This will also help us to control food prices during scarce period We will just get the products from the reserve to the market to reduce the price of the commodity and monopoly According to the programme manager because the nation s food reserves are not working Cross River loses so much during harvest peak periods which frustrates the efforts of peasant farmers He noted that if government invested in storage facilities apart from drastically reducing wastages there would be food security The lack of reserve is one of the reasons why IDPs are suffering in their camps we need to have these food banks to preserve food and also generate income Nigerians would not have suffered so much in 2020 during the height of the COVID 19 pandemic if government had strategically stored enough food to assist people who remained indoors he said For Mr Festus Ebozele Managing Director TA Commodity Producers Co Nigeria Limited Benin the federal government should invest more in food processing to reduce post harvest losses in the country Ebozele said such investment could be through partnership with local farmers as well as other private investors The federal government should invest more in processing of perishable farm produces as well create a conducive environment for processing businesses to thrive he said According to him the federal government can empower farmers to go into processing of perishable farm produces like orange pineapple and plantain among others My interaction with most farmers over the years has revealed that they do not have enough buyers for their fresh products and as such need to process these products to ensure durability Government should ban importation of fruit juice and promote processing and sale of local juice Some makers of pineapple juice in Nigeria buy concentrates from China and this is affecting the value chain for pineapple in the country he said In his contribution Mr Ogbeiwi Odihi Ogiamien Edo Coordinator Youth Wing Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA urge partnership among all levels of government in preserving farm produce Odihi Ogiamien said since the federal government seemed to have its hands full state and local governments could partner farmers in the area of preservation to reduce post harvest losses There are 774 LGAs in the country they can collaborate with farmers at the grassroots in the storage of farm products in their locality The federal government can then assist councils that are doing well to expand their capacity he said A commercial farmer in Bayelsa Mr Fidelis Alaowei said farmers were faced with the challenge of absence of storage facilities in the state especially for grains hence the high post harvest losses annually He said food losses and waste were either as a result of ineffective functioning or total absence of food storage systems Improving on farm storage technologies for grains is one of the most widely applied solutions for the reduction of grain losses in developing countries The most commonly used options metal drums and hermetic bags can reduce grain losses to near zero if used correctly It allows farmers to increase food for home consumption and sales In grain value chain most losses in quantity and quality occur during storage and are due to improper grain drying Again vegetables and fruits can be stored using a specialised method of conditioning as done in National Horticultural Institute of Nigeria NIHORT to check post harvest losses he said Alaowei said that farmers were already conversant with ways to preserve tuber crops such as yam On his part an Uyo based agronomist Dr Nsikak Edidiong said that the rise in food prices should be a concern to every Nigerian A fortified food reserve system will help to guarantee food supply all year round and ensure food security he said Another respondent and farmer Chief Nsima Jacobs said that the establishment of strategic food reserves would encourage farmers to grow more crops and earn more The insecurity in some parts of the country requires us to reserve food Farming activities are already threatened in some parts of the country and we need to think outside the box and ensure all round food supply in the country he said In Rivers some residents have attributed high cost of food commodities to lack of storage facilities in the state and stressed the need for government to beef up strategic food reserves to minimize post harvest losses Mr Bright Okere Director Ministry of Agriculture and Natural Resources Andoni Local Government Area told NAN in Port Harcourt that over 50 per cent of agriculture produce in the state was lost due to lack of silos Fishermen loose much of their catch due to lack of electricity cold rooms and other storage facilities at fishing ports Whenever there s a huge catch fishermen and the offtakers become overwhelmed resulting in drastic fall in the price of fish Some times the catch becomes so enomous that fishermen begin to bury fishes to prevent stench from decomposition he said Okere urged the federal government to establish strategic fish storage outlets in the state to curb post harves losses A cassava farmer Mr Clement Gosu also urged the federal government and agriculture investors to establish more cassava flour mills and storage plants in the southern part of the country He said that the move would check shortage of cassava flour in the country and also encourage export of the produce Similarly Mr Athens Owo an agriculture extension officer Rivers Agriculture Development Programme ADP said establishment of silos would support risk reduction in farm investment He also said that strategic food storage reserve would attract processors and other investors since produce would be available in various parts of the country NewsSourceCredit NAN
    Post-harvest losses: Stakeholders call for establishment of more silos
     Stakeholders especially farmers in the South South have called on the Federal Government to urgently build more silos across the states to reduce annual post harvest losses in the agriculture sector The residents made the call in separate interviews with the News Agency of Nigeria against the backdrop of government s recent disclosure that the country s economic cost of post harvest losses was N3 5 trillion The Minister of State for Agriculture and Rural Development Mustapha Shehuri at the presentation of the International Standard Organisation ISO Certification for Nigerian Stored Products Research Institute Abuja decried the worrisome trend NAN recalls that the minister represented at the occasion by Mr Shehu Bello a Director in the ministry noted further that the losses in fruits and vegetables could be as high as between 50 and 60 per cent Concerned about the huge annual post harvest losses the respondents said the situation if not quickly reversed could worsen Nigeria s food insecurity They also urged government to partner relevant stakeholders in the agribusiness sector to improve on the existing food processing value chain to mitigate annual post harvest losses nationwide The Chairman of All Farmers Association of Nigeria AFAN in Delta Mr Richard Asenime said that with adequate food preservation facilities in place farmers capacity to produce food would increase Asenime however lamented the absence of silos for grain storage in most states saying Delta had only one silo for farmers to preserve their grains after harvest He added that with silos farmers would make more money by regulating supply of their produce and ensuring stability in price In Calabar Mr Bassey Edet Programme Manager Cross River Agricultural Development Programme ADP underscored the importance of having storage facilities in the preservation of farm produce all year round According to him proper handling of the nation s strategic food reserve is the way to go to ensure food security and sustainability Edet said to ensure adequate food supply all year round the federal government needed to establish strategic food reserves in different states and thereafter hand them over to the private sector to manage He regretted that successive governments consistently had to borrow from the World Bank for different agricultural projects without sustainable plans adding that such programmes died soon after the administration left office He said Food banks should be constructed in different states depending on the food crops they produce If this is realised there will be competition and ultimately food prices will drop This will also help us to control food prices during scarce period We will just get the products from the reserve to the market to reduce the price of the commodity and monopoly According to the programme manager because the nation s food reserves are not working Cross River loses so much during harvest peak periods which frustrates the efforts of peasant farmers He noted that if government invested in storage facilities apart from drastically reducing wastages there would be food security The lack of reserve is one of the reasons why IDPs are suffering in their camps we need to have these food banks to preserve food and also generate income Nigerians would not have suffered so much in 2020 during the height of the COVID 19 pandemic if government had strategically stored enough food to assist people who remained indoors he said For Mr Festus Ebozele Managing Director TA Commodity Producers Co Nigeria Limited Benin the federal government should invest more in food processing to reduce post harvest losses in the country Ebozele said such investment could be through partnership with local farmers as well as other private investors The federal government should invest more in processing of perishable farm produces as well create a conducive environment for processing businesses to thrive he said According to him the federal government can empower farmers to go into processing of perishable farm produces like orange pineapple and plantain among others My interaction with most farmers over the years has revealed that they do not have enough buyers for their fresh products and as such need to process these products to ensure durability Government should ban importation of fruit juice and promote processing and sale of local juice Some makers of pineapple juice in Nigeria buy concentrates from China and this is affecting the value chain for pineapple in the country he said In his contribution Mr Ogbeiwi Odihi Ogiamien Edo Coordinator Youth Wing Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA urge partnership among all levels of government in preserving farm produce Odihi Ogiamien said since the federal government seemed to have its hands full state and local governments could partner farmers in the area of preservation to reduce post harvest losses There are 774 LGAs in the country they can collaborate with farmers at the grassroots in the storage of farm products in their locality The federal government can then assist councils that are doing well to expand their capacity he said A commercial farmer in Bayelsa Mr Fidelis Alaowei said farmers were faced with the challenge of absence of storage facilities in the state especially for grains hence the high post harvest losses annually He said food losses and waste were either as a result of ineffective functioning or total absence of food storage systems Improving on farm storage technologies for grains is one of the most widely applied solutions for the reduction of grain losses in developing countries The most commonly used options metal drums and hermetic bags can reduce grain losses to near zero if used correctly It allows farmers to increase food for home consumption and sales In grain value chain most losses in quantity and quality occur during storage and are due to improper grain drying Again vegetables and fruits can be stored using a specialised method of conditioning as done in National Horticultural Institute of Nigeria NIHORT to check post harvest losses he said Alaowei said that farmers were already conversant with ways to preserve tuber crops such as yam On his part an Uyo based agronomist Dr Nsikak Edidiong said that the rise in food prices should be a concern to every Nigerian A fortified food reserve system will help to guarantee food supply all year round and ensure food security he said Another respondent and farmer Chief Nsima Jacobs said that the establishment of strategic food reserves would encourage farmers to grow more crops and earn more The insecurity in some parts of the country requires us to reserve food Farming activities are already threatened in some parts of the country and we need to think outside the box and ensure all round food supply in the country he said In Rivers some residents have attributed high cost of food commodities to lack of storage facilities in the state and stressed the need for government to beef up strategic food reserves to minimize post harvest losses Mr Bright Okere Director Ministry of Agriculture and Natural Resources Andoni Local Government Area told NAN in Port Harcourt that over 50 per cent of agriculture produce in the state was lost due to lack of silos Fishermen loose much of their catch due to lack of electricity cold rooms and other storage facilities at fishing ports Whenever there s a huge catch fishermen and the offtakers become overwhelmed resulting in drastic fall in the price of fish Some times the catch becomes so enomous that fishermen begin to bury fishes to prevent stench from decomposition he said Okere urged the federal government to establish strategic fish storage outlets in the state to curb post harves losses A cassava farmer Mr Clement Gosu also urged the federal government and agriculture investors to establish more cassava flour mills and storage plants in the southern part of the country He said that the move would check shortage of cassava flour in the country and also encourage export of the produce Similarly Mr Athens Owo an agriculture extension officer Rivers Agriculture Development Programme ADP said establishment of silos would support risk reduction in farm investment He also said that strategic food storage reserve would attract processors and other investors since produce would be available in various parts of the country NewsSourceCredit NAN
    Post-harvest losses: Stakeholders call for establishment of more silos
    General news3 weeks ago

    Post-harvest losses: Stakeholders call for establishment of more silos

    Stakeholders, especially farmers in the South-South, have called on the Federal Government to urgently build more silos across the states to reduce annual post-harvest losses in the agriculture sector.

    The residents made the call in separate interviews with the News Agency of Nigeria , against the backdrop of government’s recent disclosure that the country’s economic cost of post-harvest losses was N3.5 trillion.

    The Minister of State for Agriculture and Rural Development, Mustapha Shehuri, at the presentation of the International Standard Organisation (ISO) Certification for Nigerian Stored Products Research Institute, Abuja, decried the worrisome trend.

    NAN recalls that the minister, represented at the occasion by Mr Shehu Bello, a Director in the ministry, noted further that the losses in fruits and vegetables could be as high as between 50 and 60 per cent.

    Concerned about the huge annual post-harvest losses, the respondents said the situation, if not quickly reversed, could worsen Nigeria’s food insecurity.

    They also urged government to partner relevant stakeholders in the agribusiness sector to improve on the existing food-processing value chain to mitigate annual post-harvest losses nationwide.

    The Chairman of All Farmers Association of Nigeria (AFAN) in Delta, Mr Richard Asenime, said that with adequate food preservation facilities in place, farmers’ capacity to produce food would increase.

    Asenime, however, lamented the absence of silos for grain storage in most states, saying Delta had only one silo for farmers to preserve their grains after harvest.

    He added that with silos, farmers would make more money by regulating supply of their produce and ensuring stability in price.

    In Calabar, Mr Bassey Edet, Programme Manager, Cross River Agricultural Development Programme (ADP), underscored the importance of having storage facilities in the preservation of farm produce all year round.

    According to him, proper handling of the nation’s strategic food reserve is the way to go, to ensure food security and sustainability.

    Edet said to ensure adequate food supply all year round, the federal government needed to establish strategic food reserves in different states and thereafter hand them over to the private sector to manage.

    He regretted that successive governments consistently had to borrow from the World Bank for different agricultural projects without sustainable plans, adding that such programmes died soon after the administration left office.

    He said: “Food banks should be constructed in different states depending on the food crops they produce.

    If this is realised, there will be competition and ultimately food prices will drop.

    “This will also help us to control food prices during scarce period.

    We will just get the products from the reserve to the market to reduce the price of the commodity and monopoly.

    ” According to the programme manager, because the nation’s food reserves are not working, Cross River loses so much during harvest peak periods, which frustrates the efforts of peasant farmers.

    He noted that if government invested in storage facilities, apart from drastically reducing wastages, there would be food security.

    “The lack of reserve is one of the reasons why IDPs are suffering in their camps; we need to have these food banks to preserve food and also generate income.

    “Nigerians would not have suffered so much in 2020 during the height of the COVID-19 pandemic, if government had strategically stored enough food to assist people who remained indoors,” he said.

    For Mr Festus Ebozele, Managing Director, TA Commodity Producers Co. Nigeria Limited, Benin, the federal government should invest more in food processing to reduce post-harvest losses in the country.

    Ebozele said such investment could be through partnership with local farmers as well as other private investors.

    “The federal government should invest more in processing of perishable farm produces as well create a conducive environment for processing businesses to thrive,” he said.

    According to him, the federal government can empower farmers to go into processing of perishable farm produces like orange, pineapple and plantain, among others.

    “My interaction with most farmers over the years has revealed that they do not have enough buyers for their fresh products and as such need to process these products to ensure durability.

    “Government should ban importation of fruit juice and promote processing and sale of local juice.

    “Some makers of pineapple juice in Nigeria buy concentrates from China and this is affecting the value chain for pineapple in the country,” he said.

    In his contribution, Mr Ogbeiwi Odihi-Ogiamien, Edo Coordinator, Youth Wing, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), urge partnership among all levels of government in preserving farm produce.

    Odihi-Ogiamien said since the federal government seemed to have its hands full, state and local governments could partner farmers in the area of preservation to reduce post-harvest losses.

    “There are 774 LGAs in the country; they can collaborate with farmers at the grassroots in the storage of farm products in their locality.

    “The federal government can then assist councils that are doing well to expand their capacity,” he said.

    A commercial farmer in Bayelsa, Mr Fidelis Alaowei, said farmers were faced with the challenge of absence of storage facilities in the state especially for grains, hence the high post-harvest losses annually.

    He said food losses and waste were either as a result of ineffective functioning or total absence of food storage systems.

    “Improving on-farm storage technologies for grains is one of the most widely applied solutions for the reduction of grain losses in developing countries.

    “The most commonly used options – metal drums and hermetic bags – can reduce grain losses to near zero if used correctly.

    It allows farmers to increase food for home consumption and sales.

    “In grain value chain, most losses in quantity and quality occur during storage and are due to improper grain drying.

    “Again, vegetables and fruits can be stored using a specialised method of conditioning as done in National Horticultural Institute of Nigeria (NIHORT) to check post-harvest losses,” he said.

    Alaowei said that farmers were already conversant with ways to preserve tuber crops such as yam.

    On his part, an Uyo-based agronomist, Dr. Nsikak Edidiong, said that the rise in food prices should be a concern to every Nigerian.

    ”A fortified food reserve system will help to guarantee food supply all year round and ensure food security,” he said.

    Another respondent and farmer, Chief Nsima Jacobs, said that the establishment of strategic food reserves would encourage farmers to grow more crops and earn more.

    ”The insecurity in some parts of the country requires us to reserve food.

    “Farming activities are already threatened in some parts of the country and we need to think outside the box and ensure all round food supply in the country,” he said.

    In Rivers some residents have attributed high cost of food commodities to lack of storage facilities in the state, and stressed the need for government to beef up strategic food reserves to minimize post-harvest losses.

    Mr Bright Okere, Director, Ministry of Agriculture and Natural Resources, Andoni Local Government Area, told NAN in Port Harcourt that over 50 per cent of agriculture produce in the state was lost due to lack of silos.

    “Fishermen loose much of their catch due to lack of electricity, cold rooms and other storage facilities at fishing ports.

    “Whenever there’s a huge catch, fishermen and the offtakers become overwhelmed, resulting in drastic fall in the price of fish.

    “Some times the catch becomes so enomous that fishermen begin to bury fishes to prevent stench from decomposition,” he said.

    Okere urged the federal government to establish strategic fish storage outlets in the state to curb post-harves losses.

    A cassava farmer, Mr Clement Gosu, also urged the federal government and agriculture investors to establish more cassava flour mills and storage plants in the southern part of the country.

    He said that the move would check shortage of cassava flour in the country and also encourage export of the produce.

    Similarly, Mr Athens Owo, an agriculture extension officer, Rivers Agriculture Development Programme (ADP) said establishment of silos would support risk reduction in farm investment.

    He also said that strategic food storage reserve would attract processors and other investors since produce would be available in various parts of the country.


    NewsSourceCredit: NAN

  •  NAN Alhaji Garba Abubakar Registrar General of the Corporate Affairs Commission CAC said that the commission would soon deploy additional three modules on its online registration portal This is contained in a statement by Mr Rasheed Mahe CAC s Head of Media Unit on Thursday in Abuja Mahe said Abubakar said this when the Chairperson of Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA Business Women Working Group NAWORG Hajiya Aisha Abubakar visited him He said that deployment was in continuation of the commission s reforms The registrar general said that the module which included the eXtensible Business Reporting Language XBRL filing system for financial reports was developed in collaboration with the Financial Reporting Council He said that it was also developed with support from eu act programme under the European Union and British Council The registrar said a stakeholder is being organised before the deployment of the new modules Abubakar said the commission s active support and participation in the series of interventions by the current administration include the 25 000 free business names registration He added that the commission just secured approval to register 20 000 more businesses at 50 per cent discount in collaboration with the Abuja Enterprise Agency He said that in view of the successes recorded many more state governments and groups have been approaching the commission to broker such collaborations to formalise more informal businesses Abubakar said that since January 2021 the commission ensured full digitisation of its operations in line with the ease of doing business initiatives of the administration He said that following the digitisation customers now obtain online certified extracts instantly with ease as against queuing up in the past for manual reports from the commission The CAC boss said that in line with the provisions of the CAMA 2020 the commission no longer issue documents with personal signatures especially to third parties except for court use Abubakar pledge support to NAWORG to provide customised advocacy training for women entrepreneurs to motivate them to register their businesses He commended the NAWORG Chairperson s tremendous personal support to some of the commission s reform initiatives as the Minister supervising the Affairs of the commission Earlier the chairperson of NAWORG Abubakar solicited the commission s collaboration towards achieving gender equality and women empowerment in Nigeria She said that the number of Micro Small and Medium Enterprises MSMEs in Nigeria has dropped to 39 million from 41 million due to the negative impact of Covid 19 Abubakar said that women owned businesses became the hardest hit adding that a large number of women owned informal businesses in the society was an obstacle to women participation in public and private sectors The NAWORG chairperson who spoke extensively on their activities noted with delight that the CAC had opened several windows for MSMEs to formalise their businesses at discounted rates thereby earning it many awards She commended the commission for its reform initiatives which has reduced bottle necks in the registration processes NewsSourceCredit NAN
    CAC to deploy  3 more modules on its portal  
     NAN Alhaji Garba Abubakar Registrar General of the Corporate Affairs Commission CAC said that the commission would soon deploy additional three modules on its online registration portal This is contained in a statement by Mr Rasheed Mahe CAC s Head of Media Unit on Thursday in Abuja Mahe said Abubakar said this when the Chairperson of Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA Business Women Working Group NAWORG Hajiya Aisha Abubakar visited him He said that deployment was in continuation of the commission s reforms The registrar general said that the module which included the eXtensible Business Reporting Language XBRL filing system for financial reports was developed in collaboration with the Financial Reporting Council He said that it was also developed with support from eu act programme under the European Union and British Council The registrar said a stakeholder is being organised before the deployment of the new modules Abubakar said the commission s active support and participation in the series of interventions by the current administration include the 25 000 free business names registration He added that the commission just secured approval to register 20 000 more businesses at 50 per cent discount in collaboration with the Abuja Enterprise Agency He said that in view of the successes recorded many more state governments and groups have been approaching the commission to broker such collaborations to formalise more informal businesses Abubakar said that since January 2021 the commission ensured full digitisation of its operations in line with the ease of doing business initiatives of the administration He said that following the digitisation customers now obtain online certified extracts instantly with ease as against queuing up in the past for manual reports from the commission The CAC boss said that in line with the provisions of the CAMA 2020 the commission no longer issue documents with personal signatures especially to third parties except for court use Abubakar pledge support to NAWORG to provide customised advocacy training for women entrepreneurs to motivate them to register their businesses He commended the NAWORG Chairperson s tremendous personal support to some of the commission s reform initiatives as the Minister supervising the Affairs of the commission Earlier the chairperson of NAWORG Abubakar solicited the commission s collaboration towards achieving gender equality and women empowerment in Nigeria She said that the number of Micro Small and Medium Enterprises MSMEs in Nigeria has dropped to 39 million from 41 million due to the negative impact of Covid 19 Abubakar said that women owned businesses became the hardest hit adding that a large number of women owned informal businesses in the society was an obstacle to women participation in public and private sectors The NAWORG chairperson who spoke extensively on their activities noted with delight that the CAC had opened several windows for MSMEs to formalise their businesses at discounted rates thereby earning it many awards She commended the commission for its reform initiatives which has reduced bottle necks in the registration processes NewsSourceCredit NAN
    CAC to deploy  3 more modules on its portal  
    Economy1 month ago

    CAC to deploy  3 more modules on its portal  

    NAN)  Alhaji Garba Abubakar, Registrar- General of the  Corporate Affairs Commission( CAC ), said that the commission would soon deploy additional three modules on its online registration portal.

    This is contained in a statement by Mr Rasheed Mahe CAC’s Head of Media Unit on Thursday in Abuja.

    Mahe  said Abubakar said this when  the Chairperson of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Business Women Working Group (NAWORG ), Hajiya Aisha Abubakar  visited him.

    He said that deployment was in continuation of the commission’s reforms, The registrar-general said that the module which included the eXtensible Business Reporting Language (XBRL) filing system for financial reports, was developed in collaboration with the Financial Reporting Council.

    He said that it was also developed with support from eu-act programme under the European Union and British Council.

    The registrar said a stakeholder is being organised before the deployment of the new modules.

    Abubakar said the commission`s active support and participation in the series of interventions by the current administration, include the 25,000 free business names registration.

    He added that the commission just secured approval to register 20,000 more businesses at 50 per cent discount, in collaboration with the Abuja Enterprise Agency.

    He said that in view of the successes recorded, many more state governments and groups have been approaching the commission to broker such collaborations to formalise more informal businesses.

    Abubakar said that since January 2021, the commission ensured full digitisation of its operations in line with the ease of doing business initiatives of the administration.

    He said that following the digitisation, customers now obtain online certified extracts instantly  with ease  as against queuing up in the past for manual reports from the commission.

    The CAC boss said that in line with the provisions of the CAMA 2020, the commission no longer issue documents with personal signatures especially to third parties except for court use.

    Abubakar pledge support to NAWORG to provide customised advocacy training for women entrepreneurs, to motivate them to register their businesses He commended the NAWORG Chairperson’s tremendous personal support to some of the commission’s reform initiatives as the Minister supervising the Affairs of the commission.

    Earlier, the chairperson of NAWORG, Abubakar solicited the commission`s collaboration towards achieving gender equality and women empowerment in Nigeria.

    She said that the number of Micro Small and Medium Enterprises (MSMEs) in Nigeria has dropped to 39 million from 41 million due to the negative impact of Covid-19. Abubakar said that women owned businesses became the hardest hit, adding that a large number of women owned informal businesses in the society, was an obstacle to women participation in public and private sectors.

    The NAWORG chairperson who spoke extensively on their activities noted with delight that the CAC had opened several windows for MSMEs to formalise their businesses at discounted rates thereby earning it many awards.

    She commended the commission for its reform initiatives which has reduced bottle necks in the registration processes.


    NewsSourceCredit: NAN

  •  Vice President Yemi Osinbajo says collaboration between the Federal Government and the private sector will ensure effective coordination of infrastructure development across the nation Osinbajo s spokesman Laolu Akande in a statement on Tuesday in Abuja said the vice president virtually inaugurated the National Council on Infrastructure set up by President Muhammadu Buhari According to the vice president such collaboration will also bridge the nation s infrastructure gaps For efficient and effective implementation of infrastructure projects the National Integrated Infrastructure Master Plan NIIMP recommended the establishment of the National Council on Infrastructure and its Technical Working Group TWG Osinbajo said the Federal Government s NIIMP was developed to provide an integrated view of infrastructure development in Nigeria with clear linkages across key sectors and identifies enablers for successful implementation in line with the current economic realities The NIIMP takes stock of existing infrastructure and specifically sets out the goal of raising Nigeria s infrastructure stock to at least 70 per cent by the year 2043 The success of the NIIMP will depend to a large extent on the establishment of a strong implementation mechanism and framework that promotes performance and accountability The National Council on Infrastructure is to provide policy direction on infrastructure matters and drive the creation and sustenance of the expected synergy and linkages between the public and the private sector to enhance the implementation of the Infrastructure Master Plan He said the Technical Working Group would provide guidance to the Council and advise on all infrastructure related matters Osinbajo said in spite of the infrastructure deficit across the country there had been deliberate and massive investments in road rail and power infrastructure for rapid economic development by the present administration According to him a fundamental feature of the Federal Government s plan for the rapid development of the economy is a deliberate and massive investment in infrastructure They include the second Niger bridge the Lagos Ibadan expressway the Abuja Kaduna Kano Road funded through the Presidential Infrastructure Development Fund the construction and upgrading of about 5 000 km of major road projects across the country through the Sukuk bond Rail sector investments include the Lagos Kano standard gauge lines the Warri Itakpe rail In the energy sector this administration has green lit NLNG Train 7 invested in the Ajaokuta Kaduna Kano AKK pipeline and is on track to complete an incremental 4 000MW of generating assets such as Zungeru Hydro and Kashimbilla Hydro to complement systemic reforms and investments in the distribution and transmission segments of the electricity value chain The administration is investing more than 2 billion dollars in Distribution and Transmission through the Siemens Presidential Power Initiative the Transmission Rehabilitation and Expansion Plan the CBN financed Transmission Distribution Interface Programme and the recently approved 500 million dollars World Bank DISREP programme for the Distribution segment he said The vice president also highlighted the Federal Government s N15 trillion Infrastructure Corporation InfraCorp Nigeria in 2021 the Reviewed National Integrated Infrastructure Master Plan 2020 2043 and the National Development Plan 2021 2025 Osinbajo said the 2 3 trillion dollars estimated resource requirement for the National Integrated Infrastructure Master Plan implementation was too large to be provided from public resources alone He said that a well coordinated and strategic approach would be required to harness private resources to increase the stock of Nigeria s infrastructure to the desired level by the year 2043 In his remarks the Minister of State Budget and National Planning Prince Clem Agba thanked the vice president for his leadership and selfless service to the nation Private sector members of the new council include the President of the Manufacturers Association of Nigeria MAN Engr Mansur Ahmed and a representative of the Nigerian Society of Engineers NSE Engr Tasiu Wudil The vice president is chairman of the National Council on Infrastructure and members include representatives of the state governors Federal Ministers heads of government agencies and members of the private sector They include the Governor of Ekiti State and Chairman of the Nigeria Governors Forum Kayode Fayemi Ministers of Finance Budget and National Planning Zainab Ahmed and the Attorney General of the Federation and Minister of Justice Abubakar Malami Others are the Ministers of Works Babatunde Fashola Power Abubakar Aliyu Transportation Mu azu Sambo Communications and Digital Economy Isa Pantami Water Resources Suleiman Adamu and Aviation Hadi Sirika More so Minister of State Budget and National Planning Prince Clem Agba CBN Governor Godwin Emefiele the President of MAN Mansur Ahmed and National President of Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA John Udeagbala are members The Executive Vice Chairman Federal Competition and Consumer Protection Commission FCCPC Babatunde Irukera and Managing Director Nigeria Sovereign Investment Authority NSIA Uche Orji among others made the list The Federal Ministry of Finance Budget and National Planning through its Infrastructure Delivery Coordinating Unit has been strengthened further to function as the Secretariat for the Council NewsSourceCredit NAN
    FG, private sector partnership will bridge Nigeria’s infrastructure gaps—Osinbajo
     Vice President Yemi Osinbajo says collaboration between the Federal Government and the private sector will ensure effective coordination of infrastructure development across the nation Osinbajo s spokesman Laolu Akande in a statement on Tuesday in Abuja said the vice president virtually inaugurated the National Council on Infrastructure set up by President Muhammadu Buhari According to the vice president such collaboration will also bridge the nation s infrastructure gaps For efficient and effective implementation of infrastructure projects the National Integrated Infrastructure Master Plan NIIMP recommended the establishment of the National Council on Infrastructure and its Technical Working Group TWG Osinbajo said the Federal Government s NIIMP was developed to provide an integrated view of infrastructure development in Nigeria with clear linkages across key sectors and identifies enablers for successful implementation in line with the current economic realities The NIIMP takes stock of existing infrastructure and specifically sets out the goal of raising Nigeria s infrastructure stock to at least 70 per cent by the year 2043 The success of the NIIMP will depend to a large extent on the establishment of a strong implementation mechanism and framework that promotes performance and accountability The National Council on Infrastructure is to provide policy direction on infrastructure matters and drive the creation and sustenance of the expected synergy and linkages between the public and the private sector to enhance the implementation of the Infrastructure Master Plan He said the Technical Working Group would provide guidance to the Council and advise on all infrastructure related matters Osinbajo said in spite of the infrastructure deficit across the country there had been deliberate and massive investments in road rail and power infrastructure for rapid economic development by the present administration According to him a fundamental feature of the Federal Government s plan for the rapid development of the economy is a deliberate and massive investment in infrastructure They include the second Niger bridge the Lagos Ibadan expressway the Abuja Kaduna Kano Road funded through the Presidential Infrastructure Development Fund the construction and upgrading of about 5 000 km of major road projects across the country through the Sukuk bond Rail sector investments include the Lagos Kano standard gauge lines the Warri Itakpe rail In the energy sector this administration has green lit NLNG Train 7 invested in the Ajaokuta Kaduna Kano AKK pipeline and is on track to complete an incremental 4 000MW of generating assets such as Zungeru Hydro and Kashimbilla Hydro to complement systemic reforms and investments in the distribution and transmission segments of the electricity value chain The administration is investing more than 2 billion dollars in Distribution and Transmission through the Siemens Presidential Power Initiative the Transmission Rehabilitation and Expansion Plan the CBN financed Transmission Distribution Interface Programme and the recently approved 500 million dollars World Bank DISREP programme for the Distribution segment he said The vice president also highlighted the Federal Government s N15 trillion Infrastructure Corporation InfraCorp Nigeria in 2021 the Reviewed National Integrated Infrastructure Master Plan 2020 2043 and the National Development Plan 2021 2025 Osinbajo said the 2 3 trillion dollars estimated resource requirement for the National Integrated Infrastructure Master Plan implementation was too large to be provided from public resources alone He said that a well coordinated and strategic approach would be required to harness private resources to increase the stock of Nigeria s infrastructure to the desired level by the year 2043 In his remarks the Minister of State Budget and National Planning Prince Clem Agba thanked the vice president for his leadership and selfless service to the nation Private sector members of the new council include the President of the Manufacturers Association of Nigeria MAN Engr Mansur Ahmed and a representative of the Nigerian Society of Engineers NSE Engr Tasiu Wudil The vice president is chairman of the National Council on Infrastructure and members include representatives of the state governors Federal Ministers heads of government agencies and members of the private sector They include the Governor of Ekiti State and Chairman of the Nigeria Governors Forum Kayode Fayemi Ministers of Finance Budget and National Planning Zainab Ahmed and the Attorney General of the Federation and Minister of Justice Abubakar Malami Others are the Ministers of Works Babatunde Fashola Power Abubakar Aliyu Transportation Mu azu Sambo Communications and Digital Economy Isa Pantami Water Resources Suleiman Adamu and Aviation Hadi Sirika More so Minister of State Budget and National Planning Prince Clem Agba CBN Governor Godwin Emefiele the President of MAN Mansur Ahmed and National President of Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA John Udeagbala are members The Executive Vice Chairman Federal Competition and Consumer Protection Commission FCCPC Babatunde Irukera and Managing Director Nigeria Sovereign Investment Authority NSIA Uche Orji among others made the list The Federal Ministry of Finance Budget and National Planning through its Infrastructure Delivery Coordinating Unit has been strengthened further to function as the Secretariat for the Council NewsSourceCredit NAN
    FG, private sector partnership will bridge Nigeria’s infrastructure gaps—Osinbajo
    General news1 month ago

    FG, private sector partnership will bridge Nigeria’s infrastructure gaps—Osinbajo

    Vice President Yemi Osinbajo says collaboration between the Federal Government and the private sector will  ensure effective coordination of infrastructure development across the nation.

    Osinbajo’s spokesman, Laolu Akande, in a statement on Tuesday in Abuja, said the vice president virtually inaugurated the National Council on Infrastructure set up by President Muhammadu Buhari.

    According to the vice president, such collaboration will also bridge the nation’s infrastructure gaps.

    “For efficient and effective implementation of infrastructure projects, the National Integrated Infrastructure Master Plan (NIIMP) recommended the establishment of the National Council on Infrastructure and its Technical Working Group (TWG).

    ” Osinbajo said the Federal Government’s NIIMP was developed to provide an integrated view of infrastructure development in Nigeria with clear linkages across key sectors and identifies enablers for successful implementation in line with the current economic realities.

    “The NIIMP takes stock of existing infrastructure and specifically sets out the goal of raising Nigeria’s infrastructure stock to at least 70 per cent by the year 2043. “The success of the NIIMP will depend, to a large extent, on the establishment of a strong implementation mechanism and framework that promotes performance and accountability.

    “The National Council on Infrastructure is to provide policy direction on infrastructure matters and drive the creation and sustenance of the expected synergy and linkages between the public and the private sector to enhance the implementation of the Infrastructure Master Plan.” He said the Technical Working Group would provide guidance to the Council and advise on all infrastructure related matters.

    Osinbajo said in spite of the infrastructure deficit across the country, there had been deliberate and massive investments in road, rail and power infrastructure for rapid economic development by the present administration.

    According to him, a fundamental feature of the Federal Government’s plan for the rapid development of the economy is a deliberate and massive investment in infrastructure.

    “They include the second Niger bridge, the Lagos-Ibadan expressway, the Abuja-Kaduna-Kano Road (funded through the Presidential Infrastructure Development Fund); the construction and upgrading of about 5,000 km of major road projects across the country through the Sukuk bond.

    “Rail sector investments include the Lagos Kano standard gauge lines, the Warri-Itakpe rail.

    “In the energy sector, this administration has green lit NLNG Train 7, invested in the Ajaokuta-Kaduna-Kano (AKK) pipeline and is on track to complete an incremental 4,000MW of generating assets such as Zungeru Hydro and Kashimbilla Hydro to complement systemic reforms and investments in the distribution and transmission segments of the electricity value chain.

    “The administration is investing more than 2 billion dollars in Distribution and Transmission through the Siemens Presidential Power Initiative, the Transmission, Rehabilitation and Expansion Plan, the CBN financed Transmission-Distribution Interface Programme and the recently approved 500 million dollars World Bank DISREP programme for the Distribution segment,” he said.

    The vice president also highlighted the Federal Government’s N15 trillion Infrastructure Corporation (InfraCorp Nigeria) in 2021, the Reviewed National Integrated Infrastructure Master Plan (2020-2043) and the National Development Plan 2021-2025. Osinbajo said the 2.3 trillion dollars estimated resource requirement for the National Integrated Infrastructure Master Plan implementation was too large to be provided from public resources alone.

    He said that a well-coordinated and strategic approach would be required to harness private resources to increase the stock of Nigeria’s infrastructure to the desired level by the year 2043. In his remarks, the Minister of State, Budget and National Planning, Prince Clem Agba, thanked the vice president for his leadership and selfless service to the nation.

    Private sector members of the new council include the President of the Manufacturers Association of Nigeria (MAN), Engr. Mansur Ahmed and a representative of the Nigerian Society of Engineers (NSE), Engr Tasiu Wudil.

    The vice president is chairman of the National Council on Infrastructure, and members include representatives of the state governors; Federal Ministers, heads of government agencies and members of the private sector.

    They include the Governor of Ekiti State and Chairman of the Nigeria Governors Forum,  Kayode Fayemi,  Ministers of Finance, Budget and National Planning,  Zainab Ahmed and the Attorney General of the Federation and Minister of Justice, Abubakar Malami.

    Others are the Ministers of Works, Babatunde Fashola; Power, Abubakar Aliyu; Transportation, Mu’azu  Sambo; Communications and Digital Economy, Isa Pantami; Water Resources, Suleiman Adamu and Aviation, Hadi Sirika.

    More so, Minister of State, Budget and National Planning, Prince Clem Agba;  CBN Governor, Godwin Emefiele; the President of MAN,  Mansur Ahmed and National President of Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA), John Udeagbala are members.

    The Executive Vice Chairman, Federal Competition and Consumer Protection Commission (FCCPC) Babatunde Irukera, and Managing Director, Nigeria Sovereign Investment Authority (NSIA), Uche Orji, among others made the list.

    The Federal Ministry of Finance, Budget and National Planning, through its Infrastructure Delivery Coordinating Unit, has been strengthened further to function as the Secretariat for the Council.


    NewsSourceCredit: NAN

  •  An Organised Private Sector OPS stakeholders have called on the Federal Government to address crude oil theft and other macroeconomic fundamentals to navigate the Nigerian economy to the path of growth They gave the advice at the third quarter council meeting of the Lagos Chamber of Commerce and Industry LCCI and the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA on Wednesday in Lagos Dr Michael Olawale Cole President LCCI said the event was crucial to review major economic developments and communicate the chambers position to the wider business community and the government for a thriving private sector The LCCI president said the menace of oil theft had become a national disaster and a critical threat to the nation s revenue base According to him Nigeria is losing crude oil at the level of about 91 per cent of output as the country lost 3 2 billion dollars in crude oil theft between January 2021 and February 2022 The twins factor of fuel subsidy payments and crude oil theft have combined to deny Nigeria the gains of the high crude oil price on the international market he said Olawale Cole said that the country s total public debt stock rose from N39 56 trillion in December 2021 to N41 60 trillion about 100 07 billion by the end of the second quarter of 2022 as revealed by the Debt Management Office DMO He added that Nigeria s debt to Gross Domestic Product GDP ratio currently stood at 23 27 per cent against 22 43 per cent on Dec 31 2021 The LCCI president said the development had already resulted in concerns that most if not all of the assumptions in the Medium Term Expenditure framework MTEF 2023 2025 would be missed This he explained was as the country continued to experience unprecedented levels of disruptions to supply chains and agricultural production In the face of rising debt servicing costs accompanied by a dwindling revenue the provision of critical infrastructure and amenities like healthcare services education power roads and security will be hard hit as funding shrinks he said Olawale Cole also urged monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensure that rates were market driven to enhance stability liquidity and transparency in the foreign exchange market The unification is expected to improve our currency management framework given that the multiple exchange rate systems have continued to create uncertainties and sources of arbitrage he said The LCCI president also appealed to the Federal Government and the Academic Staff Union of Universities ASUU to come to an agreement as soon as possible to end the ongoing industrial action We cannot look to half baked graduates to build a prosperous economy Nigeria must begin to pay more attention to improving its latest Human Development Index HDI which stood at 161 out of 189 countries he said Olawale Cole expressed concern about the worsening insecurity profile of the country saying that it posed an apparent threat to the forthcoming general elections in 2023 and by extension a threat to democratic governance He said that in the absence of peace and security it would be challenging to hold credible free and fair elections that would reflect the choices of the electorate in choosing those that should lead them We need to address the root causes of youths unemployment drug abuse uncontrolled small arms and unmanned borders through which foreigners infiltrate our territories We also need to boost security enforcement through frequent recruitments into the security agencies and well supported with modern weaponry and deployment of warfare technology Community policing and intelligence gathering need to be officially endorsed and systematically managed he said In his remarks Ude Udeagbala President NACCIMA lauded the Lagos State Government for its efforts in supporting the private sector and accommodating its needs under the THEMES agenda Udeagbala urged members of the private sector to engage politicians and political parties in discourse to know their plans for the private sector as the electioneering year approached This would further help convey our plights to the incoming governments he said The Secretary to the Lagos State Government Mrs Folasade Jaji said the state would continue to leverage recommendations from the private sector to discern challenges affecting it Jaji represented by Mrs Olabisi Shonibare Director Political Affairs charged the sector to engage best practices in trade investments and commerce to solidify the state as the best investment destination On our parts we would continue to promote more friendly environment for enterprises and provide workable solution to all the challenges she said www nannews ng NewsSourceCredit NAN
    LCCI, NACCIMA urge FG to address crude oil theft, rising debt profile
     An Organised Private Sector OPS stakeholders have called on the Federal Government to address crude oil theft and other macroeconomic fundamentals to navigate the Nigerian economy to the path of growth They gave the advice at the third quarter council meeting of the Lagos Chamber of Commerce and Industry LCCI and the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA on Wednesday in Lagos Dr Michael Olawale Cole President LCCI said the event was crucial to review major economic developments and communicate the chambers position to the wider business community and the government for a thriving private sector The LCCI president said the menace of oil theft had become a national disaster and a critical threat to the nation s revenue base According to him Nigeria is losing crude oil at the level of about 91 per cent of output as the country lost 3 2 billion dollars in crude oil theft between January 2021 and February 2022 The twins factor of fuel subsidy payments and crude oil theft have combined to deny Nigeria the gains of the high crude oil price on the international market he said Olawale Cole said that the country s total public debt stock rose from N39 56 trillion in December 2021 to N41 60 trillion about 100 07 billion by the end of the second quarter of 2022 as revealed by the Debt Management Office DMO He added that Nigeria s debt to Gross Domestic Product GDP ratio currently stood at 23 27 per cent against 22 43 per cent on Dec 31 2021 The LCCI president said the development had already resulted in concerns that most if not all of the assumptions in the Medium Term Expenditure framework MTEF 2023 2025 would be missed This he explained was as the country continued to experience unprecedented levels of disruptions to supply chains and agricultural production In the face of rising debt servicing costs accompanied by a dwindling revenue the provision of critical infrastructure and amenities like healthcare services education power roads and security will be hard hit as funding shrinks he said Olawale Cole also urged monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensure that rates were market driven to enhance stability liquidity and transparency in the foreign exchange market The unification is expected to improve our currency management framework given that the multiple exchange rate systems have continued to create uncertainties and sources of arbitrage he said The LCCI president also appealed to the Federal Government and the Academic Staff Union of Universities ASUU to come to an agreement as soon as possible to end the ongoing industrial action We cannot look to half baked graduates to build a prosperous economy Nigeria must begin to pay more attention to improving its latest Human Development Index HDI which stood at 161 out of 189 countries he said Olawale Cole expressed concern about the worsening insecurity profile of the country saying that it posed an apparent threat to the forthcoming general elections in 2023 and by extension a threat to democratic governance He said that in the absence of peace and security it would be challenging to hold credible free and fair elections that would reflect the choices of the electorate in choosing those that should lead them We need to address the root causes of youths unemployment drug abuse uncontrolled small arms and unmanned borders through which foreigners infiltrate our territories We also need to boost security enforcement through frequent recruitments into the security agencies and well supported with modern weaponry and deployment of warfare technology Community policing and intelligence gathering need to be officially endorsed and systematically managed he said In his remarks Ude Udeagbala President NACCIMA lauded the Lagos State Government for its efforts in supporting the private sector and accommodating its needs under the THEMES agenda Udeagbala urged members of the private sector to engage politicians and political parties in discourse to know their plans for the private sector as the electioneering year approached This would further help convey our plights to the incoming governments he said The Secretary to the Lagos State Government Mrs Folasade Jaji said the state would continue to leverage recommendations from the private sector to discern challenges affecting it Jaji represented by Mrs Olabisi Shonibare Director Political Affairs charged the sector to engage best practices in trade investments and commerce to solidify the state as the best investment destination On our parts we would continue to promote more friendly environment for enterprises and provide workable solution to all the challenges she said www nannews ng NewsSourceCredit NAN
    LCCI, NACCIMA urge FG to address crude oil theft, rising debt profile
    Economy2 months ago

    LCCI, NACCIMA urge FG to address crude oil theft, rising debt profile

    An Organised Private Sector ((OPS) stakeholders have called on the Federal Government to address crude oil theft and other macroeconomic fundamentals to navigate the Nigerian economy to the path of growth.

    They gave the advice at the third quarter council meeting of the Lagos Chamber of Commerce and Industry (LCCI) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) on Wednesday in Lagos.

    Dr Michael Olawale-Cole, President, LCCI, said the event was crucial to review major economic developments and communicate the chambers’ position to the wider business community and the government for a thriving private sector.

    The LCCI president said the menace of oil theft had become a national disaster and a critical threat to the nation’s revenue base.

    According to him, Nigeria is losing crude oil at the level of about 91 per cent of output, as the country lost 3.2 billion dollars in crude oil theft between January 2021 and February 2022. “The twins factor of fuel subsidy payments and crude oil theft have combined to deny Nigeria the gains of the high crude oil price on the international market,” he said.

    Olawale-Cole said that the country’s total public debt stock rose from N39.56 trillion in December 2021 to N41.60 trillion (about $100.07 billion) by the end of the second quarter of 2022, as revealed by the Debt Management Office (DMO).

    He added that Nigeria’s debt to Gross Domestic Product (GDP) ratio currently stood at 23.27 per cent against 22.43 per cent on Dec. 31, 2021. The LCCI president said the development had already resulted in concerns that most, if not all, of the assumptions in the Medium-Term Expenditure framework (MTEF) 2023-2025 would be missed.

    This, he explained, was as the country continued to experience unprecedented levels of disruptions to supply chains and agricultural production.

    “In the face of rising debt servicing costs accompanied by a dwindling revenue, the provision of critical infrastructure and amenities like healthcare services, education, power, roads and security will be hard hit as funding shrinks,” he said.

    Olawale-Cole also urged monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensure that rates were market-driven to enhance stability, liquidity and transparency in the foreign exchange market.

    “The unification is expected to improve our currency management framework, given that the multiple exchange rate systems have continued to create uncertainties and sources of arbitrage,” he said.

    The LCCI president also appealed to the Federal Government and the Academic Staff Union of Universities (ASUU) to come to an agreement as soon as possible to end the ongoing industrial action.

    “We cannot look to half-baked graduates to build a prosperous economy.

    “Nigeria must begin to pay more attention to improving its latest Human Development Index (HDI) which stood at 161 out of 189 countries,” he said.

    Olawale-Cole expressed concern about the worsening insecurity profile of the country, saying that it posed an apparent threat to the forthcoming general elections in 2023 and, by extension, a threat to democratic governance.

    He said that in the absence of peace and security, it would be challenging to hold credible, free and fair elections that would reflect the choices of the electorate in choosing those that should lead them.

    “We need to address the root causes of youths unemployment, drug abuse, uncontrolled small arms and unmanned borders through which foreigners infiltrate our territories.

    “We also need to boost security enforcement through frequent recruitments into the security agencies and well supported with modern weaponry and deployment of warfare technology.

    “Community policing and intelligence gathering need to be officially endorsed and systematically managed,” he said.

    In his remarks, Ude Udeagbala, President, NACCIMA, lauded the Lagos State Government for its efforts in supporting the private sector and accommodating its needs under the THEMES agenda.

    Udeagbala urged members of the private sector to engage politicians and political parties in discourse to know their plans for the private sector, as the electioneering year approached.

    “This would further help convey our plights to the incoming governments,” he said.

    The Secretary to the Lagos State Government, Mrs Folasade Jaji, said the state would continue to leverage recommendations from the private sector to discern challenges affecting it.

    Jaji, represented by Mrs Olabisi Shonibare, Director, Political Affairs, charged the sector to engage best practices in trade, investments and commerce to solidify the state as the best investment destination.

    “On our parts, we would continue to promote more friendly environment for enterprises and provide workable solution to all the challenges,” she said.

    (www.

    nannews.

    ng)•
    NewsSourceCredit: NAN

  •   Paper can be Nigeria s second oil once revitalised CEO FAE Envelope From left Prof Adesoji Adesugba MD Nigeria Export Processing Zones Authority NEPZA Iyalode Alaba Lawson former National President Nigerian Association of Chambers of Commerce Industries Mines and Agriculture NACCIMA Asiwaju Michael Olawale Cole President Lagos Chamber of Commerce and Industry Mrs Layo Okeowo Bakare FAE Ltd Chief Ide Udeagbala National President NACCIMA and Mr Adeleke Adeleye COO FAE Ltd during tChief Executive Officer FAE Envelopes Mrs Layo Bakare Okeowo on Wednesday said that paper industry could equate oil revenue generation for Nigeria if revived and maximally exploited using backward integration policy Bakare Okeowo made the assertion at the company s facility tour by the Lagos Chamber of Commerce and Industry LCCI and the Nigerian Association of Chamber of Commerce Industry Mines and Agriculture NACCIMA in Lagos According to her the paper industry which she referred to as a gold mine will generate more foreign exchange tackle unemployment and contribute to the country s Gross Domestic Product GDP The FAE boss however stated the need for a functional paper mill in the country and the proper implementation of backward integration policy to ensure ease of access to raw materials for production She quoted that the sum of five million dollars was enough to create paper mills cluster to drive the sector to full potential for the country s sufficient use and for exports She also called for more support to the sector to engender more research in pulp and paper as well as capacity building to develop the industry Billions of dollars is what is being expended to import paper into the country meanwhile God has blessed us with so much raw materials that can be transformed into making paper We have the Kenaf specie for paper production with a gestation period of six months against that of wood that it s gestation is about 12 years Also waste products bamboo sugar cane jute leaves popularly called ewedu are all raw materials that can be transformed to paper with a quick turn around time for investment Once all these are in place the future of the Nigeria paper industry is endless and could become self sufficient and also begin to export both in the Africa Continental Free Trade Area AfCFTA and globally she said Bakare Okeowo said that in spite of the obvious challenges with the operating environment her passion to drive Nigeria s industrialisation agenda to fruition was part of what had sustained the envelope business for over forty years She reiterated the company s commitment to becoming more innovative in its drive to secure contents of envelopes saying that the company had in its pipeline a fireproof envelope With the elections coming soon there is need for tamper proof envelope which is water resistant and can be used to secure votes once sealed Again the future of paper is endless and we hope that the government can do what is necessary to drive the sector to its full potential seeing that Egypt has 25 functional paper mills she said President LCCI Dr Michael Olawale Cole reiterated the chamber s interest in the success of all manufacturing companies at the heart of its operations He called for continued amiable relationship to drive Nigeria s industrialisation agenda for all round growth and prosperity of the nation s economy Ude John Udeagbala President NACCIMA advocated the need for proper succession planning for businesses in Nigeria to engender sustainability Also Mr Adesoji Adesugba Managing Director Nigeria Exports Processing Zones Authority NEPZA charged players in the paper industry to take advantage of the Free Trade Economic Zones across the country This he said would enable industries enjoy the maximum incentives such as duty free imports at the free trade zones The News Agency of Nigeria reports that over 400 million metric tonnes of paper is being imported into the country annually In spite of the current global digitalisation paper continues to be important for job creation forestry and education and literacy www nannews ng NewsSourceCredit NAN
    Paper can be Nigeria’s second oil once revitalised – CEO, FAE Envelope
      Paper can be Nigeria s second oil once revitalised CEO FAE Envelope From left Prof Adesoji Adesugba MD Nigeria Export Processing Zones Authority NEPZA Iyalode Alaba Lawson former National President Nigerian Association of Chambers of Commerce Industries Mines and Agriculture NACCIMA Asiwaju Michael Olawale Cole President Lagos Chamber of Commerce and Industry Mrs Layo Okeowo Bakare FAE Ltd Chief Ide Udeagbala National President NACCIMA and Mr Adeleke Adeleye COO FAE Ltd during tChief Executive Officer FAE Envelopes Mrs Layo Bakare Okeowo on Wednesday said that paper industry could equate oil revenue generation for Nigeria if revived and maximally exploited using backward integration policy Bakare Okeowo made the assertion at the company s facility tour by the Lagos Chamber of Commerce and Industry LCCI and the Nigerian Association of Chamber of Commerce Industry Mines and Agriculture NACCIMA in Lagos According to her the paper industry which she referred to as a gold mine will generate more foreign exchange tackle unemployment and contribute to the country s Gross Domestic Product GDP The FAE boss however stated the need for a functional paper mill in the country and the proper implementation of backward integration policy to ensure ease of access to raw materials for production She quoted that the sum of five million dollars was enough to create paper mills cluster to drive the sector to full potential for the country s sufficient use and for exports She also called for more support to the sector to engender more research in pulp and paper as well as capacity building to develop the industry Billions of dollars is what is being expended to import paper into the country meanwhile God has blessed us with so much raw materials that can be transformed into making paper We have the Kenaf specie for paper production with a gestation period of six months against that of wood that it s gestation is about 12 years Also waste products bamboo sugar cane jute leaves popularly called ewedu are all raw materials that can be transformed to paper with a quick turn around time for investment Once all these are in place the future of the Nigeria paper industry is endless and could become self sufficient and also begin to export both in the Africa Continental Free Trade Area AfCFTA and globally she said Bakare Okeowo said that in spite of the obvious challenges with the operating environment her passion to drive Nigeria s industrialisation agenda to fruition was part of what had sustained the envelope business for over forty years She reiterated the company s commitment to becoming more innovative in its drive to secure contents of envelopes saying that the company had in its pipeline a fireproof envelope With the elections coming soon there is need for tamper proof envelope which is water resistant and can be used to secure votes once sealed Again the future of paper is endless and we hope that the government can do what is necessary to drive the sector to its full potential seeing that Egypt has 25 functional paper mills she said President LCCI Dr Michael Olawale Cole reiterated the chamber s interest in the success of all manufacturing companies at the heart of its operations He called for continued amiable relationship to drive Nigeria s industrialisation agenda for all round growth and prosperity of the nation s economy Ude John Udeagbala President NACCIMA advocated the need for proper succession planning for businesses in Nigeria to engender sustainability Also Mr Adesoji Adesugba Managing Director Nigeria Exports Processing Zones Authority NEPZA charged players in the paper industry to take advantage of the Free Trade Economic Zones across the country This he said would enable industries enjoy the maximum incentives such as duty free imports at the free trade zones The News Agency of Nigeria reports that over 400 million metric tonnes of paper is being imported into the country annually In spite of the current global digitalisation paper continues to be important for job creation forestry and education and literacy www nannews ng NewsSourceCredit NAN
    Paper can be Nigeria’s second oil once revitalised – CEO, FAE Envelope
    General news2 months ago

    Paper can be Nigeria’s second oil once revitalised – CEO, FAE Envelope

    Paper can be Nigeria’s second oil once revitalised – CEO, FAE Envelope   From left: Prof. Adesoji Adesugba, MD, Nigeria Export Processing Zones Authority(NEPZA); Iyalode Alaba Lawson, former National President, Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture, NACCIMA; Asiwaju Michael Olawale-Cole, President, Lagos Chamber of Commerce and Industry; Mrs Layo Okeowo-Bakare, , FAE Ltd; Chief Ide Udeagbala, National President, NACCIMA and Mr Adeleke Adeleye, COO, FAE Ltd during tChief Executive Officer, FAE Envelopes, Mrs Layo Bakare-Okeowo, on Wednesday said that paper industry could equate oil revenue generation for Nigeria if revived and maximally exploited using backward integration policy.

    Bakare-Okeowo made the assertion at the company’s facility tour by the Lagos Chamber of Commerce and Industry (LCCI) and the Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) in Lagos.

    According to her, the paper industry, which she referred to as a gold-mine, will generate more foreign exchange, tackle unemployment, and contribute to the country’s Gross Domestic Product (GDP).

    The FAE boss, however, stated the need for a functional paper mill in the country and the proper implementation of backward integration policy to ensure ease of access to raw materials for production.

    She quoted that the sum of five million dollars was enough to create paper mills cluster to drive the sector to full potential for the country’s sufficient use and for exports.

    She also called for more support to the sector to engender more research in pulp and paper as well as capacity building to develop the industry.

    “Billions of dollars is what is being expended to import paper into the country, meanwhile, God has blessed us with so much raw materials that can be transformed into making paper.

    “We have the Kenaf specie for paper production with a gestation period of six months against that of wood that it’s gestation is about 12 years.

    “Also, waste products, bamboo, sugar cane, jute leaves popularly called ‘ewedu’ are all raw materials that can be transformed to paper with a quick turn around time for investment.

    “Once all these are in place, the future of the Nigeria paper industry is endless and could become self sufficient and also begin to export both in the Africa Continental Free Trade Area (AfCFTA) and globally,” she said.

    Bakare-Okeowo said that in spite of the obvious challenges with the operating environment, her passion to drive Nigeria’s industrialisation agenda to fruition was part of what had sustained the envelope business for over forty years.

    She reiterated the company’s commitment to becoming more innovative in its drive to secure contents of envelopes, saying that the company had in its pipeline, a fireproof envelope.

    “With the elections coming soon, there is need for tamper proof envelope which is water resistant and can be used to secure votes once sealed.

    “Again, the future of paper is endless and we hope that the government can do what is necessary to drive the sector to its full potential seeing that Egypt has 25 functional paper mills,” she said.

    President, LCCI, Dr Michael Olawale-Cole, reiterated the chamber’s interest in the success of all manufacturing companies at the heart of its operations.

    He called for continued amiable relationship to drive Nigeria’s industrialisation agenda for all round growth and prosperity of the nation’s economy.

    Ude John Udeagbala, President, NACCIMA, advocated the need for proper succession planning for businesses in Nigeria to engender sustainability.

    Also, Mr Adesoji Adesugba, Managing Director, Nigeria Exports Processing Zones Authority(NEPZA), charged players in the paper industry to take advantage of the Free Trade Economic Zones across the country.

    This, he said, would enable industries enjoy the maximum incentives such as duty free imports at the free trade zones.

    The News Agency of Nigeria reports that over 400 million metric tonnes of paper is being imported into the country annually.

    In spite of the current global digitalisation, paper continues to be important for job creation, forestry, and education and literacy.

    (www.

    nannews.

    ng)
    NewsSourceCredit: NAN

  •   Foreign exhibitors to feature in Asaba internatThe Asaba Chamber of Commerce Industry Mines and Agriculture ASACCIMA says a number of foreign exhibitors are expected at Asaba International Trade Fair slated from Nov 18 to Nov 27 The President of ASACCIMA Chief Anthony Idigbe said this at the signing of a consultancy agreement for the fair between the chambers and two partners Atlantic Exhibition Ltd and Andrea Ashlan Ltd in Asaba on Wednesday Idigbe represented by the Director General of ASACCIMA Mr Edwin Chukwuma said the fair would also attract indigenous exhibitors as well as about 200 participants The objective of the trade fair is to promote commerce as well as boost commercial activities in the state he said He assured that participation at the fair would be fruitful as it was expected to attract high patronage from the business community We have put everything in place to ensure that the hosting of the fair is hitch free We have made adequate security arrangement we also have good facility as well as befitting venue for the event he said The ASACCIMA president lauded the partners for the consultancy agreement describing it as a milestone in the quest for successful hosting of the fair in Asaba He said although it was the responsibility of the Federal Ministry of Trade and Investment to organise trade fairs in the country the ministry empowered the Nigeria Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA to do This gave the association the leverage to organise trade fairs and to pay tax to the Federal Government annually through the Ministry of Trade and Investment and ASACCIMA is a member of NACCIMA Idigbe said NewsSourceCredit NAN
    Foreign exhibitors to feature in Asaba international fair
      Foreign exhibitors to feature in Asaba internatThe Asaba Chamber of Commerce Industry Mines and Agriculture ASACCIMA says a number of foreign exhibitors are expected at Asaba International Trade Fair slated from Nov 18 to Nov 27 The President of ASACCIMA Chief Anthony Idigbe said this at the signing of a consultancy agreement for the fair between the chambers and two partners Atlantic Exhibition Ltd and Andrea Ashlan Ltd in Asaba on Wednesday Idigbe represented by the Director General of ASACCIMA Mr Edwin Chukwuma said the fair would also attract indigenous exhibitors as well as about 200 participants The objective of the trade fair is to promote commerce as well as boost commercial activities in the state he said He assured that participation at the fair would be fruitful as it was expected to attract high patronage from the business community We have put everything in place to ensure that the hosting of the fair is hitch free We have made adequate security arrangement we also have good facility as well as befitting venue for the event he said The ASACCIMA president lauded the partners for the consultancy agreement describing it as a milestone in the quest for successful hosting of the fair in Asaba He said although it was the responsibility of the Federal Ministry of Trade and Investment to organise trade fairs in the country the ministry empowered the Nigeria Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA to do This gave the association the leverage to organise trade fairs and to pay tax to the Federal Government annually through the Ministry of Trade and Investment and ASACCIMA is a member of NACCIMA Idigbe said NewsSourceCredit NAN
    Foreign exhibitors to feature in Asaba international fair
    General news2 months ago

    Foreign exhibitors to feature in Asaba international fair

    Foreign exhibitors to feature in Asaba internatThe Asaba Chamber of Commerce, Industry, Mines and Agriculture (ASACCIMA), says a number of foreign exhibitors are expected at Asaba International Trade Fair, slated from Nov.18  to Nov. 27. The President of ASACCIMA, Chief Anthony Idigbe, said this at the signing of a consultancy agreement for the fair between the chambers and two partners – Atlantic Exhibition Ltd and Andrea Ashlan Ltd in Asaba on Wednesday.

    Idigbe, represented by the Director General of ASACCIMA, Mr Edwin Chukwuma, said the fair would also attract indigenous exhibitors, as well as about 200 participants.

    ”The objective of the trade fair is to promote commerce as well as boost commercial activities in the state,” he said.

    He assured that participation at the fair would be fruitful as it was expected to attract high patronage from the business community.

    ”We have put everything in place to ensure that the hosting of the fair is hitch-free.

    ”We have made adequate security arrangement, we also have good facility as well as befitting venue for the event,” he said.

    The ASACCIMA president lauded the partners for the consultancy agreement, describing it as a milestone in the quest for successful hosting of the fair in Asaba.

    He said although it was the responsibility of the Federal Ministry of Trade and Investment to organise trade fairs in the country, the ministry empowered the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) to do.

    .

    “This gave the association the leverage to organise trade fairs and to pay tax to the Federal Government annually through the Ministry of Trade and Investment and ASACCIMA is a member of NACCIMA,” Idigbe said.


    NewsSourceCredit: NAN

  •  The Manufacturers Association of Nigeria MAN on Wednesday urged commercial banks and the Organised Private Sector OPS to join hands to grow the economy Mr Mansur Ahmed President of MAN gave the advice at the first National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks ACAMB in partnership with the Chartered Institute of Bankers of Nigeria CIBN in Lagos The News Agency of Nigeria reports that the conference supported by Access Bank Ecobank FirstBank and Zenith Bank had Promoting Synergy Between the Banking Industry and the Organised Private Sector as the theme Ahmed said that the performance and development of both sectors were expedient for the sustainability of the economy hence the need for both sectors to work together to reduce poverty attract investment and boost economic growth The traditional industry bank lending relationship is no longer supporting the growth of the industry the bank and the economy as a whole Industry activities have massively declined showing rising number of moribund industries across the country and the increasing capital flight Based on this information it is important that the commercial banks and the industry should come together to chart new ways of supporting each other to the benefit of all There is no doubt that the industry needs the bank to increase investment and production while the bank needs the industry for interest payment incomes and equity subscription he said He therefore recommended that the commercial bank should develop corporate patriotism to strengthen the willingness to lend at the interest rate that supports both the industry and the banking sector for the sake of the economy He stressed the need to prioritise attention to industry foreign exchange requests particularly in this period of acute shortage Ahmed represented by Mr Ambrose Oruche Director Corporate Services of MAN also urged the banks to ensure that government or international development funds were well accessed without undue difficult conditionality He recommended the creation of a process that would support equipment acquisition in the industry and creation of funds to support industry bank joint venture for easy financing of specific industry business He also suggested the creation of a unit for business support and capacity development for the industry as well as a trade support unit Mr Ide Udeagbala President Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA represented by Mr Ayo Osinloye urged stakeholders to provide answers to the difficult challenges being faced by the private sector They face weak infrastructure especially in terms of power transportation and workspace They lack a collective voice and have relatively weak influence of policy formulation They have poor access to vital resources especially finance Udeagbala said Also speaking Mr Eboagwu Ezulu Deputy Director Financial System Stability Directorate of the Central Bank of Nigeria CBN advised the OPS to approach the development financing institutions for financial assistance I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector Have we the manufacturing sector approached those entities to utilise the funds available rather than asking the commercial banks Banks are supposed to approach the CBN on behalf of their customers to solve these problems the commercial banks lend for credit purpose they have the primary responsibility to protect their depositors Ezulu said Dr Ken Opara the CIBN President noted that the organised private sectors were the real drivers of real sector growth and economic advancement through industrialisation job creation provision of goods and services and poverty alleviation Thus a well functioning financial system and a rigorous private sector are important drivers of national growth in terms of Gross Domestic Product employment generation economic stability and poverty reduction However I must admit that there are still a lot of untapped opportunity between these two critical sectors some of which are attributable to lack of proper handshake between the bodies Given the interdependence of both sector it has become imperative for both to work mutually for the growth of the nation s economy Opara said Earlier Mr Rasheed Bolarinwa President ACAMB said that the outlook of the conference was essentially to develop a workable roadmap for the two sectors to synergise for the benefit of the national economy Finance the essence of banking is the driving force for the private sector Capital is probably the primary factor of production On the other side the private sector as the end users of banking services and the largest sector of the economy is also conversely the driver of a sustainable and viral banking sector So I will say there is a symbiotic relationship between the two sectors banking is important to the private sector just as the private sector is important to the banks That explains why this conference is taking place So it is safe to conclude that the more active and synergistic the relationship between banking and private sector the more we are collectively able to develop and grow the national economy for sustainable Nigeria he said NewsSourceCredit NAN
    MAN tasks banks, OPS on economic growth
     The Manufacturers Association of Nigeria MAN on Wednesday urged commercial banks and the Organised Private Sector OPS to join hands to grow the economy Mr Mansur Ahmed President of MAN gave the advice at the first National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks ACAMB in partnership with the Chartered Institute of Bankers of Nigeria CIBN in Lagos The News Agency of Nigeria reports that the conference supported by Access Bank Ecobank FirstBank and Zenith Bank had Promoting Synergy Between the Banking Industry and the Organised Private Sector as the theme Ahmed said that the performance and development of both sectors were expedient for the sustainability of the economy hence the need for both sectors to work together to reduce poverty attract investment and boost economic growth The traditional industry bank lending relationship is no longer supporting the growth of the industry the bank and the economy as a whole Industry activities have massively declined showing rising number of moribund industries across the country and the increasing capital flight Based on this information it is important that the commercial banks and the industry should come together to chart new ways of supporting each other to the benefit of all There is no doubt that the industry needs the bank to increase investment and production while the bank needs the industry for interest payment incomes and equity subscription he said He therefore recommended that the commercial bank should develop corporate patriotism to strengthen the willingness to lend at the interest rate that supports both the industry and the banking sector for the sake of the economy He stressed the need to prioritise attention to industry foreign exchange requests particularly in this period of acute shortage Ahmed represented by Mr Ambrose Oruche Director Corporate Services of MAN also urged the banks to ensure that government or international development funds were well accessed without undue difficult conditionality He recommended the creation of a process that would support equipment acquisition in the industry and creation of funds to support industry bank joint venture for easy financing of specific industry business He also suggested the creation of a unit for business support and capacity development for the industry as well as a trade support unit Mr Ide Udeagbala President Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA represented by Mr Ayo Osinloye urged stakeholders to provide answers to the difficult challenges being faced by the private sector They face weak infrastructure especially in terms of power transportation and workspace They lack a collective voice and have relatively weak influence of policy formulation They have poor access to vital resources especially finance Udeagbala said Also speaking Mr Eboagwu Ezulu Deputy Director Financial System Stability Directorate of the Central Bank of Nigeria CBN advised the OPS to approach the development financing institutions for financial assistance I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector Have we the manufacturing sector approached those entities to utilise the funds available rather than asking the commercial banks Banks are supposed to approach the CBN on behalf of their customers to solve these problems the commercial banks lend for credit purpose they have the primary responsibility to protect their depositors Ezulu said Dr Ken Opara the CIBN President noted that the organised private sectors were the real drivers of real sector growth and economic advancement through industrialisation job creation provision of goods and services and poverty alleviation Thus a well functioning financial system and a rigorous private sector are important drivers of national growth in terms of Gross Domestic Product employment generation economic stability and poverty reduction However I must admit that there are still a lot of untapped opportunity between these two critical sectors some of which are attributable to lack of proper handshake between the bodies Given the interdependence of both sector it has become imperative for both to work mutually for the growth of the nation s economy Opara said Earlier Mr Rasheed Bolarinwa President ACAMB said that the outlook of the conference was essentially to develop a workable roadmap for the two sectors to synergise for the benefit of the national economy Finance the essence of banking is the driving force for the private sector Capital is probably the primary factor of production On the other side the private sector as the end users of banking services and the largest sector of the economy is also conversely the driver of a sustainable and viral banking sector So I will say there is a symbiotic relationship between the two sectors banking is important to the private sector just as the private sector is important to the banks That explains why this conference is taking place So it is safe to conclude that the more active and synergistic the relationship between banking and private sector the more we are collectively able to develop and grow the national economy for sustainable Nigeria he said NewsSourceCredit NAN
    MAN tasks banks, OPS on economic growth
    Economy2 months ago

    MAN tasks banks, OPS on economic growth

    The Manufacturers Association of Nigeria (MAN) on Wednesday urged commercial banks and the Organised Private Sector (OPS) to join hands to grow the economy.

    Mr Mansur Ahmed, President of MAN, gave the advice at the first National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks (ACAMB) in partnership with the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

    The News Agency of Nigeria reports that the conference supported by Access Bank, Ecobank, FirstBank and Zenith Bank had: “Promoting Synergy Between the Banking Industry and the Organised Private Sector,’’ as the theme.

    Ahmed said that the performance and development of both sectors were expedient for the sustainability of the economy; hence, the need for both sectors to work together to reduce poverty, attract investment and boost economic growth.

    “The traditional industry-bank lending relationship is no longer supporting the growth of the industry, the bank and the economy, as a whole.

    “ Industry activities have massively declined showing rising number of moribund industries across the country and the increasing capital flight.

    “ Based on this information, it is important that the commercial banks and the industry should come together to chart new ways of supporting each other to the benefit of all.

    “ There is no doubt that the industry needs the bank to increase investment and production while the bank needs the industry for interest payment incomes and equity subscription,’’ he said.

    He, therefore, recommended that the commercial bank should develop corporate patriotism to strengthen the willingness to lend at the interest rate that supports both the industry and the banking sector for the sake of the economy.

    He stressed the need to prioritise attention to industry foreign exchange requests, particularly in this period of acute shortage.

    Ahmed represented by Mr Ambrose Oruche, Director, Corporate Services of MAN, also urged the banks to ensure that government or international development funds were well accessed without undue difficult conditionality.

    He recommended the creation of a process that would support  equipment acquisition in the industry and creation of funds to support industry-bank joint venture for easy financing of specific industry business.

    He also suggested the creation of a unit for business support and capacity development for the industry as well as a trade support unit.

    Mr Ide Udeagbala, President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), represented by Mr Ayo Osinloye, urged stakeholders to provide answers to the difficult challenges being faced by the private sector.

    “They face weak infrastructure, especially in terms of power, transportation, and workspace.

    They lack a collective voice and have relatively weak influence of policy formulation.

    They have poor access to vital resources, especially finance,” Udeagbala said.

    Also speaking, Mr Eboagwu Ezulu, Deputy Director, Financial System Stability Directorate of the Central Bank of Nigeria (CBN), advised the OPS to approach the development financing institutions for financial assistance.

    “I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector.

    “Have we the manufacturing sector approached those entities to utilise the funds available rather than asking the commercial banks?

    “Banks are supposed to approach the CBN on behalf of their customers to solve these problems; the commercial banks lend for credit purpose, they have the primary responsibility to protect their depositors,’’ Ezulu said Dr Ken Opara, the CIBN President, noted that the organised private sectors were the real drivers of real sector growth and economic advancement through industrialisation, job creation, provision of goods and services and poverty alleviation.

    “Thus a well-functioning financial system and a rigorous private sector are important drivers of national growth in terms of  Gross Domestic Product, employment generation, economic stability and poverty reduction.

    “However, I must admit that there are still a lot of untapped opportunity between these two critical sectors some of which are attributable to lack of proper handshake between the bodies.

    “Given the interdependence of both sector, it has become imperative for both to work mutually for the growth of the nation’s economy,’’ Opara said.

    Earlier, Mr Rasheed Bolarinwa, President ACAMB, said that the outlook of the conference was essentially to develop a workable roadmap for the two sectors to synergise for the benefit of the national economy.

    “Finance, the essence of banking is the driving force for the private sector.  

    Capital, is probably the primary factor of production.

    “On the other side, the private sector, as the end users of banking services and the largest sector of the economy, is also conversely the driver of a sustainable and viral banking sector.

    “So, I will say there is a symbiotic relationship between the two sectors, banking is important to the private sector, just as the private sector is important to the banks.

    That explains why this conference is taking place.

    “So, it is safe to conclude that the more active and synergistic the relationship between banking and private sector, the more we are collectively able to develop and grow the national economy for sustainable Nigeria,’’ he said.

    (
    NewsSourceCredit: NAN

  •  The Association of Corporate Affairs Managers of Banks ACAMB says that constant engagement and communication between the Organised Private Sector OPS and the banking sector will promote the desired sustainable growth and development of the economy Mr Rasheed Bolarinwa President of ACAMB disclosed this in an interview with the News Agency of Nigeria on Sunday in Lagos Bolarinwa said Nigeria would be the major beneficiary of the high profile meeting between banks and the OPS as stakeholders seek to find lasting solutions to the constraints between the two key sectors of the economy He said that the first ever national stakeholders conference on synergy between the Nigerian banking industry and the OPS would hold on Aug 3 2022 Bolarinwa said that the first ever conference would birth far reaching strategies that would help to unlock several opportunities for the Nigerian economy He said that the conference would be organised by the ACAMB the banking industry corporate marketing communications and reputation management association in partnership with other stakeholders including the Chartered Institute of Bankers of Nigeria CIBN Bolarinwa said Nigeria will be the major beneficiary of the high profile meeting between banks and the Organised Private Sector as stakeholders seek to find lasting solutions to the constraints between the two key sectors of the economy He said that the conference which would hold at the Bankers House Victoria Island Lagos would bring together the best players in banks and OPS to act as think tank for the nation s macroeconomic growth Bolarinwa said that the Governor of the Central Bank of Nigeria Mr Godwin Emefiele would be the keynote speaker He added that the Presidents of the Chartered Institute of Bankers of Nigeria CIBN NACCIMA Institute of Directors IoD and Manufacturers Association of Nigeria MAN would be major speakers He said that the strategic panelists would be led by the leadership of the sectors which would cut across banking players and the OPS including NECA NASSI and NASME among others He also said that the main plenary session would be moderated by the foremost economist Dr Biodun Adedipe We are providing an open minded platform for both sectors to articulate and ventilate their fears interest and expectations and opportunities that will benefit both sectors the national economy and Nigeria at large At the end of the session we expect a robust communique that will provide a road map for a new relationship between the banking industry and the OPS Bolarinwa said According to him the OPS is a valued stakeholder of the banking industry as both the banking industry and the organised private sector play major roles in growing the economy Therefore there is a need for the two sectors to work closely together The conference offers a unique platform for private sector players and the banking community to share perspectives on the synergy communication cooperation and mutual understanding between these two critical segments of the Nigerian economy can be improved to benefit the Nigerian people and economy progressively ACAMB is reaching out to all critical stakeholders to ensure inclusiveness and maximisation of capacity We will persist in generating innovative and creative initiatives to promote the growth and development of the banking industry and the national economy Bolarinwa said He urged the media to partner in the new paradigm shift of engagements with critical stakeholders in the industry describing the media as being crucial to creating mutual understandings NewsSourceCredit NAN
    Banks, OPS synergy key to sustainable growth, says ACAMB President
     The Association of Corporate Affairs Managers of Banks ACAMB says that constant engagement and communication between the Organised Private Sector OPS and the banking sector will promote the desired sustainable growth and development of the economy Mr Rasheed Bolarinwa President of ACAMB disclosed this in an interview with the News Agency of Nigeria on Sunday in Lagos Bolarinwa said Nigeria would be the major beneficiary of the high profile meeting between banks and the OPS as stakeholders seek to find lasting solutions to the constraints between the two key sectors of the economy He said that the first ever national stakeholders conference on synergy between the Nigerian banking industry and the OPS would hold on Aug 3 2022 Bolarinwa said that the first ever conference would birth far reaching strategies that would help to unlock several opportunities for the Nigerian economy He said that the conference would be organised by the ACAMB the banking industry corporate marketing communications and reputation management association in partnership with other stakeholders including the Chartered Institute of Bankers of Nigeria CIBN Bolarinwa said Nigeria will be the major beneficiary of the high profile meeting between banks and the Organised Private Sector as stakeholders seek to find lasting solutions to the constraints between the two key sectors of the economy He said that the conference which would hold at the Bankers House Victoria Island Lagos would bring together the best players in banks and OPS to act as think tank for the nation s macroeconomic growth Bolarinwa said that the Governor of the Central Bank of Nigeria Mr Godwin Emefiele would be the keynote speaker He added that the Presidents of the Chartered Institute of Bankers of Nigeria CIBN NACCIMA Institute of Directors IoD and Manufacturers Association of Nigeria MAN would be major speakers He said that the strategic panelists would be led by the leadership of the sectors which would cut across banking players and the OPS including NECA NASSI and NASME among others He also said that the main plenary session would be moderated by the foremost economist Dr Biodun Adedipe We are providing an open minded platform for both sectors to articulate and ventilate their fears interest and expectations and opportunities that will benefit both sectors the national economy and Nigeria at large At the end of the session we expect a robust communique that will provide a road map for a new relationship between the banking industry and the OPS Bolarinwa said According to him the OPS is a valued stakeholder of the banking industry as both the banking industry and the organised private sector play major roles in growing the economy Therefore there is a need for the two sectors to work closely together The conference offers a unique platform for private sector players and the banking community to share perspectives on the synergy communication cooperation and mutual understanding between these two critical segments of the Nigerian economy can be improved to benefit the Nigerian people and economy progressively ACAMB is reaching out to all critical stakeholders to ensure inclusiveness and maximisation of capacity We will persist in generating innovative and creative initiatives to promote the growth and development of the banking industry and the national economy Bolarinwa said He urged the media to partner in the new paradigm shift of engagements with critical stakeholders in the industry describing the media as being crucial to creating mutual understandings NewsSourceCredit NAN
    Banks, OPS synergy key to sustainable growth, says ACAMB President
    Economy2 months ago

    Banks, OPS synergy key to sustainable growth, says ACAMB President

    The Association of Corporate Affairs Managers of Banks (ACAMB) says that constant engagement and communication between the Organised Private Sector (OPS) and the banking sector will promote the desired sustainable growth and development of the economy.

    Mr Rasheed Bolarinwa, President of ACAMB, disclosed this in an interview with the News Agency of Nigeria on Sunday in Lagos.

    Bolarinwa said Nigeria would be the major beneficiary of the high-profile meeting between banks and the OPS as stakeholders seek to find lasting solutions to the constraints between the two key sectors of the economy.

    He said that the first-ever national stakeholders conference on synergy between the Nigerian banking industry and the OPS would hold on Aug.

    3, 2022.

    Bolarinwa said that the first-ever conference would birth far-reaching strategies that would help to unlock several opportunities for the Nigerian economy.

    He said that the conference would be organised by the ACAMB – the banking industry corporate, marketing communications and reputation management association; in partnership with other stakeholders including the Chartered Institute of Bankers of Nigeria (CIBN).

    Bolarinwa said: “Nigeria will be the major beneficiary of the high-profile meeting between banks and the Organised Private Sector, as stakeholders seek to find lasting solutions to the constraints between the two key sectors of the economy.” He said that the conference which would hold at the Bankers House, Victoria Island, Lagos, would bring together the best players in banks and OPS to act as think tank for the nation’s macroeconomic growth.

    Bolarinwa said that the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, would be the keynote speaker.

    He added that the Presidents of the Chartered Institute of Bankers of Nigeria (CIBN), NACCIMA, Institute of Directors (IoD) and Manufacturers Association of Nigeria (MAN) would be major speakers.

    He said that the strategic panelists would be led by the leadership of the sectors, which would cut across banking players and the OPS including NECA, NASSI and NASME, among others.

    He also said that the main plenary session would be moderated by the foremost economist, Dr Biodun Adedipe.

    “We are providing an open-minded platform for both sectors to articulate and ventilate their fears, interest and expectations and opportunities that will benefit both sectors, the national economy and Nigeria at large.

    “At the end of the session, we expect a robust communique that will provide a road map for a new relationship between the banking industry and the OPS,” Bolarinwa said.

    According to him, the OPS is a valued stakeholder of the banking industry as both the banking industry and the organised private sector play major roles in growing the economy.

    “Therefore, there is a need for the two sectors to work closely together.

    “The conference offers a unique platform for private sector players and the banking community to share perspectives on the synergy, communication, cooperation and mutual understanding between these two critical segments of the Nigerian economy can be improved to benefit the Nigerian people and economy progressively.

    “ACAMB is reaching out to all critical stakeholders to ensure inclusiveness and maximisation of capacity.

    “We will persist in generating innovative and creative initiatives to promote the growth and development of the banking industry and the national economy,” Bolarinwa said.

    He urged the media to partner in the new paradigm shift of engagements with critical stakeholders in the industry, describing the media as being crucial to creating mutual understandings.

    NewsSourceCredit: NAN

  •  The Nigerian Association of Chamber of Commerce Industry Mines and Agriculture NACCIMA has urged the Federal Government to address the necessary economic parameters to prevent Nigeria from slipping into recession Mr John Udeagbala National President NACCIMA gave the charge on Friday in Lagos via a report from the association s third quarter economic briefing Udeagbala said the advice was imperative following the possible false sense of security from the 3 11 per cent economic growth recorded in this year s first quarter He said that the statistics might not have fully captured the supply and value chain disruptions brought about by the COVID 19 pandemic and the Russia Ukraine conflict While other stakeholders might see this as the leveling out of economic growth from the COVID 19 pandemic the private sector is concerned that external shocks brought about by the Russia Ukraine conflict have put immense pressure on the productive capacity of our economy We therefore urge once again the implementation of government policy that places priority on improving domestic production otherwise face a likely state of economic recession by the end of 2022 he said On inflation the NACCIMA president said that the decision of the Monetary Policy Committee of the Central Bank of Nigeria CBN to raise the Monetary Policy Rate from 13 to 14 per cent was welcomed He however stated that the move was majorly an inflation management measure and did not address the root cause of the inflation such as rising food prices devaluation of the Naira and high cost of energy and transportation Nevertheless we look forward to the continued implementation of the Central Bank s intervention in the agriculture manufacturing energy healthcare and export sectors which will ensure some improvement in food and energy supply he said Addressing the country s power situation Udeagbala called on the government to renew its focus on implementing policies to ensure Nigeria s energy sufficiency to become a net exporter of petroleum products and eventually electricity He also called for urgent action in fixing domestic refineries or the implementation of the Petroleum Industry Act which is currently hobbled by the petroleum subsidy regime If we estimate that Nigeria has spent an average of N2trillion a year for the past 16 years on petroleum subsidy it is time to ask ourselves how many refineries could we have built in that time As we acknowledge the economic impact of the sudden removal of petroleum subsidy we advocate a gradual removal with attendant policy initiatives to cushion the effect on the economy We can start by taking a look at other developing countries in this space such as Trinidad and Tobago who never had to carry out Turn Around Maintenance on their only refinery or revisit crude oil to petroleum product swap arrangements he said Addressing unemployment Udeagbala lauded the government s innovative policies such as approved tax reliefs and other incentives for startups to harness Nigeria s digital innovation and entrepreneurship ecosystem He urged the government to further consider the security implications of the high unemployment rate of 33 per cent and do more to address the regular faceoff with the Academic Staff Union of Universities ASUU He emphasised the need for a foundation of quality education as a basis to ensure the employability of the Nigerian youth The regular face off between the Federal Government and ASUU leading to incessant strikes has gradually altered the educational systems in the country limiting the number of productive graduates available NACCIMA calls on the Federal Government to resolve such pending issues with a sense of urgency even as we hope that the two week ultimatum given to the Minister of Education by President Muhammadu Buhari will yield a lasting result he said On the country s public debt Udeagbala counselled all levels of government to consider other sources of funding such as leveraging on public private partnerships for tax credits spread over time He said the advice was very necessary because Nigeria s current debt levels were unsustainable as the International Monetary Fund IMF projects that by 2026 all of Nigeria s revenue would go to servicing debt The economy cannot run based on increasing the number of taxes borne by the private sector as we have witnessed by recent laws passed by the National Assembly We advocate policies that systematically and consistently increase the tax base in terms of the volume of production or the number of taxpayers We also counsel that the executive and legislature make concerted efforts to reduce the cost of governance as a way to reduce the pressure to run a government based on debt he said NewsSourceCredit NAN
    NACCIMA tasks FG on urgent actions to avoid recession
     The Nigerian Association of Chamber of Commerce Industry Mines and Agriculture NACCIMA has urged the Federal Government to address the necessary economic parameters to prevent Nigeria from slipping into recession Mr John Udeagbala National President NACCIMA gave the charge on Friday in Lagos via a report from the association s third quarter economic briefing Udeagbala said the advice was imperative following the possible false sense of security from the 3 11 per cent economic growth recorded in this year s first quarter He said that the statistics might not have fully captured the supply and value chain disruptions brought about by the COVID 19 pandemic and the Russia Ukraine conflict While other stakeholders might see this as the leveling out of economic growth from the COVID 19 pandemic the private sector is concerned that external shocks brought about by the Russia Ukraine conflict have put immense pressure on the productive capacity of our economy We therefore urge once again the implementation of government policy that places priority on improving domestic production otherwise face a likely state of economic recession by the end of 2022 he said On inflation the NACCIMA president said that the decision of the Monetary Policy Committee of the Central Bank of Nigeria CBN to raise the Monetary Policy Rate from 13 to 14 per cent was welcomed He however stated that the move was majorly an inflation management measure and did not address the root cause of the inflation such as rising food prices devaluation of the Naira and high cost of energy and transportation Nevertheless we look forward to the continued implementation of the Central Bank s intervention in the agriculture manufacturing energy healthcare and export sectors which will ensure some improvement in food and energy supply he said Addressing the country s power situation Udeagbala called on the government to renew its focus on implementing policies to ensure Nigeria s energy sufficiency to become a net exporter of petroleum products and eventually electricity He also called for urgent action in fixing domestic refineries or the implementation of the Petroleum Industry Act which is currently hobbled by the petroleum subsidy regime If we estimate that Nigeria has spent an average of N2trillion a year for the past 16 years on petroleum subsidy it is time to ask ourselves how many refineries could we have built in that time As we acknowledge the economic impact of the sudden removal of petroleum subsidy we advocate a gradual removal with attendant policy initiatives to cushion the effect on the economy We can start by taking a look at other developing countries in this space such as Trinidad and Tobago who never had to carry out Turn Around Maintenance on their only refinery or revisit crude oil to petroleum product swap arrangements he said Addressing unemployment Udeagbala lauded the government s innovative policies such as approved tax reliefs and other incentives for startups to harness Nigeria s digital innovation and entrepreneurship ecosystem He urged the government to further consider the security implications of the high unemployment rate of 33 per cent and do more to address the regular faceoff with the Academic Staff Union of Universities ASUU He emphasised the need for a foundation of quality education as a basis to ensure the employability of the Nigerian youth The regular face off between the Federal Government and ASUU leading to incessant strikes has gradually altered the educational systems in the country limiting the number of productive graduates available NACCIMA calls on the Federal Government to resolve such pending issues with a sense of urgency even as we hope that the two week ultimatum given to the Minister of Education by President Muhammadu Buhari will yield a lasting result he said On the country s public debt Udeagbala counselled all levels of government to consider other sources of funding such as leveraging on public private partnerships for tax credits spread over time He said the advice was very necessary because Nigeria s current debt levels were unsustainable as the International Monetary Fund IMF projects that by 2026 all of Nigeria s revenue would go to servicing debt The economy cannot run based on increasing the number of taxes borne by the private sector as we have witnessed by recent laws passed by the National Assembly We advocate policies that systematically and consistently increase the tax base in terms of the volume of production or the number of taxpayers We also counsel that the executive and legislature make concerted efforts to reduce the cost of governance as a way to reduce the pressure to run a government based on debt he said NewsSourceCredit NAN
    NACCIMA tasks FG on urgent actions to avoid recession
    Economy2 months ago

    NACCIMA tasks FG on urgent actions to avoid recession

    The Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has urged the Federal Government to address the necessary economic parameters to prevent Nigeria from slipping into recession.

    Mr John Udeagbala, National President, NACCIMA, gave the charge on Friday in Lagos, via a report from the association’s third quarter economic briefing.

    Udeagbala said the advice was imperative, following the possible false sense of security from the 3.11 per cent economic growth recorded in this year’s first quarter.

    He said that the statistics might not have fully captured the supply and value chain disruptions brought about by the COVID-19 pandemic and the Russia-Ukraine conflict.

    “While other stakeholders might see this as the leveling out of economic growth from the COVID-19 pandemic, the private sector is concerned that external shocks brought about by the Russia-Ukraine conflict, have put immense pressure on the productive capacity of our economy.

    “We therefore, urge once again, the implementation of government policy that places priority on improving domestic production, otherwise face a likely state of economic recession by the end of 2022,” he said.

    On inflation, the NACCIMA president said that the decision of the Monetary Policy Committee of the Central Bank of Nigeria (CBN) to raise the Monetary Policy Rate from 13 to 14 per cent was welcomed.

    He, however, stated that the move was majorly an inflation management measure, and did not address the root cause of the inflation such as rising food prices, devaluation of the Naira, and high cost of energy and transportation.

    “Nevertheless, we look forward to the continued implementation of the Central Bank’s intervention in the agriculture, manufacturing, energy, healthcare and export sectors, which will ensure some improvement in food and energy supply,” he said.

    Addressing the country’s power situation, Udeagbala called on the government to renew its focus on implementing policies to ensure Nigeria’s energy sufficiency to become a net exporter of petroleum products and eventually, electricity.

    He also called for urgent action in fixing domestic refineries, or the implementation of the Petroleum Industry Act, which is currently hobbled by the petroleum subsidy regime.

    “If we estimate that Nigeria has spent an average of N2trillion a year for the past 16 years on petroleum subsidy, it is time to ask ourselves, how many refineries could we have built in that time?

    “As we acknowledge the economic impact of the sudden removal of petroleum subsidy, we advocate a gradual removal with attendant policy initiatives to cushion the effect on the economy.

    “We can start by taking a look at other developing countries in this space, such as Trinidad and Tobago, who never had to carry out Turn Around Maintenance on their only refinery, or revisit crude oil to petroleum product swap arrangements,” he said.

    Addressing unemployment, Udeagbala lauded the government’s innovative policies such as, approved tax reliefs and other incentives for startups to harness Nigeria’s digital innovation and entrepreneurship ecosystem.

    He urged the government to further consider the security implications of the high unemployment rate of 33 per cent, and do more to address the regular faceoff with the Academic Staff Union of Universities (ASUU).

    He emphasised the need for a foundation of quality education as a basis to ensure the employability of the Nigerian youth.

    “The regular face-off between the Federal Government and ASUU, leading to incessant strikes, has gradually altered the educational systems in the country, limiting the number of productive graduates available.

    “NACCIMA calls on the Federal Government to resolve such pending issues with a sense of urgency, even as we hope that the two-week ultimatum given to the Minister of Education by President Muhammadu Buhari will yield a lasting result,” he said.

    On the country’s public debt, Udeagbala counselled all levels of government to consider other sources of funding, such as leveraging on public-private partnerships for tax credits spread over time.

    He said the advice was very necessary because Nigeria’s current debt levels were unsustainable, as the International Monetary Fund (IMF), projects that by 2026, all of Nigeria’s revenue would go to servicing debt.

    “The economy cannot run based on increasing the number of taxes borne by the private sector, as we have witnessed by recent laws passed by the National Assembly.

    “We advocate policies that systematically and consistently increase the tax base in terms of the volume of production or the number of taxpayers.

    “We also counsel that the executive and legislature make concerted efforts to reduce the cost of governance as a way to reduce the pressure to run a government based on debt,” he said.

    NewsSourceCredit: NAN