By Okeoghene Akubuike

The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, has reiterated the Federal Government’s commitment to digitise Nigeria’s statistical system.

Bagudu said this at the closing of the Pilot Phase of the Consumer Price Index (CPI) Digitisation Project in Abuja on Friday.

The News Agency of Nigeria reports that the project is a pilot initiative to digitise the monthly prices data collection to produce the Consumer Price Index (CPI) and it is supported by the United Nations Economic Commission for Africa(UNECA).

The minister said President Bola Tinubu was leading and appreciating the digitisation of government services.

“Not only will the NBS be supported to migrate from technical assistance and support from the UNECA but it will also be supported with the government’s processes to ensure it takes this further.

“Also for the NBS to leverage on other resources available in the ecosystem so they can make haste quickly.

“Computer-assisted price information gathering is very important, it enhances timeliness and equally and importantly integrity and ability to audit the information itself.

“Be assured of the government’s support. But take advantage of what is elsewhere in the governmental system. ”

He thanked UNECA for their support while appreciating the independence of the NBS with regard to methodology, timing, and process.

“We will be happy to see them all digitised in a way that both the domestic and international users of our data will have more confidence,” he said.

The Statistician-General of the Federation, Prince Adeyemi Adeniran, said in a global landscape characterised by economic uncertainties, the imperative for reliable and comprehensive price data could not be overstated.

“The digitisation of the CPI data collection in NBS introduced a new era of quality refinement and aligns perfectly well with our agenda at the bureau.

“Which is to enhance our technical operations, through the use of modern methods and techniques, as well as, adopting the latest standards and concepts throughout our data landscape.

“By automating this process for our most common and frequently produced indicator, we would have significantly reduced the potential for errors and inconsistencies, which are inherent in the manual process.

“This enhancement is not merely a technological convenience; it is a commitment to ensuring that the information upon which crucial economic decisions are made of the highest quality, providing a solid foundation for policy formulation.”

Adeniran said the initiative, with its automated checks and validations,
ensured a level of precision that was previously challenging to achieve through manual methods.

He said the result would be a CPI that mirrored the true fluctuations in market prices, empowering policymakers with the confidence to make decisions that resonate with the realities of Nigeria’s economic landscape.

“Our ongoing CPI rebasing, which involves the total reconstruction of the consumer basket of items and a digital updating of the list of market outlets across the country, will revolutionise our price statistics in Nigeria.”

In addition, he said the digitisation would allow for real-time entry and analysis of price statistics in the field, thereby enhancing the bureau’s ability to report the data faster.

“This will provide policymakers with the ability to respond swiftly to economic shifts and issues, enabling proactive decision-making that can mitigate the impact of inflation and engender sustainable economic growth, he said.

Anjana Dube, the Senior Regional Adviser, ECA, in his remarks, said the focus of the mission was the digitisation of CPI data collection with a special focus on introduction and orientation to the Computer Assisted Personal Interviewing (CAPI) software.

Dube said that the focus was also on capacity building of managers and data collectors to use mobile applications to collect CPI data and monitor and export CAPI CPI data.

He said the project which started in 2022, had three missions undertaken in Abuja, Lagos, and Port Harcourt and a total of 55 participants were trained.

Dr Ayo Anthony, Head Prices Statistics Division, NBS, said since the inception of NBS, the paper Assisted Personal Interviewing(PAPI) has been used for collection of price items consumed by households monthly.

Anthony said the PAPI had come with its own challenges which included the bulkiness of the papers, loss of data when transporting them to zones, high cost of printing, lack of storage space, delays and errors in data entry process.

He, however, said the transition of PAPI to CAPI was a step in the right direction and the transition to CAPI would be in April 2024.

“The CAPI is user-friendly, less cost and infrastructure requirements, real-time, monitors live data and visualisations and collects GPS, audio, video, image, and time stamps.

“Transmission of CPI data collection from PAPI to CAPI will enhance the compilation and the computation of CPI. Hence, we are eager to transmit immediately.”

Matthias Schmale, the United Nations Resident Coordinator, represented by Nonso Obiliki, Economist, Resident Coordinator’s Office, pledged to continue to support the NBS in their CPI and digitisation process.

Godstime Eigbiremolen, Word Bank Representative, said the role of the CPI could not be overemphasised, adding that the digitisation process would go a long way in ensuring the bureau achieved its mandate. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

By Lucy Ogalue

The Corporate Affairs Commission (CAC), says it will partner with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to boost Small and Medium Enterprises (SMEs) in the country.

The Registrar-General of CAC, Hussaini Magaji, said this when SMEDAN’s Director-General, Mr Charles Odii visited him on Friday in Abuja.

Magaji said the organisations were working to create about 10,000 jobs for Nigerian youths.

The CAC registrar-general expressed the Commission’s readiness to fully partner with SMEDAN to support the growth of small businesses in the country.

He commended Odii, saying his proposals and efforts were laudable and in tandem with President Bola Tinubu’s Renewed Hope Agenda.

Earlier, the SMEDAN boss said that a five billion-naira loan at single-digit interest had been secured from a Nigerian bank to support SMEs.

Odii requested support and collaboration with the CAC to actualise the project, which he said would be inaugurated in January 2024.

The News Agency of Nigeria (NAN) reports that the SMEDAN boss was accompanied on the visit by Dr Aishatu Kabir of KPMG.

She is expected to facilitate the actualisation of the project.

The project also focuses on increasing manufacturing output and export income, thereby, catalysing SMEs growth.

The SMEDAN and Sterling Bank had on Wednesday signed a Memorandum of Understanding (MoU) to provide N5 billion to support SMEs in the country. (NAN)

Edited by Ese E. Eniola Williams

By Nana Musa

The Comptroller-General of the Nigeria Customs Service (NCS), Mr Adewale Adeniyi, says reputation plays a key role in every aspect of human and national development.

Adeniyi said this on Thursday in Abuja, shortly after the Nigerian Institute of Public Relations (NIPR) unveiled him.as chairman of the Nigeria Reputation Management Group (NRMG) committee.

According to him, any individual, organisation, state or nation that wants to be taking seriously by its peers must make deliberate effort to promote the culture of “reputation consciousness”.

“Unfortunately, many African nations do not recognise the power of reputation in turning their economies around.

“ Though intangible in nature, reputation as a concept is so critical that if its components are properly understood, will position any country for greater value, global relevance and remarkable competitiveness.

“ I am delighted that this great idea of NRMG is a product of an institute which mandate revolves around reputation building and management,” he said.

Adeniyi said that the global perception of the country was poor and the impact of this was heavily felt in the nation’s economy.

“ I believe that a renewed commitment and deliberate effort to strengthening the country’s reputation will yield the right results.

“ May I assure the institute and our stakeholders across the nation that I will do my best to ensure that the objectives of this important initiative are achieved,” he said

He urged the Federal Government as well as the state governments to accord reputation matters priority attention.

“Every reputational error from individuals, organisations or government distorts development, and affects our global outlook and rating, thus retarding progress,” the C-G said.

Earlier, the President of NIPR, Dr Ike Neliaku said that the committee would correct the misrepresentation of the country.

Neliaku said that the committee members would be saddled with the responsibility of developing the context, create content and provide the strategy for the sustainable establishment of NRMG.

He said that they would also recommend vital social, economic and cultural activities that could be leveraged to boost the nation’s reputation

“Consider and recommend appropriate operational modalities including timelines for the take-off of NRMG in Nigeria

“The committee will also identify and recommend relevant partners and stakeholders to the NRMG project and advise on strategies for engaging them.d

” It will identify critical national assets, establishments, organisations and agencies of government which activities impact Nigeria’s national reputation, consider and recommend programmes to be undertaken by the NRMG when established,” he said.

He urged them to also organise and reconvene the annual Nigeria Reputation Summit in October each year from 2024, as a world-class, flagship event of NIPR to add value to government and citizens.

He advised members on ways and means of ensuring guided execution and well-coordinated implementation of outcomes of the annual Nigeria Reputation Summit. (NAN) (www.nannews.ng)

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Edited by Kadiri Abdulrahman/Ese E. Eniola Williams

By Kadiri Abdulrahman

The Debt Management Office says it is impressed at the response of investors to its awareness programme on the benefits of investing in Federal Government of Nigeria (FGN) securities.

Mrs Jumai Saidu-Ahmed, the Team Leader, Domestic Debt Unit of the DMO said this on Thursday on the sidelines of the FGN Securities Issuance Awareness Programme in Kaduna.

According to Saidu-Ahmed, the programme is a collaborative effort between the DMO and CSL Stockbrokers Limited, the stockbroking firm of the Federal Government.

“It has contributed in no small measure to enlightening potential Nigerian investors on the benefits of investing in FGN securities,” she said.

She said that the improved response from investors to the various FGN securities offer like the recently offered FGN bond. FGN savings bond and the Sukuk was proof that the awareness had been impactful.

She said that the DMO was determined to sustain the awareness programme to ensure that every Nigerian across the length and breadth of the country benefitted from the lucrative investment opportunities.

Also speaking, Ifeoma Ukwunna, Head, Retail Business at CSL, said that response to the awareness programme had been very encouraging.

According to Ukwunna, investors need information because they care about safe investment and for the opportunity to engage capital market operators on issuance of these FGN securities.

“Also, the feedback from investors has been encouraging.

“Capital raised from FGN savings bond has also grown significantly due to the impact of these awareness programmes,” she said.

The News Agency of Nigeria (NAN) reports that the FGN Securities Issuance Awareness Programme was innaugurated in Lagos in March, 2022.

It has also been held in Enugu, Ibadan, Kano, Yola, Umuahia, Gombe, Osogbo, Port Harcourt, Benin, Uyo, Asaba, Maiduguri, Abeokuta, and Makurdi. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

By Kadiri Abdulrahman

The Debt Management Office (DMO), says the Federal Government securities are designed to meet investment needs of all categories of investors.

Patience Oniha, the Director-General of the DMO, said this at the FGN Securities Issuance Awareness Programme in Kaduna on Thursday.

Oniha, who was represented by Mrs Jumai Saidu-Ahmed, Team Leader, Domestic Debt Unit, said that FGN securities were default risk-free, and backed by the full faith and credit of the Federal Government.

She said that the awareness programme was a collaborative effort of the DMO and CSL Stockbrokers Limited, the Federal Government’s stockbroking firm.

“The programme is designed to create more awareness about the immense benefits of investing in FGN securities, ” she said.

She listed the existing FGN securities as FGN Bond, FGN Savings Bond, the Sukuk Bond, the Green Bond and Treasury Bills.

She, particularly, urged retail investors to take advantage of the FGN savings bond, which had a minimum subscription of N5,000.

“It is easily accessible to retail investors and attracts a guaranteed quaterly coupon payment, ” she said.

She said that the DMO was a Federal Government agency saddled with the responsibility of managing the country’s public debt portfolio.

“In discharging that responsibility, the DMO also has the responsibility of issuing FGN securities which offer good investments for Nigerians.

“By investing in these securities, citizens are also contributing to nation-building,” she said.

According to Mr Abiodun Fagbulu, the Chief Executive Officer, CSL Stockbrokers Limited, FGN securities help to finance deficits in the federal budget.

Fagbulu, who was represented by Mr Richard Akinmoladun, Head, Property Trading, CSL, said that FGN securities also helped in developing the domestic financial market.

“They are listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited, and can be traded at any time.

“They also promote financial inclusion, and attract foreign investment into the domestic financial markets,” he said.

According to him, FGN securities are viable collateral that can be used to access loans from banks.

“They also help in the diversification of investment port to reduce risk and achieve growth in value,” he said.

The News Agency of Nigeria (NAN) reports that the awareness programme was innaugurated in Lagos in March, 2022.

It had also been held in Enugu, Ibadan, Kano, Yola, Umuahia, Gombe, Osogbo, Port Harcourt, Benin, Uyo, Asaba, Maiduguri, Abeokuta, and Makurdi. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams