By Vivian Emoni

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), in collaboration with Joint Admission and Matriculation Board (JAMB), on Thursday conducted 2024 staff promotion exercise for senior officers of the commission with Computer-Based Test (CBT).

The News Agency of Nigeria (NAN) reports that the officers who participated in the examination in Abuja included those on Grade Levels 14, 15 and 16 who had met the basic requirements.

Mr Ntufam Nsa, Commissioner representing Cross River State in the commission, said that the examination took place at the JAMB Professional Test Centre in Bwari, using the newly introduced CBT examination format.

Nsa, also Chairman of the Personnel Matters Committee, said that the decision to conduct the examination with the CBT in conjunction with JAMB, was based on Plenary Session decision.

He said that the essence of the CBT was to test the staff’s ability to discharge their duties in light of the organisation’s sensitive role.

“The essence of the exercise is to test the competence of our officers, knowing that the RMAFC is a strategic commission that is in charge of revenue monitoring, evaluation and implementation of policies.

“We had to do this exercise to test the competence of our officers, their professional competence, their abilities and their knowledge on the rules and regulations,” he said.

The Secretary to the Board of the Commission, Mr Nwaze Okechukwu, expressed satisfaction with the exercise and the good conduct of the candidates.

Okechukwu said that the decision to replace the orthodox method of conducting exams with the CBT method was to move the commission to greater heights.

“I am confident in the success of the exam, and I believe that future promotion exams will continue to be computer-based.

“I am pleased with the staff’s well conduct, and I believe that at the end of the day, all the participants will be happy with the innovation,” he said.

Mrs Funmilola P-Usman, Acting Director Information Communication Technology (ICT) Department, JAMB, said that her organisation was committed to collaborating with both private and public agencies.

P-Usman expressed happiness over the collaboration with RMAFC and wished the participants success.

“I hope we were able to satisfy your needs because exam delivery is our business and that is what we have been doing for years.

“We just thank God that we have been living up to expectations,” she said.

One of the participants, who spoke on behalf of others, Mr Bashiru Aliyu, thanked the commission for giving them the opportunity to test their intellectual capacities.

“I feel so proud that I took part in the computer-based exam. I believe I am going to make it.

“I wish the commission the best of everything, and I wish my colleagues the best of luck,” he said. (NAN)(www.nannews.ng)

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Edited by Vivian Ihechu

By Okeoghene Akubuike

The African Export-Import Bank (Afreximbank) says it has concluded arrangements for a facility of 250 million dollars with the International Islamic Trade Finance Corporation (ITFC) in support of trade and projects in Africa.

This is contained in a statement issued by Vincent Musumba, Media Relations Manager, Afreximbank, in Abuja on Friday.

Masumba said Afreximbank also concluded arrangements for a facility of 100 million dollars with the Islamic Corporation for Development of the Private Sector (ICD).

He said the arrangements were concluded on the sidelines of the recently concluded 2024 Islamic Development Bank (IsDB) Group Annual Meetings and Golden Jubilee Celebrations.

Masumba said the lines of financing expected from ICD would strengthen Afreximbank’s capacity and reinforce its intervention in the private sector, particularly for enterprises with substantial development impact in ICD and Afreximbank’s member states.

He said the facility from ITFC on the other hand, would provide Compliant Syndicated trade financing line thereby complementing the bank’s trade finance offerings to its clients.

“As partners of the Arab Africa Trade Bridges (AATB) Programme, Afreximbank, ITFC, and ICD are committed to promoting south-to-south trade among African and Arab countries for a common goal.

“ A goal of advancing socio-economic prosperity and building sustainable trade and development across the regions.

“The collective support from ITFC and ICD will also allow the bank to deliver on its continental mandate of fostering industrialisation, developing exports, and full implementation of the African Continent Free Trade Area (AfCFTA).”

Masumba quoted Prof. Oramah, President and Chairman of the Board of Directors of Afreximbank, as saying:

“I take this opportunity to thank Engineer Hani Salem Sonbol and the entire team at ITFC and ICD for the continued partnership with Afreximbank.

“The arrangements we have entered into today with the two institutions will go a long way in supporting Afreximbank in addressing the funding and structural challenges that stand in the way of Africa’s integration agenda.”

Masumba said ITFC is a member of the IsDB Group established with the primary objective of advancing trade among Organisation of Islamic Cooperation (OIC) member countries.

He said the ICD is a multilateral development financial institution that supports the economic development of its member countries, based in Jeddah, ICD is a part of the IsDB Group and was established in November 1999.

“With an authorised capital of four billion dollars, ICD’s shareholders include the IsDB, 56 Islamic countries, and five public financial institutions.” (NAN)(www. nannews.ng)

edited by Sadiya Hamza

By Rukayat Moisemhe

Mrs Ngozi Oyewole, Chairman Wood/Wood Products Sectoral Group, Manufacturers Association of Nigeria (MAN), says the wood and wood products industry can significantly contribute to the nation’s revenue diversification efforts.

Oyewole, also the founder of Noxie Ltd., made the assertion in an interview with the News Agency of Nigeria (NAN) on Thursday.

To maximise the sector’s potential, Oyewole said it was important to give it the necessary visibility and support.

She noted that the sector deserved attention in the form of policy support, infrastructural and skills development, market access and research as well as innovation.

She suggested that the federal government could provide policy support by creating a conducive business environment for the wood sector, including incentives for investment and development.

The wood expert added that improving infrastructure such as roads, electricity and water supply in areas where wood production is concentrated could boost the sector’s growth.

Oyewole stressed the need to invest in training and capacity building for workers in the wood industry to enhance productivity and quality standards.

She said that facilitating access to local and international markets through trade agreements and promotional activities could help wood products reach a wider audience.

“By implementing these strategies, the wood and wood products sector in Nigeria can realise its full potential and contribute significantly to economic diversification and growth,” she said.

Oyewole, however, noted that several challenges faced the wood and wood products sector in Nigeria such as illegal logging, poor infrastructure, lack of access to finance, and inconsistent government policies.

Others, she said, were competition from imported products, limited value addition and sustainability challenges.

“Illegal logging poses a significant threat to the sector, leading to deforestation, environmental degradation, and loss of revenue for legitimate businesses.

“Limited access to finance for investment in modern equipment, technology, and capacity building constrains the sector’s growth and modernisation.

“Addressing these challenges will require concerted efforts from both the government and industry stakeholders to create a more enabling environment for the wood and wood products sector to thrive and contribute effectively to Nigeria’s economic development,” she added.

Oyewole stated that addressing
the challenges facing the wood and wood products sector in Nigeria could lead to several benefits for the economy.

She said the sector’s development could contribute to economic diversification by reducing dependence on oil revenue and creating new sources of income and employment.

Oyewole added that developing the wood industry could generate employment opportunities across the value chain, from forestry and logging to wood processing, manufacturing, and marketing.

She explained that a thriving wood sector could also generate significant revenue through exports of value-added wood products, contributing to foreign exchange earnings and economic growth.

“Promoting sustainable forest management practices in the wood sector can help conserve natural resources, protect biodiversity, and mitigate climate change impacts.

“Investing in the wood industry can spur industrial growth, encourage innovation and technology transfer, and enhance the competitiveness of Nigerian products in domestic and international markets.

“Enhancing the productivity and competitiveness of the wood sector can uplift rural communities dependent on forestry activities, reducing poverty and inequality.

“By addressing the challenges facing the wood and wood products sector in Nigeria, the country can unlock these benefits and create a more sustainable and inclusive economy for future generations,” she said.

Oyewole further said that while the wood industry had traditionally been perceived as male-dominated, there was a growing recognition of the valuable contributions women make to the sector.

She, however, said that gender balance remained a challenge and that there was still a significant gender gap in the wood industry, which required several actions.

She encouraged companies in the wood industry to promote gender diversity and create inclusive work environments that support the recruitment, retention, and advancement of women in various roles.

Oyewole called for training programmes, scholarships, and mentorship opportunities for women interested in pursuing careers in the wood sector, including technical skills training, business management, and leadership development.

“We must raise awareness about the opportunities available for women in the wood industry through targeted outreach, campaigns, and partnerships with women’s organisations and educational institutions.

It is important to establish support networks, forums, and platforms for women in the wood sector to connect, share experiences, exchange knowledge, and access resources for professional growth and empowerment.

“We must also identify and address barriers that prevent women from fully participating in the wood industry, such as cultural stereotypes, limited access to finance, lack of childcare support, and unequal opportunities for career advancement,” she said. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

By Okeoghene Akubuike

The International Monetary Fund(IMF) says determined and well-sequenced implementation of government’s policy intentions would pave the way for faster, more inclusive, resilient growth in Nigeria.

The IMF said this in a statement at the conclusion of its Executive Board’s 2024 Article IV Consultation with Nigeria, a copy of which was obtained by the New Agency of Nigeria (NAN) in Abuja on Thursday.

The Board of Directors of the IMF said the government’s reforms had to be well-communicated to also help restore macroeconomic stability, reduce poverty, and support social cohesion.

The Directors highlighted the importance of reforms to enhance the business environment, improve security, implement key governance measures, develop human capital, boost agricultural productivity, and build climate resilience.

“These reforms are crucial to boost investor confidence, unlock Nigeria’s growth potential and diversify the economy, and address food insecurity, and underpin sustainable job creation.”

They said over the last decade, limited reforms, security challenges, weak growth and now high inflation had worsened poverty and food insecurity in Nigeria.

“While Nigeria swiftly exited the COVID-19 recession, per-capita income has stagnated.

“Real Gross Domestic Product (GDP) growth slowed to 2.9 per cent in 2023, with weak agriculture and trade, and in spite of the improvement in oil production and financial services.

“ Growth is projected at 3.3 per cent for 2024 as both oil and agriculture outputs are expected to improve with better security. The financial sector has remained stable, in spite of heightened risks.

“Food insecurity could worsen with further adverse shocks to agriculture or global food prices.

“ Adverse shocks to oil production or prices would hit growth, the fiscal and external position, and exacerbate inflationary and exchange rate pressures.”

The directors said Nigeria, under its new administration, had set out on an ambitious reform path to restore macroeconomic stability and support inclusive growth.

“The Executive Directors agreed with the thrust of the staff appraisal and welcomed the bold reforms implemented by the new administration.”

They commended the authorities’ focus on revenue mobilisation, governance, social safety nets, and upgrading policy frameworks in the face of Nigeria’s significant economic and social challenges.

The directors commended the administration’s’ actions to rein in inflation and restore market confidence.

They stressed the importance of keeping a tight monetary policy stance to put inflation on a downward path, maintaining exchange rate flexibility, and building reserves.

The directors recommended caution regarding amendments to the Central Bank of Nigeria (CBN) Act that might weaken the central bank’s autonomy.

They also commended the authorities for restarting the cash transfer programme and emphasised the urgency of scaling it up to mitigate acute food insecurity.

The directors welcomed the administration’s work on a comprehensive revenue mobilisation strategy including boosting tax enforcement and broadening the tax base.

They underscored that mobilising revenue and reprioritising expenditure, including phasing out costly and regressive energy subsidies, were critical to creating fiscal space for development spending and strengthening social protection while maintaining debt sustainability.

The directors appreciated the authorities’ commitment to discontinue deficit monetisation and positively noted progress in macroeconomic policy coordination.

They emphasised the importance of close monitoring of financial sector risks.

The directors supported the increase in the minimum capital for banks and urged the CBN to unwind the regulatory forbearance introduced during the pandemic.

They supported the administration’s efforts to foster financial inclusion and deepen the capital market.

The directors welcomed the IMF’s capacity development to support the Nigerian authorities’ reform efforts. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu