By Lucy Ogalue

The Federal Government has taken further steps to protect consumers and businesses against  losses and inaccurate measurements.

Amb. Nura Rimi, Permanent Secretary, Ministry of Industry, Trade and Investment, said this during the Weights and Measures Department Quarterly Assembly in Abuja on Thursday.

According to Rimi, this is being done through  enforcement of the Standard Operating Procedure of businesses.

He said that the duties of the weights and measures department were essential and significant to the nation’s economy.

“The first priority area of President Bola Tinubu is to reform the economy to deliver sustained inclusive growth.

“ I was pleased when I was informed of the theme of this assembly: ‘Reviewing the Legal Metrology Standard Operating Procedures for a Sustainable Economic Growth’.

“Enforcement of legal metrology in virtually every sector of the economy does not just protect consumers but also assists Nigerian businesses to avoid unnecessary losses from inaccurate measurements, and accords them the badge of traceability that enables healthy competition both in local and international markets,” he said.

By Nana Musa

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun says  Nigeria and the World Bank are working toward strengthening mutually beneficial bilateral relations.

Edun said this when he received  the World Bank Managing Director of Operations, Ms Anna Bjerde, who was on on a two-day visit to Nigeria.

The News Agency of Nigeria (NAN) reports that Bjerde’s visit is in furtherance with the bank’s engagement with Nigeria on critical aspects of the development agenda.

Edun urged more support for the country, while expressing the hope that the multilateral institution would appreciate the country’s reform efforts.

“The World Bank has been part of the progress report and we commend all their efforts,” he said.

Earlier, Bjerde said that she was in Nigeria to further the World Bank’s engagement on critical aspects of the country’s development agenda

She said that the World Bank had  more than 30 projects in Nigeria, adding that her visit would afford her the opportunity to also take stock of the ongoing projects.

The Minister of Budget and Economic Planning, Sen. Atiku Bagudu expressed appreciation to the World Bank for its continuing support for Nigeria.

Bagudu said that President Bola Tinubu’s administration embarked on one of the biggest reforms, adding that the 2024 budget would reduce deficit for the first time in recent years.

He also called for more support from the World Bank.

Also speaking, the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso commended the World Bank for its support to the country over the years.

He said that the World Bank’s support was not only in terms of dollars and cents, but also through the huge knowledge, which would be beneficial to the country.

“We look forward to more collaboration,” Cardoso said.  (NAN)(www.nannews.ng)

By Ekemini Ladejobi

Drama became the leading genre in Nollywood in 2023, with 45.5 per cent of the top 44 Nollywood films released in the box office.

According to a report by film insights publication, In Nollywood in its journal, The Industry, the best-performing films were determined by a ₦50m gross and above in the cinemas and a top ten rank for more than a week and high audience social interaction for films that had exclusive streaming debuts.

The News Agency of Nigeria (NAN) reports drama beat comedy as more filmmakers and audiences leaned into the genre countering the trend in previous years.

It also showed that in spite of the heavy popularity of projects in the epic genre, it only accounts for 6.8 per cent while both crime and action thrillers account for 25 per cent combined.

The cultural epic, also called the “traditional film”, is a thriving Nigerian genre that is characterised by old Nigerian traditional setting, costume and manner of speaking.

Although drama led the box office grosses ahead of comedy for the most parts of 2023, it lost the earnings race to comedy due to the record breaking feat of Funke Akindele’s `A Tribe Called Judah.’

There were only five major comedy projects in the top 40 throughout the year with a total gross of ₦194.69 million before Akindele’s project made its way to the cinemas, according to the report.

NAN reports that Akindele’s film has become the first Nollywood film to hit one billion naira in the cinemas.

The one billion mark was only ever achieved by Ryan Coogler’s Black Panther: Wakanda Forever. (NAN)

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Edited by Ekemini Ladejobi/Sadiya Hamza

Loan

By Grace Alegba

Access Bank Plc has secured a 75 million dollar facility from the Japan International Cooperation Agency (JICA) to support climate change measures in Nigeria.

The bank disclosed this in a statement on Tuesday in Lagos.

Citi, a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in United States, acted as the sole coordinator and agent.

The facility underscores a commitment of Access Bank, JICA and Citi to support climate change measures in Nigeria.

The use of proceeds of the loan are expected to be used to finance a wide range of sub-projects.

The projects include renewable-energy, energy-saving and agriculture-related that contribute to climate change measures.

Mr Roosevelt Ogbonna, Managing Director, Access Bank Plc, said the bank recognised the need for urgent sustainable solutions to combat climate change.

“This landmark agreement with JICA reaffirms our commitment to
leveraging financial resources for impactful initiatives that promote environmental resilience and contribute to Nigeria’s climate action agenda.

“By investing in renewable energy, energy-saving, and agriculture-related projects, we aim to create a positive ripple effect, not only mitigating the effects of climate change but also fostering economic growth and improving livelihoods within our communities.

“Indeed, this partnership represents a shared commitment to a greener, more sustainable future for Nigeria and beyond,” he said.

Jin Wakabayashi, Deputy Director General, Private Sector Partnership and Finance Department at JICA, who emphasised the importance of implementing the project, said it was the first loan facility by the agency’s private sector investment finance in Nigeria.

Wakabayashi said that facility marked a new milestone in the long history of its cooperation with the country.

“In addition, we are delighted to have an opportunity to work with such a reputable and quality partner, Access Bank, which has a sophisticated business platform and an established track record of climate finance.

“Under the partnership with Access Bank, JICA’s facility is expected to be used for projects which contribute to climate change measures in Nigeria, and we expect that this collaboration will be further deepened in the years to come,” he said.

Also, Richard Hodder, Global Head of Export Agency Finance (EAF) at Citi, said the firm was committed to providing solutions that facilitate investments linked to energy transition, energy security and key drivers of economy and growth.

“Citi is proud to partner as the sole coordinator and agent in facilitating JICA’s first transaction in Sub-Saharan Africa under the Private Sector Investment and Finance
scheme.

“Following on from the Citi-arranged DFC (U.S. International Development Finance Corporation) facility to Access Bank in 2022, this partnership is a meaningful
roadmap towards TICAD 9 (Tokyo International Conference on Africa Development) to be held in Tokyo in 2025.

“Nigeria, a signatory to the Paris Agreement, has set ambitious targets to reduce
greenhouse gas emissions, requiring substantial investments in climate change
mitigation and adaptation measures.

“Furthermore, the implementation of the deal aligns with Nigeria’s efforts to mobilise private sector funds for climate action, in line with Sustainable Development Goals 2 (Zero hunger), 7 (Affordable and clean energy), 13 (Climate action), and 17 (Partnerships
for the goals),” he said.

He said it resonated with Japanese Prime Minister Kishida Fumio’s vision for a more climate-resilient and sustainable society.

“Through strategic collaborations and innovative financing mechanisms, Access Bank
and JICA together with Citi are pioneering efforts to address climate change challenges,
setting a precedent for sustainable development in the region,” Hodder said. (NAN)

Edited by Olawunmi Ashafa

By Lucy Ogalue

The Government of Nigeria and Germany have agreed to strengthen collaboration to boost Micro Small and Medium Scale Enterprises (MSMEs) in the country.

The Minister of Industry Trade and Investment, Dr Doris Uzoka-Anite said this during a bilateral meeting organised by the ministry and the German Ministry of Economic Development in Abuja.

Uzoka-Anite acknowledged the existing partnership between both countries and expressed optimism for a stronger tie that would foster stronger mutually beneficial relationship between them.

“We are very happy to receive you here and as we already mentioned in the side meeting, you are interested in renewable energy, agriculture, and increasing access to finance for MSME.

“That will be a major booster for the industrial sector of the economy.

`The President (Bola Tinubu) is highly committed to and ensuring that the economy turns around job creation, poverty alleviation, inclusiveness, ensuring renewables.

“All of these years to increasing food, capital, investment in the country and boosting industrialisation,’’ she said.

According to the minister, to add more weight to Federal Government’s commitment, the president recently formed the Presidential Council on Industrial Revitalisation, which is chaired by the Minister of Finance and Coordinating Economy.

Uzoka-Anite said: “in that we have about 11-point agenda where we are looking at all the different sectors of the economy and looking at how to revive the economy via all of these different sectors.

“The MSMEs segment cuts across all of the sectors and we know that if we can improve the SMEs, we are immediately contributing about 45 per cent to Nigeria’s Gross Domestic Product (GDP).

“So, your coming to partner and support us in this development is a major booster to the presidential ambition to grow the economy to a one trillion economy.

“We see a GDP growth rate of almost seven per cent within a period of four to five years.”

Responding, the German Minister, Ms Svenja Schulze, said Nigeria was one of the first countries Germany partnered with as early as 1959, and this collaboration had deepened to the benefit of both countries.

“Our cooperation, I want to point out again, is in our common interest.

“Nigeria is Africa’s largest and most populous economy, Germany is an export nation, we are interested in growing markets, so some 90 German companies are already active here in Nigeria.

“One reason is that Nigeria has so many creative young people and that is what companies like to have and why they are here,’’ she said.

According to Schulze, Nigeria is currently facing security challenges which are overridden by conflicts of resources, climate change and population growth.

“We all know that the core of these conflicts cannot be resolved by military means alone.

“The underlying causes must be addressed and this includes such as jobs, energy, food security and efforts to strengthen the rights of women.

“ We are aligned in the fight against terrorists. We already have a good cooperation, we have a lot of programmes, we do a lot of things together and we want to deepen our cooperation

“I just want to thank you for the exchange and we are looking forward to deepening our cooperation,” she said.

For his part, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, reiterated the commitment of the Federal Government to promote small businesses in the country.

“This bilateral meeting, essentially put together by the Ministry of Industry Trade and Investment and her counterpart, the German Minister of Economic Development and Cooperation, is one among series of interactions.

“This time, it aims at discussions on cooperation and bilateral support with regard to MSMEs in particular and economic cooperation in general across sectors.

“The sectors include agriculture, energy, particularly solar power and entrepreneurship skills development particularly for small-scale businesses and women led businesses,” Edun said.

The minister expressed hope that by the next meeting scheduled for May, more agreements would be completed, and actual funds would be made available.

On taxes, Edun said it was a civic duty and the funds was necessary to improve the economy, increase productivity, create jobs, reduce poverty and carry out other government responsibilities.

According to him, the level of tax to GDP, the level of taxation that is collected, relative to the amount of economic activity Nigeria is one of the lowest in the world at 13 per cent.

He said across Africa, it was about 25 per cent, while developed world and rich countries like Germany, it was more than 50 per cent of GDP.

“ This is collected by the government by way of tax and it facilitates these investments, social infrastructure and social services and welfare as a whole.

“So there is no getting away from the fact that adequate tax must be levied, adequate tax must be paid,’’ he said.

On increasing price of goods, the minister who said it was of great concern to the government and Nigerians, said that steps were being taken by the government to ameliorate it.

“A lot of emphasis is placed on increasing agricultural production in particular.

“The president has intervened in that sector to provide grains, fertilizer to farmers, to bring additional increase to rice, maize wheat and cassava under additional production.

“In order to increase the output and bring down prices and that will help bring down inflation and of course, we are in the middle of the dry season farming.

“So we are looking forward to good dry season harvest that will help to ameliorate food prices in particular and the price level in Nigeria in general,” Edun said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

The TY Danjuma Foundation (TYDF) says it plans to spend over N2billion in its 2023-2028 strategic plan.
The Chief Executive Officer of the foundation, Mr Gima Forje, said this at a meeting with partners in Abuja.
Forje said that the foundation had been working with partners for the past 15 years making positive impact in the lives of Nigerians across the country.
‘‘The foundation’s strategic plan for 2023-2028 is focused on maternal and child health, access to quality education, preventable blindness, free medical missions and humanitarian supports.
He said that the foundation had added new elements to its thematic focus which included research and documentation in the areas of health, education, and humanitarian assistance, as well as research around issues of contents to the foundation and public interest.
“The final component to this is that we are going back to something which we experimented in the past, which is capacity building for Non Governmental Organisations (NGOs).
“So, we want to work closely with a lot of NGOs to see how we can build their capacity in response to the needs of the society,” he said.
Forje added: “We are going to spend over N2billion with our partners in the 2023-2028 strategic plans, clearly we will surpass that.
“There are a lot of projects the foundation is engaged with that involve massive construction especially hospitals that have to deal with maternal and child health.
“An eye hospital in Takum, Plateau, another maternal and child health hospital in Benin and another one in Enugu State.
“So when you look at the larger picture, we are going to double or triple the amount which the foundation is projecting initially.’’
Forje said the meeting was to come together and identify existing challenges and chart a way forward to consolidate the work of foundation which had spanned over 15 years.
He said that in the past, the foundation used to organise practical trainings for its local partners for them to understand the essence of the foundation, the expectations of them, how they should engage with government and the community.
“Now we have evolved and what we are doing now is to consolidate on the works partners we’ve been doing over 15 years.
“We now bring government and partners around the table so that they can interface with each other. If they are obstacles, they identify them, and the government can advise on to overcome them.
“Then, we can now jointly work towards a common goal which is to make more impact on the lives of Nigerians,” he said.
Speaking, Dr Oteri Okolo, the National Coordinator of the National Eye Health Programme, Ministry of Health and Social Welfare, stressed the need for NGOs and development partnership to key into government policies and programmes in their interventions.
Okolo also advised partners to ensure value for money when implementing their intervention programmes.
“Basically, our goal at the National Eye Health Programme is to ensure that resources coming into the country, to ensure that partners are well-utilized to ensure maximum impact on the citizenry.
“TYDF is one of our partners in eye health, and they work with their partners in states to bring interventions to the average Nigerian.
“As we emphasised in the meeting, this is not a resource-rich nation, no matter what people say. We need to ensure that we make effective and judicious use of the resources.
“One of the ways we highlighted in the meeting is to ensure that they work together with the government, aligning with government priorities, plans, and policies. Because you want to ensure that these resources are effectively utilised,’’ he said.
He added: “Another way to ensure that resources have a lasting impact is to ensure that whatever is implemented is sustainable.
“The best way to ensure the sustainability of these interventions and their maximum value is to ensure that the government is involved in implementation at all levels. Ensure that everyone is carried along and working together, aligning with priorities.
“Those are the things we are looking to ensure happen between 2024 and 2028, especially in the eye health space.”
Dr Omosigho Izedonwmen, the Executive Secretary, Edo Primary Health Care Development Agency, commended the foundation’s intervention in various sectors of the economy.
Izedonwmen said that the foundation had demonstrated how individual capacities could contribute meaningfully to society through education, health, nutrition and other dimensions without necessarily holding presidential office.(NAN)(www.nannews.ng)
OBE/ABI
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By Femi Ogunshola

The Registrar, Chattered Institute of Treasury Management (CITM),Mr Olumide Adedoyin, has urged the Federal Government to phase out higher denomination notes, such as the N1000 and N500 Naira notes, to strengthen the Naira.

Adedoyin said N1000 and N500 notes were more susceptible to counterfeiting, and illicit financial activities, hence, they should be phased out in a bid to reform the nation’s currency.

“To reform the nation’s currency, there is need for the Federal Government to implement a currency reform that involves demonetisation or gradually phasing out higher denomination notes, such as the N1000 and N500 notes.”

Adedoyin commended President Bola Tinubu for taking proactive steps in addressing flagrant abuse of the Nigerian currency and by extension, the Nigerian economy.

He said this was sequel to the directives to the Central Bank of Nigeria (CBN) on the total ban of the use of dollar in the nation’s economy as a means of transaction.

He said such step was geared towards proper realisation of the value of the Naira.

He urged the government to embrace cashless policies and promote the use of electronic payment systems, such as mobile money, online banking and electronic fund transfers.

According to him, this will help to reduce the demand for physical cash and limit the circulation of higher denomination banknotes.

He called on government to enhance financial inclusion initiatives that would bring more people into the formal banking system, adding that it would reduce the reliance on physical cash.

He added that it would make it easier for the government to manage currency supply.

Adedoyin stated that to further strengthen the Naira, there was need to implement and enforce robust anti-corruption measures to reduce illicit financial flows

He said it included money laundering and other illegal activities that contributed to the devaluation of the Naira.

He restated the need to promote economic diversification to reduce the country’s reliance on oil exports and enhance foreign exchange earnings from other sectors such as agriculture, manufacturing, mining and services.

“It is important to note that these measures should be implemented in a coordinated and holistic manner to address the underlying economic and structural challenges facing the Nigerian economy.

“Also, careful consideration should be given to potential social and economic impacts on the population, to ensure a smooth transition and acceptance of the proposed reforms.” (NAN) (www.nannews.ng)

Edited by Idris Abdulrahman

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