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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By Kadiri Abdulrahman

A Financial Expert, Dr Chijioke Ekechukwu, says the Naira can be strengthened if the country can earn substantial foreign exchange revenue on a daily basis.

Ekechukwu, an economist and a past president of the Abuja Chamber of Commerce and Industry, said this in an interview with the News Agency of Nigeria (NAN) on Sunday.

He urged the Federal Government to use every possible avenue to increase the country’s export base to earn more forex.

He advised the government to ensure that the country’s crude oil sales meets the Organisation of Petroleum Exporting Countries (OPEC) quota of 1.8 million barrels per day.

He said that the government should ensure that the revenue from crude oil sales comes in on a daily basis through the Central Bank of Nigeria (CBN).

“If we sell our exports on a daily basis, we must get the revenue on a daily basis.

“The revenue must come through the CBN, and the apex bank must receive and distribute such revenue almost immediately.

“But if we have inflow coming in as revenue and the CBN is not seeing it, the NNPC is selling but we do not know where the money is going to, there will be shortage of forex.

“We need a situation where we earn forex on a daily basis and we have excess of it in the market for both the banks and the Bureau De Change.

“Until we have such a situation and we are able to meet all the demands of importers, the exchange rates will not come down in a hurry,” he said.

According to him, the Federal Government should also initiate a deliberate policy of total curtailing of importation so that what we can not source locally should not be consumed.

He said that such a step would drastically reduce the demand for the dollar and other foreign currencies.

“It is either there will be a deliberate policy of total curtailing of importation so that whatever we can not source locally we do not need, so that the demand for foreign exchange will drop, ” he said.

The expert said that the idea of unifying the dual exchange rates and floating the Naira as done by President Bola Tinubu, without a strong export base, had been counter productive.

He urged the Federal Government to revisit the policy decision.

“Floating the Naira when your balance of trade is heavy on the negative side was ill-advised.

“We were not prepared with enough in our foreign exchange reserves. We did not have enough revenue in foreign exchange to float the Naira.

“If possible, the policy should be reversed so that we can go back to moderating the foreign exchange market, ” he said.

Ekechukwu also advised that payments of fees to foreign universities should be curtailed.

“There should be a deliberate policy to reduce payments to foreign universities, ” he said.

NAN reports that the Naira had been on a free fall in past week, losing more than 31 per cent of its value, and exchanging for over N1,500 to the dollar.

The situation informed certain steps by the CBN to actively address issues of foreign currency speculation and hoarding by Nigerian banks.

However, speaking at the recent Nigeria Economic Summit Group (NESG) event, the CBN Governor, Yemi Cardoso said that the Naira was undervalued.

Cardoso promised to work towards real price discovery in the foreign exchange market.

He said that the apex bank planned to implement inflation-taming policies and collaborate with the Federal Ministry of Finance to stabilise the exchange rate and curb inflation. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

By Collins Yakubu-Hammer

Neveah Limited, an indigenous export company, has announced the redemption of its N2.923 billion Series 7, 8, and 11 commercial paper notes issued in February, May, and July 2023, respectively.

Mr Ibidapo Lawal, the Chief Executive Officer of the Abuja-based commodity trading company dealing in the export of solid minerals and agricultural products, shared this information with the News Agency of Nigeria (NAN) on Friday in Abuja.

A Commercial Paper (CP) serves as an unsecured short-term debt security, akin to a promissory note or bonds, enabling corporate organisations to raise short-term funds from the capital market.

The maximum period for a CP is 270 days, commonly used to meet companies’ working capital needs.

Lawal highlighted the significant growth Neveah has experienced since its incorporation in 2014, noting a revenue increase of over 847 per cent from N2.0 billion in 2019.

The company has expanded its offerings from a small commodity trading operation to a leading dealer and exporter of world-class quality solid minerals, agro-commodities, and logistics.

He mentioned the registration of a N20 billion Commercial Paper Programme in April 2023, followed by the successful raising of N11.1 billion through its Series 6-15 Commercial Paper Issuance to meet working capital requirements.

Lawal emphasized Neveah’s dedication to becoming the foremost indigenous export company for Nigerian solid minerals and agricultural products, promoting locally made products.

He expressed gratitude to all parties involved in the successful endeavor, stating, “Neveah remains dedicated to fulfilling its obligations in a timely manner, showcasing our commitment to financial prudence and sustainable growth.”

The Neveah CEO noted that Dr Gbadebo Adenrele, Managing Director of Investment Banking at United Capital Plc, is thrilled to have assumed the responsibility of Lead Arranger for the company.

United Capital played a crucial role in supporting Neveah throughout its successful capital-raising and the settlement of the N2.9 billion Series 7, 8, and 11 Commercial Paper Issuance.

“Neveah has continuously shown its commitment to utilising funds from the capital markets to improve its revenue and profit.

“We have consistently demonstrated our competency in the export industry, and United Capital Plc will continue to use its in-depth knowledge of the capital markets to help Neveah and other SMEs seeking to access funding,” he stated.

NAN reports that Neveah Limited is a fast-growing commodities export company registered by the Nigerian Export Promotion Council to promote and export Nigerian-made commodities to Switzerland, Germany, the United States, Hong Kong, China, and others.

Neveah strategically sources quality agricultural commodities and solid minerals by working closely with selected suppliers. (NAN) www.nannews.ng

By Kadiri Abdulrahman

A Financial Expert, Dr Chijioke Ekechukwu, has advised the Federal Government to create a foreign currency denominated bond to tackle the unending depreciation of the Naira.

Ekechukwu, an Economist and Chief Executive Officer (CEO) of an Abuja based financial consultancy firm, said this in an interview with the News Agency of Nigeria (NAN) on Friday.

The expert, who is also a past president of Abuja Chamber of Commerce and Industry, spoke against the backdrop of the continuous depreciation of the Naira and instability in the foreign exchange market.

NAN reports that the dollar was exchanged for N1,455 at the official window and N1,511 at the parallel market on Wednesday as a result of scarcity of forex.

This led to Bureau de Change (BDC) operators in Abuja withdrawing their services in protest on Thursday by observing a “no sales” policy.

According to Ekechukwu, the implication of the action by the BDCs is that whenever they reopen the market, the Naira will depreciate further.

He said that the surest way out of the wide dollar gap was for the Federal Government to create a foreign denominated bond like the Eurobond and increase its volume.

“This will bring the pressure down in the forex market.

“The Federal Government should also recapitalise the banks and ensure that only foreign currencies are brought in as new capital into the banks.

“This will force Nigerians who have monies outside the country to bring them in. Foreign investors will also come in with foreign exchange to buy into Nigerian banks,” he said.

He advised that the power sector should also be more privatised and better funded.

“In the power sector, the Federal Government should insist that only foreign currency will fund it to achieve better results,” he said.

Ekechukwu also urged the Federal Government to do whatever it would take for the solid minerals sector to start earning revenue for the country.

“Whatever it takes, we need to break the jinx in the solid minerals sector and ensure that the sector starts producing foreign exchange for the government,” he said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

By Ginika Okoye

The Transparent Protection Ltd/GTE (TPL) has urged the Federal Government to exempt the National Insurance Commission (NAICOM) from the 50 per cent automatic deduction from the Internally Generated Revenue (IGR) of government organisations.

The News Agency of Nigeria (NAN) reports that TPL/Gte is a pioneer membership-based, insurance sector-specific Non-Governmental Organisation (NGO).

Dr Sam Onyeka, the Lead Director of the NGO, said this at a news conference in Abuja.

Onyeka spoke against the backdrop of the recent circular by the Minister of Finance regarding the 50 per cent automatic deduction from the IGR of the Federal Government-owned enterprises

He said the country must brace up for a new wave of insurer insolvency and eventual collapse of the sector for weak and inadequate supervision if the policy persisted.

Onyeka said the exemption of NAICOM was necessary as the Commission was not engaging in commercial enterprise, adding that NAICOM’s objectives would be frustrated if the requisite funds were taken away from them.

He recommended that in the case where exemption could not be obtained, the policy should be limited to NAICOM’s operating fund while education and security and development fund be spared.

According to him, NAICOM is funded by the insurance industry through payment of statutory supervisory levy and the supervisory levy constitutes more than 85 per cent of its total revenue.

The lead director said that other insignificant sources of revenue for NAICOM included fines, and tender’s fees.

“The summary of our position is to fault the Federal Government on the policy as it affects NAICOM.

“We are blaming NAICOM to have stood by and watched, after they had the opportunity to make a case for their exemption from the policy.

“We are recommending joint industry engagement at this time. If NAICOM cannot be fully exempted from the policy, then let the deduction be applied to its operating fund only.

“Under the provision of Part 5 of the NAICOM Act 1997, every insurance institution (as defined) is required to contribute a minimum of one per cent of its gross revenue as supervisory levy.

“The supervisory levy constitutes more than 85 per cent of NAICOM’s total revenue. Other insignificant sources of revenue for NAICOM include fines, and tender’s fees.

“Section 17 of NAICOM Act established four different funds for the Commission namely, operating fund, education fund, security and development fund and reserve fund.

“Under Section 18 of the Act, the operating fund takes care of the day-to-day running of the affairs of the Commission and includes staff salaries and board remuneration,’’ he said.

The objectives of TPL include protection of the collective interest of its members, who are primarily insurance policyholders, and to hold both the insurance institutions and the regulator accountable. (NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma