NEWS AGENCY OF NIGERIA
AfCTA: FG restates commitment to implementation through use of data
Business

AfCTA: FG restates commitment to implementation through use of data

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By Okeoghene Akubuike

The Statistician-General of the Federation, Prince Adeyemi Adeniran, says the Federal Government is committed to implementing the African Continental Free Trade Area (AfCTA) through use of official statistics.

Adeniran, the Chief Executive Officer of the National Bureau of Statistics (NBS), said this at a Road Walk to mark the 2023 African Statistics Day in Abuja on Tuesday.

He said the Federal Government had set up an implementation committee to achieve this.

“We are marking the African Statistics Day which is set aside to create awareness about the role that statistics can play in the economy and good governance in every country in Africa.

” The theme for this year chosen across countries in Africa is to use data ecosystem to support the government in the implementation of AfCTA, which Nigeria is a signatory to that agreement.

“The Federal Government has set up an implementation committee which is in touch with the NBS to see how we can collaborate and work together.

“This is to ensure we put in place data that can be used to measure the performance of government in the implementation of that agreement.”

Adeniran said the purpose of the road walk was to create awareness of the importance of statistics in nation-building, economic development and sustainable coexistence.

He said the walk was also to seek the cooperation of Nigerians in data gathering at the household level and company and establishment level.

“We need to create awareness that there is a need for us to use statistics for planning, and there is a need for the government to make use of data to formulate policy.

“Also to drive home the fact that there is a need for us to get the cooperation from all Nigerians when our staff are on the field to collect data, be it at the household level or the company or establishment level,” he said.

The statistician-general said the celebration of the day had to be shifted to Nov. 21 and Nov. 22 because the day of the celebration which was Nov. 18, fell on a weekend.

According to him, we need to ensure everyone in the statistical system participates in the celebration starting with this road walk and tomorrow we will conclude with a public lecture.

Mr Wakili Noma, the Director, Corporate Planning and Statistical Coordination, said Nigeria needed accurate data to plan adequately.

Speaking on the use of big data in Nigeria, he said Nigeria was rated high in the use of big data.

“The African Union has an institute in Kigali which is training people on big data.

“Most of our staff from NBS have gone there, and most of us were already conversant with what they are doing because we have already gone far with big data use in NBS.

“So, big data for us is not a problem. When you meet and mingle with other people of the world that is when you know if you are ahead of them or at par with them.

“We in NBS Nigeria have been rated high compared to that of South Africa, Egypt and others. “(NAN)

The News Agency of Nigeria(NAN) reports that the African Statistics Day is an annual event celebrated on Nov. 18 to raise public awareness of the importance of statistics in all aspects of social and economic life.

The theme of the 2023 African Statistics Day is “Modernising Data Ecosystems to Accelerate the Implementation of the AfCFTA: The Role of Official Statistics and Big Data in the Economic Transformation and Sustainable Development of Africa”.(NAN) (www.nannew.ng)

Edited by Ese E. Eniola Williams

CBN defers 293rd MPC meeting again amid expectations
Economy/Business

CBN defers 293rd MPC meeting again amid expectations

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By Kadiri Abdulrahman

 

In spite of expectations by stakeholders, the Central Bank of Nigeria (CBN) have shelved its bi-monthly Monetary Policy Committee (MPC) meeting for the second time.

The meeting, expected to hold on Nov.
20 and Nov. 21, would have been the first to be presided over by Mr Yemi Cardoso as CBN governor.

This second postponement had kept stakeholders in suspense as to what Cardoso’s approach to bridging the exchange rates and addressing rising inflation would be.

The News Agency of Nigeria (NAN) reports that the MPC meeting, which is the 293rd in the series was earlier scheduled for September but postponed indefinitely.

At the 292nd meeting on July 24 and July 25, presided over by erstwhile acting CBN governor, Folashodun Shonubi, the committee decided to raise the Monetary Policy Rate (MPR) from 18.5 per cent to 18.75 per cent.

It also adjusted the asymmetric corridor to +100/-300 basis points around the MPR; retained the Cash Reserve Ratio (CRR) at 32.5 per cent; and retained the Liquidity Ratio at 30 per cent

According to Uche Uwaleke, a Professor of Capital Market at the Nasarawa State University, Keffi, the postponement of the MPC for the second consecutive time could be a blessing in disguise.

Uwaleke, also the President of the Capital Market Academics of Nigeria, said that if the MPC had held in September, it was most likely the MPR would have been jerked up thereby, further increasing the cost of doing business and reducing access to credit.

“This would have been the outcome of the meeting against the backdrop of the pressure by the IMF for an MPR hike to reduce money supply.

“It would not have had any significant impact on the rising inflation,” he said.

A past president of the Chattered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, said that MPC meeting was an ongoing process.

“Maybe the committee has not exhausted the outcome of the last meeting in July.

“Cardoso is a technocrat; he knows what to do. I believe he is settling down and trying to understand where he is. He needs to study the environment properly before getting down to business.

“I think that is what Cardoso is doing. We should give him some time, but the politicians should allow him to do his job without interference, ” Unegbu said.

The Chief Executive Officer of the Centre for the Promotion of Private Enterprises, Muda Yusuf, said that the meeting must urgently be reconvened to give information about the economy and guide the public on the government policy direction.

According to Yusuf, because the leadership of the bank is new, I imagine that they are trying to put their acts together at least to familiarise themselves with the issues.

“The most challenging issue is the foreign exchange and they have been taking some steps even without meeting, trying to clear the backlog, which is commendable.

“The MPC gives information about the economy and the direction they are going, so the fact they have not met means there is a lack of communication.

“Monetary policy communication is important to guide investors and to that extent, it is important to have those meetings,” he said. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

FG revokes 1,633 mining titles, warns illegal miners
Economy/Business

FG revokes 1,633 mining titles, warns illegal miners

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By Kadiri Abdulrahman

The Minister of Solid Minerals Development, Dr Dele Alake, on Tuesday announced revocation of 1,633 mining titles for defaulting in payment of annual service fees.

Alake made this known at  a news  conference in Abuja on Tuesday.

According to him, in compliance with the law, the Mining Cadastral Office (MCO) on Oct.  4, began the process of revoking 2,213 titles.

“These included 795 exploration titles, 956 small scale mining licences, 364 quarry licences and 98 mining leases.

“These were published in the Federal Government Gazette Number 178, Volume 110 of Oct. 10 with the notice of revocation for defaulting in the payment of annual service fee.

“The mandatory 30 days expired on Nov. 10. Only 580 title holders responded by settling their indebtedness.

“With this development, the MCO recommended the revocation of 1, 633 mineral titles as follows: Exploration Licence, 536; Quarry Licence, 279; Small Scale Mining Licence, 787 and Mining Lease, 31.

“In line with the powers conferred on me by the NMMA 2007, Section 5 (a), I have approved the revocation of the 1,633 titles,” the minister said.

He said that the titles would be reallocated to more serious investors.

He warned the previous holders of the titles to leave the relevant cadaster with immediate effect.

He said that security agencies would work with the mines inspectorate of the ministry to apprehend any defaulter found on any of the areas where titles had been revoked.

“We have no doubt in our mind that the noble goals of President Bola Tinubu  to sanitise the solid minerals sector and position the industry for international competitiveness are  alive and active.

“We appeal to all stakeholders for their co-operation in achieving these patriotic objectives and encourage those who have done business in this sector the wrong way to turn a new leaf.

“Ultimately, the Nigerian people shall be the winners,” he said.

According to Alake, It is indeed very unconscionable for corporate bodies making huge profits from mining to refuse to give the government its due by failing to pay their annual service fee.

“It is indeed a reasonable conjecture that such a company will even be more unwilling to pay royalties and honour its tax obligations to the government.

“The amount the companies are being asked to pay is peanut compared to their own revenue projections.

” For example, the holder of an exploration title pays only N1,500 per cadastral unit not exceeding 200 units. Those holding titles covering more than 200 units pay N2,000 per unit, In short, the larger the area your title covers, the more you pay.

“This principle was applied to ensure that applicants do not hold more than they require to explore.

“With a cadastral unit captured as a square of 500 metres by 500 metres, any law-abiding title holder should not hesitate to perform its obligations,” he said.

The minister said that every sector required a governance system that regulated the conduct of its participants, the procedures for entry and exit, the obligations of the government to participants and the penalties for non-compliance.

He said that the philosophy of the Nigerian Minerals and Mining Act 2007 was to establish a rational system of administering titles transparently and comprehensively to ensure a seamless transition from reconnaissance to exploration and from exploration to mineral extraction.

“The principal agency for the administration of titles is the MCO, which receives applications, evaluates them, and issues titles with the approval of the office of minister of solid minerals development.

“Although the MCO has tried to improve its efficiency by adopting new application administration technology, it continues to face challenges in monitoring the compliance of title holders,” he said.

He warned illegal miners to desist from their illegal activities as their “days were numbered ”. (NAN)(www.nannews.ng)

Edited by Chioma Ugboma

NBS assures of improved statistical system to enhance development 
Economy/Business , General News

NBS assures of improved statistical system to enhance development 

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By Isaiah Eke

The National Bureau of Statistics (NBS) has given assurance of building a stronger and more vibrant statistical system that will  ensure economic development of the country.

The Statistician-General of the Federation, Mr  Adeyemi Adeniran, disclosed this in his keynote address at a  two – day Southern States Stakeholders’ Workshop on “Production of National Strategy for Development of Statistics Phase Three” in Uyo, Akwa Ibom  on Monday.

Adeniran said that it was imperative to forge a robust strategy to guide the growth and development of the system that would be responsible for producing the data that the country would depend on.

“Over the past couple of months, NBS, in line with its role and position as the Coordinator of the Statistical System in Nigeria has been working tirelessly on the process of developing a new National Strategy for the Development of Statistics (NSDS) in Nigeria.

“Statistics, often hailed as the ‘silent language of governance,’ form the bedrock of an informed and thriving society.

“They guide policy formulation, resource allocation, and progress evaluation.

“As we convene today for this crucial task, let us recognise that statistics go beyond mere numbers; they articulate the narrative of the situation in society, inform decisions, policies, and programmes, and pave the way for a brighter future.

“The accuracy and quality of our statistics are paramount. We must continuously strive for excellence in data collection, analysis, and dissemination to maintain the trust and confidence of our data users and policymakers.

“The quality of the output, the soundness of methodology and processes, and the robustness of our data sources are extremely vital and require due attention under this new strategy.

“We will continue to work together to build a stronger and more vibrant statistical system that is capable and well-resourced to produce and facilitate the use of data in our progress toward sustainable development.

“By doing so, we will fulfil our mandate and contribute to a data-driven, progressive, and economically viable Nigeria that works for the benefit of all our citizens,” Adeniran said.

Adeniran said that NBS would foster collaborations with local and international organisations, academia, and the private sector, to access resources, knowledge, and technical assistance and advance the nation’s statistical system.

In his remarks, Gov. Umo Eno of Akwa  Ibom commended  the NBS for their efforts to modernise the statistical system at all levels in the country.

Eno, who was represented by the Commissioner for Economic Development, Mr Emem Bob,  said that such efforts would enable the production of official statistics that all stakeholders would rely on for their respective programmes and projects.

The governor, who declared the event open, urged all participants to contribute diligently to the new NSDS, to address gaps and challenges hindering the production of unified data that would  accurately reflect  current emerging realities in the country.

Earlier in his welcome remarks, the State Director of Statistics, Mr Peter Akpan said that in the present era of data, the official statistics were indispensable for effective governance and development.

Akpan said that it was necessary to modernise the state and national statistical system in a way that would reflect the internationally recognised framework.

The  News Agency of Nigeria (NAN) reports that the theme of the workshop is: ” To Assess the National Statistical System (NSS) Harness Inputs and Proffer Recommendations for the Development of NSDS in  Nigeria”. (NAN)(www.nannews.ng)

 

Edited by Edith Bolokor/Chioma Ugboma

FG’s VAT Direct Initiative‘ll grow SMEs, empower rural traders, artisans – Association
Economy/Business

FG’s VAT Direct Initiative‘ll grow SMEs, empower rural traders, artisans – Association

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By Philip Yatai

The Market Traders Association of Nigeria (MATAN), says the Federal Government’s Value Added Tax Direct Initiative (VDI) will end multiple taxation and promote the growth of Small and Medium Enterprises (SMEs).

Hajiya Aisha Nakorji, the Chairperson of the association in Federal Capital Territory (FCT), Abuja, who stated this in Abuja on Sunday, added that the initiative would also empower rural traders and artisans.

Nakorji said during sensitisation of young entrepreneurs that the initiative was one of the best government initiatives to the people, particularly traders.

She explained that the VDI was introduced by the Federal Inland Revenue Service (FIRS) to collect and remit VAT from MATAN members, especially those in the informal sector using a unified systems technology.

Nakorji said that the association would collaborate with FIRS in the execution of the initiative due to its widespread network in all the nooks and cronies of the country.

“Under the collaboration, MATAN will promote awareness on VAT collection and remittance in the marketplace and informal sector.

“The association will also simplify VAT payment and remittance for the marketplace and informal sector using a purpose-built digital platform.

“The digital platform enumerates the association members and provides a digital identification that tracks their turnover so that VAT accrued is collected and remitted to the FIRS.

“The initiative will remove all bottlenecks hampering businesses, particularly multiple taxation as one of our major challenges in the informal sector is not knowing who we are paying taxes to,” she said.

Nakorji added that FIRS has packaged both cash and material rewards for members of the association and other businesses in the informal sector who would key into the initiative.

The chairperson further said that the association has sensitised traders in all the six Area Councils of the FCT to deepen understanding of the project among the rural population.

“We have taken this campaign to all the six Area Councils to educate critical stakeholders and the informal sector players who are supposed to be part of the initiative.

“The benefits are enormous. Through the initiative, the government is not just working to eliminate multiple taxation, but also seeking to end poverty.

“I believe that this is a noble policy from President Bola Tinubu’s administration, and all stakeholders need to accept and promote it,” she added. (NAN)

Edited by Bashir Rabe Mani

AfDB boss commends Nigerian governors on regional devt. approach
Banking , Business , Economy/Business

AfDB boss commends Nigerian governors on regional devt. approach

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By Lucy Ogalue

Seven newly elected Nigerian Governors visited the African Development Bank (AfDB) Group President, Akinwumi Adesina, in Abidjan to strengthen cooperation and unlock the country’s vast agricultural potential.

A statement issued by the Bank on Saturday, said the delegation was led by Katsina State Governor Dikko Radda.

The News Agency of Nigeria (NAN) reports that governors Nasiru Idris of Kebbi State, Alhaji Umar Namadi of Jigawa, and Dr Dauda Lawal of Zamfara were among the delegation .

Deputy governors Aminu Abdussalam from Kano, Dr Hadiza Balarabe representing Kaduna, and Idris Gobir of Sokoto was also part of the delegation.

The News Agency of Nigeria (NAN) reports that with an estimated 60 million people, which is 28 per cent of the country’s population, North West Nigeria is home to 10 million of the country’s 22 million heads of cattle.

Discussions in Abidjan focused on boosting food production, nutrition, and security as well as innovative ways to unleash the zone’s rich agricultural potential.

It also aimed to fast-track the implementation of Special Agro-industrial Processing Zones (SAPZs) and leverage AfDB’s renewable energy programmes.

Adesina applauded the regional approach of the North West Governors while assuring them that the Bank would support the development of a regional strategy.

The AfDB president said the Bank and its partners targeted one billion dollars in financing to expand the SAPZ programme in Nigeria to support up to 25 of the country’s 36 states.

Adesina urged the governors to collaboratively and promptly select agricultural hubs to host the schemes.

According to the AfDB boss, the bank is working with the Federal Government of Nigeria to tackle high food and energy prices.

“These zones will benefit local farmers and create jobs throughout the value chains. They will provide unprecedented opportunities to transform commodities into high-value products.

“They will reduce waste and post-harvest losses, boost incomes, increase profits, and plough money back into your rural economies,” he said.

Noting the zone’s endowments in livestock, particularly cattle, Adesina underscored the area’s potential for meat processing.

“I would like us to have a substantive conversation about establishing beef processing zones in the North West zone.

“The Bank has financed several projects in the North West zone, including the 85 million dollars Zaria Water Supply and Sanitation Project, which provides water to 650,000 people and sanitation services to 350,000.

“Two states from the zone, Kano and Kaduna, are part of Phase One of the SAPZ programme.

“The National Agriculture Growth Scheme (Agro-Pocket or NAGS) received 134 million dollars in budget support funding under the Bank Group’s Africa Emergency Food Production Facility.

According to Adesina, the scheme targets increased wheat and rice production during the 2023 dry season and through the 2024 wet season in five states.

He said the scheme will help reduce some of the country’s current three billion dollars expenditure on wheat imports.

Governor Radda commended Adesina’s leadership of the Bank and for serving as a good ambassador for Nigeria and Africa.

In his remarks, the Katsina governor said the North West governors decided to adopt a coordinated approach in collaborating with the Bank to implement agriculture and power projects to drive the zone’s development and improve livelihoods.

“We have commonalities in people, approaches, culture, tradition, topography, rainfall, and climate.

“The lack of irrigation infrastructure is among the key challenges in the zone, leading to low yields, post-harvest losses due to poor storage facilities, youth unemployment and underemployment, and fuelling insecurity,” Radda said.

Also soeaking, the Jigawa State governor said his administration prioritised strategic partnerships that advance rural infrastructure, farm mechanisation and climate-smart agriculture.

Representing Kaduna State, the Deputy Governor Balarabe said, “we are optimistic that the SAPZs
would assist us in overcoming many challenges.

“This is even just as it will propel us to achieve food self-sufficiency, job and wealth creation, and subsequently boost economic growth, especially the rural economy,” she said.

Similarly, Governor Lawal of Zamfara said the state was an agrarian economy. We have abundant agricultural land and the largest dam in the country.

He said the state could produce enough to feed Nigeria, particularly rice and wheat, with sufficient water and land resources.

Lawal said that being home to the largest dam in the country and having significant mineral deposits, including gold and lithium, Zamfara could make rapid gains in eradicating poverty and creating wealth for its population.

Meanwhile, the governor of Kebbi State highlighted the centrality of agriculture to the state’s fortunes, saying nearly 70 per cent of its population was reliant on agriculture.

He said the state was prioritising creating economic opportunities for the youth and women and was dedicated to participating in the Desert-to-Power programme to revive moribund industries in the state.

The Deputy Governor of Kano State said the state was working to revamp more than 20 idle dams to drive economic activity.

Also, the Deputy Governor of Sokoto State, Gobir, said programmes to bolster beef and milk production and improve higher education for youth were priorities.

NAN reports that the AfDB has committed about 853 million dollars to develop 24 SAPZs in 11 countries.

The Nigeria SAPZs are the continent’s largest and most ambitious in terms of scope and size.

The Bank’s Executive Director for Nigeria, Samson Oyetunde, urged the governors to develop agribusiness development plans to benefit from the current global attention to agriculture and food production.

The meeting featured presentations on the SAPZs, the Technologies for African Agricultural Transformation (TAAT) programme and the Desert-to-Power initiative.

At the recently held Africa Investment Forum Market Days event in Marrakech, AfDB and its partners inaugurated the Alliance for Special Agro-Industrial Processing Zones with an initial investment commitment of three billion dollars to transform Africa’s rural areas into zones of prosperity.

The zones are designed to promote increased productivity, value addition, and market access through government-enabled and private sector-driven investments to develop strategic commodity value chains.

The SAPZ programme was inaugurated in Nigeria in October 2022. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

Policies, strategies critical to efficient industrialisation – academic
Business

Policies, strategies critical to efficient industrialisation – academic

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By Lucy Ogalue

A Professor of Economics at the University of Ibadan, Olawale Ogunkola, has advocated the need for policies and strategies that foster efficient industrialisation process in Africa.

Ogunkola, who spoke at a plenary session at the ongoing African Economic Conference (AEC) 2023 in Addis-Ababa, reiterated the need for infrastructure development on the continent to aid industrialisation.

The News Agency of Nigeria (NAN) reports that the conference’s theme is “The Imperative for Sustainable Development in Africa”.

According to Ogunkola, mass production is required to meet market demands, and this will not be profitable if trade costs are not reduced through infrastructure development.

Highlighting the challenges being faced by some countries where Special Economic Zones (SEZs) were isolated, Ogunkola called for an integrated approach and policy coherence.

“The case for infrastructure development is critical for regional value chains. If we do not address trade costs, making a profit will not be possible.

“For some countries, special economic zones are like military zones; keep off. They are so disconnected from the domestic economy.

“There is a need for an integrated approach and policy coherence to make Special Economic Zones relevant by linking them to technology transfer and skills development.

“The special zones need to be relevant by being linked to technology transfer and skills development, aligning them with the broader domestic economy,” he said.

The professor also urged governments to ensure the implementation of our policies on the continent, as enacting those policies was not a solution unless they were implemented.

Similarly, Grace Nshemeirwe, the Chief Executive Officer (CEO) of the Uganda Private Sector Federation, emphasised the need for governments to address trade barriers and finance businesses.

She said: “harmonising trade policies across the region is vital to facilitate trade and enable African countries to compete effectively.

“Access to finance and capacity building cannot be overemphasised; we must do more in product standardisation and packaging in Africa.”

The President of the Indian Chamber of Commerce, Pradep Mehta, said trade policies must evolve to focus on consumer welfare.

He then reiterated the importance of consumer-centric approaches in shaping future trade policies in Africa.
Meanwhile, Dr Joy Kategekwa, the Strategy Advisor at UNDP, who moderated the plenary, also emphasised the transformative potential of Regional Value Chains (RVCs) in Africa’s industrial revolution.

Kategekwa said RVCs enable nations to leverage their comparative and competitive advantages, allowing them to participate in industries that might otherwise be beyond their capacities.

“Africa is industrialising; we must grow bigger and faster,” Dr Kategekwa said.

“This growth requires a multifaceted approach, including consistent government policies, fostering Public-Private Partnerships (PPPs), and establishing Special Economic Zones to drive the development of regional value chains.

“Removing barriers to the free movement of people is equally crucial; we can’t trade and industrialise if we can’t move,” Kategekwa said.

NAN reports that the theme of the plenary is “Is Africa having potential for regional value chains?”

The forum is being hosted by the African Development Bank (AfDB), the Economic Commission for Africa, and UNDP.

The meeting brought together leaders, youths, African scholars, academics, private sector operators, and development practitioners to deliberate on research and propose policy recommendations on the continent. (NAN) (www.nannews.ng)

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Edited by Ese E. Eniola Williams

Experts want establishment of African carbon market
Business , Economy/Business

Experts want establishment of African carbon market

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By Lucy Ogalue

Some experts say that the Africa Continental Free Trade Area (AfCFTA) will considerably increase African trade without adding significant pressure on climate change if fully implemented.

The experts said this while presenting their research findings on “AfCFTA and Industrialisation in Africa” at the ongoing African Economic Conference (AEC) 2023 in Addis-Ababa, Ethiopia.

The News Agency of Nigeria (NAN) reports that the event has as its theme “The Imperative for Sustainable Development in Africa”.

They agreed that whether establishing a single or several carbon markets in Africa, continental coordination through AfCFTA around carbon pricing was desired.

Mr Simon Mavel, an economist at the Economic Commission for Africa (ECA), presented a paper on “Greening the AFCFTA” .

His findings showed that pursuing existing National Determined Contributions (NDCs) or establishing an African carbon market on top of the AfCFTA reforms would substantially reduce greenhouse gas (GHG) emissions.

“Although there is a trade-off between reducing GHG emissions and spurring economic benefits, establishing an African carbon market will reduce GHG emissions while preserving foreseen economic benefits from AfCFTA.

“Also, an African carbon market is more efficient than existing NDCs in meeting Africa’s climate objectives, Mavel said.

An economist at the Trade and Industrial Policy Strategies (TIPS), Seutame Maimele, said that countries need to advance climate-resilient development to mitigate the impact of the European Green Deal (EGD) in Africa.

Maimele, in his research on EGD and its implications for Africa, said this could be through creating a regional green industrial policy for Africa, utilising the AfCFTA and creating transformative industrialisation.

“The African Union within the AfCFTA can lead to creating a regional carbon market that can be utilised for selling carbon credits.

“This market can also be used to retain the funds collected by the EU from the continent,” Seutame said.

Regarding the debt for climate swaps, Seutame said that anticipating the climate debt that Africa would pay, it was essential to put measures in place to hold the global north responsible for climate change.

Similarly, Dr Abas Omar, a PhD candidate at the Research Institute of Economics and Management in China, said the BRI was an alternative industrialisation model for Africa.

Omar said this while presenting a paper on whether the Belt and Road Initiative (BRI) boosts industrialisation in Africa.

“The BRI accelerated China-Africa investment. The significant funds are in energy and infrastructure. Combining BRI membership and the value of infrastructure contributions indicates the BRI’s channel of impact on Africa’s industrialisation.

“The BRI significantly promoted Africa’s industry value addition. Moreover, while infrastructure alone is inadequate for African industrialisation, the BRI augments infrastructure to promote African industrialisation.

“Our study findings recommend an extended period of BRI membership, broader institutional and investment climate enhancements and a revision of national/continental priorities for the BRI’s second phase,” Omar said.

On how trade in services affects industrialisation in sub-Saharan Africa, Bouraima Sawadogo, a Regional Integration Consultant at the African Development Bank (AfDB), said African countries need to include services as strategies in their industrial policies.

“The acceleration of implementing AfCFTA’s protocol will increase trade in services within the region, resulting in a higher impact on industries that import services as inputs,” he said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

We are making efforts to increase tax revenue -JTB
Economy/Business

We are making efforts to increase tax revenue -JTB

197 total views today

By Naomi Sharang

The Joint Tax Board (JTB) Staff Multipurpose Cooperative Society says it has intensified efforts to increase tax revenue to meet up with government’s obligations.

President of the society, Mr Collins Umenwosu, disclosed this at the maiden Annual Award and Dinner of the society in Abuja.

Umenwosu recalled that the chairman of the Federal Inland Revenue Service (FIRS) had said there was a target  to increase tax revenue in the country and to also  increase the tax to GDP ratio to 15 per cent.

He said: “We work with the Federal Inland Revenue Service to ensure we create a tax-friendly environment. Efforts are already ongoing to ensure that there is improvement on collections.

“You can’t also remove the fact that over the years, the revenue has increased drastically because last year, there was a significant increase as well.

“So the tax revenue both at the national and sub-national levels, we are making significant efforts at helping the government in providing revenue to meet its obligations.”

According to Umenwosu, the JTB society is a platform that has been set up to support what the JTB, as the primary organisation, has been doing to support the welfare of staff of the board.

“We have expanded our scope to go beyond the staff. We have people coming from outside the secretariat to also join because; they have seen what we are doing and they have seen what we have been doing.

“We are here to ensure the staff are okay and taken care of in terms of financial  support in whatever project they are embarking on.

“As the socio-economic challenges of the global landscape manifests its toll on our domestic society, the welfare and wellbeing of our members must be uppermost in our minds.

“Our ultimate desire is to ensure that all our members keep their heads above water in every ramification.”

On her part, Secretary of the Joint Tax Board, Nana-Aisha Obomeghie, said the board was the umbrella body of all the tax authorities in Nigeria.

She said that the board had achieved quite a lot in the recent past with the  elimination of all the multiple taxes that numbered up to 72 in the country.

“We have also moved the Tax Identification Number (TIN) registration system to a level where you can comfortably generate TIN in your own bedroom either with your phone or laptop.”

Obomeghie also said that the board had ensured that the Internally Generated Revenue (IGR) of states moved significantly.

“In 2022, the 36 states and the FCT were able to generate N1.9 trillion, in 2021 and we were able to generate N1.8 trillion.

“It’s been on the upward trend now. We hope by the end of 2023, we should be able to assist the states to move their IGR to over 12 trillion,” she said.

The secretary, however, urged members of the cooperative to continue to adhere to the general tenets and principles of cooperatives.

She also assured of the  determination of the JTB management to corroborate any genuine effort focused on creating a conducive and peaceful atmosphere for progress.

One of the awardees, Mr Oseni Elamah, who is also the promoter and initiator of JTB Cooperative Society, appreciated the society for the award.

He said that cooperative societies were aimed at supporting members facing financial challenges.

“It is our little way of giving back to society. It is better to give back to society than to amass wealth for oneself alone.

“Wealth will mean nothing if not used to serve humanity and we have to do what is necessary to help humanity,” he said.

Highlights of the event were cutting of cake and cultural performances by various ethnic groups. (NAN)

Edited by Idris Abdulrahman

NASME, MTN MoMo unveil money platform for SMEs
Business

NASME, MTN MoMo unveil money platform for SMEs

328 total views today

 

By Stellamaris Ashinze/Lydia Ngwakwe

The Nigeria Association of Small and Medium Enterprises (NASME) in partnership with the MTN MoMo has introduced a mobile money platform for start-ups and Small and Medium Enterprises (SMEs) to grow their businesses.

The News Agency of Nigeria (NAN) reports that the product was unveiled at the MTN MoMo and NASME Symposium and Exhibition, on Friday, in Lagos.

The National President, NASME, Dr Abdulrashid Yerima, said familiarising the NASME community with the MTN MoMo wallet and MTN products would play a significant role in supporting the growth and development of SMEs in Nigeria.

According to him, providing NASME members with the tools and resources they need to succeed, MTN have helped to create a more inclusive and prosperous economy for all Nigerians.

“As the President of the Nigeria Association of Small and Medium Enterprises, I am honoured to be part of this collaborative effort between MTN MoMo and NASME that symbolises a commitment to fostering growth, innovation, and connectivity within our vibrant small and medium-sized enterprise community.

“This initiative aligns with the one-billion-naira youth and women empowerment fund and the overarching vision of the Sustainable Development Goals (SDGs) for 2030.

“It also marks the commencement of a transformative experience designed to introduce the MTN MoMo Wallet and MTN products to NASME.

“It serves as a conduit for networking, expert-led workshops, and seminars aimed at equipping SMEs with the tools and knowledge necessary for sustainable growth,’’ he said.

Yerima was represented at the event by Mr Solomon Aderoju, the National Vice President, NASME.

The Chief Commercial Officer, MoMo, Elsa Muzzolini, who thanked NASME for the collaboration, said that MoMo was willing to engage them and address their specific challenges and requirements.

“We really want to listen about your needs and what you want MoMo and MTN to do to help you in your business on a daily basis.

“I want you to share with us what you want MoMo to do for you; my team will collate all your submissions and make sure that we integrate it because we believe in co-design and collaboration to serve the needs of our customer,’’ she said.

Dr Femi Egbesola, President, Association of Small Business Owners of Nigeria (ASBON), congratulated NASME and MoMo for the partnership and for identifying with the SMEs.

Egbesola, however, provided specific recommendations on how MTN MoMo could better support small and medium-sized enterprises.

This, he said, was a proactive approach for MoMo to identify and address the needs of SMEs, which is crucial for fostering their growth and success.

Egbesola said, “The first is that we would love to have the logo of our business membership organisation on your MoMo platform for the world to see that we are actually partnering with you and you are partnering with us.

“Next is that when you are dealing with SMEs, we want you to use us as your brand ambassadors.

“We wish that you introduce quite a number of different support services with your MoMo platform. Like having an online platforms where all SMEs can display their products and services free of charge that will give you a lot of feasibility and will also help you to have our data free of charge.

“We will also appreciate it if you can have a mentorship platform on your platform that can assist us to have people who are credible, knowledgeable and experienced.

“That can afford the startups and those who are younger in business on how to do business right, among others.’’ (NAN)
Edited by Chinyere Joel-Nwokeoma

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