By Salisu Sani-Idris

A group of partners in the Micro, Small and Medium Enterprises (MSMEs) space is set to execute various MSME-focused interventions, targeting 1.3 million beneficiaries across 17 States and the FCT.

The Director of Information, Office of the Vice President, Mr Olusola Abiola, made this known in a statement on Tuesday in Abuja

Abiola said that the MSME’s interventions was part of their efforts to complement the Federal Government’s drive to improve the economy and create more jobs

He said the MSME and Job Creation Unit of the Vice President’s Office which was coordinating the interventions disclosed that the interventions were geared towards ensuring the realisation of the Tinubu administration’s commitment to job creation.

The director also said that the interventions were expected to ensure the success of the Federal Government’s economic diversification with the MSMEs playing critical roles.

Abiola stated that the interventions which were to be completed in 17 states and FCT were shared centres for MSMEs providing four markets with 300kva Solar Panels and mini grids.

This, according to him, will provide eight hours of electricity a day to six Fashion Hubs and 2 Furniture Clusters.

Abiola said: ” Other interventions are for car painting/ drying hubs and cold rooms for sea food storage among others.

” Following vice president Kashim Shettima’s directives on the speedy execution of the projects, five of the interventions will be completed and delivered by December 2023.

” 12 other interventions are scheduled for completion before December 2024.

“The states to benefit from the interventions include; Abia, Rivers, Jigawa, Benue, Borno, Lagos, Ekiti, Niger, Sokoto, Enugu, Gombe, Akwa Ibom, Yobe, Ondo, Osun, Bayelsa, Imo and FCT.”

He said the MSME partners collaborating with the Office of the vice president to execute the interventions include; Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Corporate Affairs Commission (CAC).

Abiola said: ” Others are: Industrial Training Fund (ITF), National Agency for Food, Drug Administration and Control, (NAFDAC), Standards Organisation of Nigeria (SON) and the Bank of Industry (BOI).

“Also among the partners are the Nigerian Export-Import Bank (NEXIM), Development Bank of Nigeria (DBN), Nigerian Export Promotion Council (NEPC), Bank of Agriculture (BOA), and Raw Materials Research and Development Council (RMRDC).”

Similarly, he said that the Nigerian Information Technology Development Agency (NITDA) and Federal Inland Revenue Service (FIRS), were among the partners. (NAN) (www.nannews.ng)

Edited by Bashir Rabe Mani

By Rukayat Moisemhe/Adebola Adegoke

Trade experts have emphasised the need to boost Nigeria’s productive and manufacturing capacity to facilitate trade, improve foreign exchange inflows and engender competitiveness under the Africa Continental Free Trade Area (AfCFTA).

They spoke at a panel session of the 2023 Intra-African Trade Fair (IATF2023) Roadshow Nigeria with theme: “Growing Intra-African Trade amidst Increasing Regional and Global Geopolitical Challenges” on Monday in Lagos.

The News Agency of Nigeria (NAN) reports that IATF2023, scheduled for Nov. 9 to Nov. 15 in Cairo, Egypt, is organised by the African Export-Import Bank (Afreximbank), African Union Commission and the AfCFTA Secretariat.

The event is a platform for businesses to access an integrated African market of over 1.3 billion people with a Gross Domestic Product (GDP) of over 3.5 trillion dollars created under the AfCFTA.

Mr Intong Eric Monchu, Regional Chief Operating Officer, Anglophone West Africa, Afreximbank, stated that AfCFTA’s implementation remained a critical arrowhead of the bank’s strategy to drive Africa’s economic integration.

Monchu, noting that the continent was blessed with abundant natural resources, observed that Intra-African trade level was pegged at 18 per cent; a very low value when compared with that of Europe and Asia.

He stated that Nigeria’s current export of raw commodities needed improvements and said that the Afreximbank was committed to supporting solutions tailored toward facilitating trade across the continent.

“Nigeria tops country to drive intra African trade because they have what it takes in the way they think, reason, drive, aggressiveness to move Intra-African trade.

“We must, therefore, stop being last in terms of trade while Afreximbank works to promote special economic zones, industrial parks with states and countries across the continent,” he said.

Engr Mansur Ahmed, Immediate Past President, Manufacturers Association of Nigeria (MAN), noted that the real cause of Africa’s failure was the inability to keep up productive manufacturing capacity.

Ahmed said the country needed to trade in manufactured goods, produce what is needed for consumption and also what is needed for exportation.

He lauded the Afreximbank for its efforts in creating financing systems and urged the bank to focus on promoting manufacturing.

Mr Olukayode Pitan, Managing Director, Bank of Industry (BOI), noted that one clear challenge affecting the Nigerian economy was the absence of enough diversification.

Pitan, represented by Mr Leonard Kange, Divisional Head, Corporate, BOI, stressed the need for depth to diversify the country’s revenue, noting the volatility that accompanied its dependent on oil.

He noted that opportunities existed to earn foreign exchange in manufacturing sectors such as motor parts and cars, iron and steel, plastics, textile, energy, agriculture running into billion of dollars.

“As it is, Nigeria is exporting money and importing poverty and so it has become very important to support and develop our industrial base to drive economic growth and development.

“With the opportunities in manufacturing, it is glaring that the market is there and so we must do what is needed to take advantage of this market to begin to earn the much needed foreign exchange,” he said.

Mr Segun Ajayi-Kadir, Director-General, MAN, said the lending rate of credit funding to manufacturers was quite high, hindering competitiveness.

He added that the challenges of power, ability to scale, transportation and logistics, infrastructure, bureaucratic bottlenecks beguiled manufacturing.

“When extrapolated to the continent, the situation is not so different and until individual countries address these constraints, Intra-African trade may be difficult,” he said.

Mr Olatayo Omodiji, Head, Strategic and Corporate Communications, Nigeria Export Import Bank, said the reason for low Africa trade was because trade was more in primary commodities.

He noted that the composition of trade globally was mainly manufactured finished products and so that starting point would be to add value to raw material.

Omodiji also emphasised the need to develop infrastructure and technology for manufacturing to compete globally.

“Nigeria also needs to address issues of informal trade by getting Micro, Small and Medium Enterprises (MSME) to be part of formal structure to grow trade.

“We must add value to agricultural products such as cocoa, leather, nuts, crude to boost trade while Nigerians work on their psyche to adopt Made In Nigeria goods massively,” he said.

Mr Emeka Uzomba, Senior Advisor, AfCFTA, Afreximbank, describing AfCFTA as the most developmental tool for Africa, urged the private sector to organise themselves to harness its opportunities.

He said some of the bank’s intervention tools included financing and equity risks to support development of industrial parks and special economic zones across Africa.

He pledged the bank’s support to providing more interventions tailored to drive MSME participation and growth under the AfCFTA.(NAN)(www.nannews.ng)

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Edited by Vivian Ihechu

By Kelechi Ogunleye

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), is seeking partnership with key petroleum stakeholders, to effectively manage gas flaring in the country.

RMAFC Spokesperson, Mr Christian Nwachukwu, who disclosed in a statement on Monday in Abuja, said the aim was to boost the country’s revenue profile.

Nwachukwu said that the commission made the proposal when it received delegates from the Nigeria Upstream Regulatory Commission ( NUPRC), and the Nigerian Oil Spill Detection and Response Agency (NOSDRA).

The News Agency of Nigeria (NAN), reports that gas flaring is the term for burning off the gas which comes out of the ground while drilling for oil.

The spokesman said that RMAFC Chairman, Mr Bello Shehu, had told the delegation that the commission’s aim was to ensure that such gas flaring management measures were in line with global best practices.

Shehu said that the collaboration was an effort to stop the huge revenue losses recorded by the country, and to increase revenue for Nigeria.

He said that in view of the concerted efforts by the current administration to shore up the country’s revenue, the gas sector of the economy must be given adequate attention.

He expressed optimism that this was achievable with NUPRC and NOSDRA, as the regulatory bodies saddled with the responsibility of determining quality and quantity of gas production, and also adherence to environmental standards.

The RMAFC boss further called on all relevant stakeholders in the petroleum and gas sector, including the Federal Government Revenue Monitoring Committee, to proffer effective strategies that would convert gas flaring for economic gains.

NUPRC’s Director of Economic Regulation and Strategic Planning, Mr Babajide Fashino, on his part, said that Nigeria was at the forefront of managing gas flaring in line with global best practices for economic growth and sustainability.

Fashino said that this had been achievable through the introduction of metering system and calibration of the meters for accurate records of gas management.

According to him, the introduction of such technologies have gone a long way in reducing gas flaring in Nigeria from 40 per cent to seven per cent.

In her remarks, Mrs Margaret Adeshida, NOSDRA’s ICT Director, said that there was need for proper monitisation of gas flaring in Nigeria.

Adeshida said Nigeria flared more than 4.2 billion standard cubic feet of gas, which led to the country’s loss of more than 14.6 billion dollars in revenue, between 2012 and 2021.

She said that this was in addition to the 8.3 billion dollars loss in penalty for the wastage, summing up to 22.9 billion dollars loss within the same period under review. (NAN) (wwwnannews.ng)

Edited by Nyisom Fiyigon Dore

By Rukayat Moisemhe

Gynix Afrika, an organisation committed to improving women’s health, has sensitised 100 girls in Osun about critical health issues, fitness, general well-being, technology and personal development.

The Chief Executive Officer (CEO) of Gynix Afrika, Dr Godwin Oyewumi, made the disclosure in a statement on Sunday in Lagos.

He said that the organisation would carry out more programmes to improve the health and general well-being of the girl-child.

According to Oyewumi, the aim is to engender emotional, mental and physical health among female adolescents, thereby effectively shaping their adulthood.

“The event tagged “Unafraid; Own it, Live it” at the Gynix Afrika maiden adolescent health outreach edition at Ijebu-Ijesha, Oriade LGA, Osun State, provided an inclusive avenue for participants to feel acknowledged and safe.

“We, recognising the valid pressures, uncertainties and travails of adolescence, will continue to drive initiatives that address these challenges and better prepare them for adulthood,” he said.

He said that the outreach featured training and interactive sessions on menstrual hygiene and menstrual disorder, physical and mental health, sexual health, teenage pregnancy and self management tools.

Oyewumi called on well-meaning organisations and individuals to partner with Gynix Afrika to widen its reach in providing innovative health solutions.

According to Oyewumi, the Director of Operations at Gynix Afrika, Mrs Adesola Akanni, at the event, advised the girls not to be restricted by challenges associated with adolescence but determine to set goals and pursue integrity and excellence.

Ms Kofoworola Toriola, a furniture maker and fitness coach, in a session entitled, ‘My body and I’, advised the teenagers to engage in physical exercise and eat healthy diets, according to Oyewumi.

Oyewumi added that Toriola described knowledge and determination as important for success in every field, including male-dominated ones.

He said that Ms Prisca Onuegbu, Communication Head at Cece Yara Foundation, described communication as critical for adolescents to tackle cases of sexual and gender-based violence.

“We are ready to support girls, who have been abused, by facilitating access to psycho-social, legal and medical support through the Cece Yara child toll-free helpline 08008008001,” Oyewumi quoted Onuegbu as saying.

The News Agency of Nigeria (NAN) reports that Gynix Afrika seeks to empower African women through innovative health solutions, including health education, health screenings and access to quality healthcare services. (NAN)(www.nannews.ng)

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Edited by Ijeoma Popoola

By Felicia Imohimi

The Nigeria Labour Congress (NLC), has advocated for a proper implementation of tax justice to enable higher income earners in the country pay higher taxes than low income earners.

Mr Eustace James, NLC Focal Person on Tax Justice, made the call in an interview with the News Agency of Nigeria on Friday in Abuja.

“Those who occupy public offices, those who erect mighty buildings with public funds and yet they don’t pay taxes should be made to pay taxes accordingly, ” he said.

James was speaking at the Fiscal Accountability for Inequality Reduction (FAIR4ALL) Project Media Colloquium and Exhibition organised by Oxfam Nigeria supported by Dutch Ministry of Foreign Affairs.

He decried the system where low income earners and the vulnerable in the society pay higher and double taxes while those occupying high public offices do not pay taxes.

“Tax justice is about bringing equity and justice to tax payment, about people paying based on what they earn.

“It is about eliminating extortion and exploitation of the poor as well as taxing on the basis of pure justice, ” he said.

James, who identified tax justice as key to decent work, added that tax is the most sustainable means of public finance.

“So, tax is an obligation of every citizen but what has been the issue in Nigeria is that the poor pay more than the rich.

“When you talk about tax net expansion, it is not about taxing the poor more, it is about taxing the rich who are not paying tax in order to contribute to the tax basket, ” James said.

He explained that the poor are those that are exploited and extorted in the name of multiple taxations while the rich keep invading and avoiding taxes.

According to him, tax justice campaign has brought tax payment into the limelight to address inequality and injustice.

“We, in NLC has no option than to key into this campaign and to also be the champion of tax justice and good governance, ” he said. (NAN)(www.nannews.ng)

Edited by Benson Ezugwu/Julius Toba-Jegede

By Christian Njoku

Gov. Bassey Otu of Cross River has said that the state’s 2024 budget would be fully implemented under a transparent supervision.

Otu stated this on Friday in Calabar while declaring open a one-day stakeholders’ budget consultative forum.

Otu, represented by his Deputy, Peter Odey, said when the budget is finally passed; his administration will ensure that its implementation ratio is transparent for everyone to see.

“We will ensure that this budget is implemented to the very letter.

“If we do not implement appropriately, then we stand the risk not to create the right opportunity to reduce poverty and hunger, or improved healthcare in the state.

“We are on a track to having a right budget in 2024, a budget that will build Cross River, improve infrastructure, education, healthcare, the standard of living and the transport sectors.

“We cannot create wealth as a government if we do not budget adequately, we cannot even employ because we would not know the number of people to employ,” Otu said.

In his keynote address, State Commissioner for Finance, Mike Odere, argued that since resources are scarce, government must ensure proper allocation and utilisation.

Represented by the Permanent Secretary of the ministry, Dr Atim Ekpenyong, Odere said top government functionaries need to ensure that projects succeed on time through better management of both human and material resources.

He said that effective resource utilisation maintains productivity as it prevents staff from underperforming and being overburdened by workload.

According to him, it reduces risks of oversights as well as management of projects with better visibility, among others.

Similarly, Mr Cyril Omini, Chairman, State Assembly House Committee on Finance and Appropriation, stressed the need to put in place a budget that aligns with the needs of the people.

“Budgetary process affects each and every one of us, our well-being, personal goals and aspirations.

“Therefore, we must all take active part in the budgetary process and work towards a budget that is focused on making a difference in the lives of our people,” Omini said.

He further enjoined stakeholders to look beyond individual’s interests while working towards a common goal for the good of the state and citizenry. (NAN) (www.nannews.ng)

By Lydia Ngwakwe

The naira on Thursday gained against the dollar as it exchanged at N736.62 at the Investors and Exporters window.

The local currency appreciated by 4.53 per cent compared to the N771.59 it exchanged for the dollar on Wednesday.

The open indicative rate closed at N774.74 to the dollar on Thursday.

A spot exchange rate of N799.90 to the dollar was the highest rate recorded within the day’s trading before it settled at N736.62.

The naira sold for as low as 700 to the dollar within the day’s trading.

A total of 66.43 million dollars was traded at the investors and exporters window on Thursday. (NAN) (www.nannews.ng)

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Edited by Oluwole Sogunle

By Isaac Aregbesola

Dr Mustapha Popoola,  Executive Director/Global Impact Lead of Research for Impact and Knowledge Economy for Sustainable Development (RIKESD), says Nigeria can earn more than N10 trillion annually through a knowledge-based economy.

Popoola  said this  at the inauguration of the organisation on Thursday in Abuja.

He  said that the nation’s economy could be boosted by attracting Foreign Direct Investment ( FDI)  through research funding into the country.

Popoola said that there was a need  for  government and private organisations,  to invest in capacity building  to enhance the development of knowledge- based economy

He said that there was no way to solve the nation’s economic problem without productivity.

”Until we have those things that we are producing either in knowledge-based or elsewhere.

”Once that happens across board it is not about categorization, everybody can sit down, you can see many innovations coming from various communities, the moment you have those little contributions, that is how to build the economy.”

According to him, what we are trying to do is to ensure that we harness all of that.

”In essence we are looking at a captivating knowledge-based economy that can contribute nothing less than N10 trillion to the economy per annum to our national income.

”The national budget today is about N20 trillion. We don’t know what the budget of the new government will be, that is without the knowledge-based economy.

”If we look at the digital economy and innovation alone it is very huge; assuming we now expand the whole knowledge economy, not only digital.

“We are talking about research in agriculture, in space, in the automotive industry, green economy, circular economy,

”We now aggregate that we are confident that N10 trillion naira will be got legally in Nigeria with the contribution of everybody in Nigeria in their little way, ” he said.

He said that was the way the firm believed the economy should be disaggregated.

”That is why we are now coming up with this initiative to partner with government, industry,  academia and funder.

”We want the funder to be interested in Nigeria, why they are running away is because when they fund they are not impactful,”he said.

The Finland Ambassador to Nigeria, Leena Pylvänäinen harped on the need to make innovation a sustainable development

“Finland is a country of innovation; Finland is constantly ranked as one of the most innovative countries in Europe.

“So we know and fully appreciate what today is about making innovation in our sustainable development,” she said.(NAN)(www.nannews.ng)

Edited by Joseph Edeh