NEWS AGENCY OF NIGERIA
Ministry seeks robust collaboration with its agencies in developing mining sector
Economy/Business , Environment

Ministry seeks robust collaboration with its agencies in developing mining sector

238 total views today

By Vivian Emoni

Federal Ministry of Mines and Steel Development has called for more robust collaboration between it and its agencies to enhance growth in the mining and steel sector.

The ministry’s Permanent Secretary, Dr Mary Ogbe, made the call when she visited Solid Minerals Development Fund (SMDF), a parastatal under the ministry, in Abuja on Wednesday.

Ogbe said that such collaboration would enhance the activities of the sector, thereby boosting the development of the country.

While commending the mutual relationship between the ministry and SMDF, she said that the collaboration would help the agency to achieve its mandate of ensuring the nation’s economic growth.

The permanent secretary called on other mining industries to support the ministry to rectify the myriad of challenges currently facing the sector.

According to her, the ministry will continue to ensure better and sustainable relationship with SMDF and other agencies to actualise their mandates for the overall benefit of the citizenry and investors.

She commended SMDF for its achievements, under its executive secretary, in ensuring that the sector moved forward.

Earlier, the Executive Secretary of SMDF, Hajia Umaru Shinkafi, commended the ministry for its support by ensuring that the agency was effectively repositioned.

Shinkafi said that the mandate of SMDF was to enhance both human and physical capacity in the minerals and mining sector, particularly the mining institutions, to enable them perform their statutory functions. (NAN) (www.nannews.ng)

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Edited by Gregg Mmaduakolam and ‘Wale Sadeeq

Demand for digital investment increases need for advisory firms, says expert
Business , Science & Tech

Demand for digital investment increases need for advisory firms, says expert

197 total views today

By Rukayat Moisemhe

The Managing Partner, ACIOE, Ekenem Isichei, says the demand for digital investment and resources to drive project and solution accuracy has accelerated the need for specialised insights provision.

Isichei said this in a statement on Wednesday in Lagos.

He said the firm ACIOE would continue to distinguish itself in ensuring the Ease of Doing Business in Nigeria and across Africa.

Isichei said the process of ensuring that one’s business thrives amidst existing and emerging environmental factors and events required invaluable and professional solutions from analysts who understudy those factors.

He said to the ACIOE Associates was created to fill the gap of the peculiar need for valuable and expert business advisory and solutions professionals that guarantees good profit margins.

Isichei stated that across various sectors, the firm leverages real-time insights, vast industry expertise, established government relations rapport, and proven solutions to identify possible growth areas for clients.

“ACIOE achieves this through six key touchpoints – Public-Private Partnerships, Sustainable Development, Public Health, Agribusiness, ICT for Development, and Gender and Climate Change.

“The firm through Public-Private Partnerships allows for accurate needs identification and promotion, stakeholder strategy and engagement, legal and regulatory assessments, opportunities conception, planning, and implementation.

“For instance, emerging data from various industries’ key experts’ highlights infrastructure investment including digital infrastructure growth as would be key propellers of a post-COVID economy.

“We strategically assesses the needs of clients and establishes relevant collaborations and partnerships that would ensure that projects are sustainable.

“In the area of public health, the firm affords clients solutions and services on stakeholder strategy & engagement, project/programme coordination, procurement and supply chain, capacity building, and project monitoring/ evaluation.

“Each effort is driven by real-time data and information on stakeholders’ needs, preferences, challenges, and obtainable/available resources in making inferences as required,” he said.

Isichei reiterated the firm’s commitment to proactively and systemically drive strategic advisory solutions for businesses across various sectors such as government relations, economic development, and investment strategy in Africa. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

CBN, Egypt’s apex bank partner on joint fintech bridge
Banking , Economy/Business

CBN, Egypt’s apex bank partner on joint fintech bridge

202 total views today

By Kadiri Abdulrahman

The Central Bank of Nigeria (CBN), and the Central Bank of Egypt (CBE) have signed a Memorandum of Understanding (MoU) to establish a Nigeria – Egypt Fintech Bridge.

According to a statement obtained from the website of the CBN, the MoU was signed on Tuesday at the Seamless North Africa Conference 2023 in the Egyptian capital, Cairo.

It came after a series of engagements on issues around payment system, financial technology, and financial inclusion in Africa.

The apex bank said that the MoU represented a partnership of the central banks of the largest economies in Africa.

According to the CBN, the MoU encompasses a broad range of collaborative initiatives, joint registration, innovative projects, coordinated licensing and supervisory framework, and information sharing.

The News Agency of Nigeria (NAN) reports that fintech bridges represent agreement outlining collaboration between two governments; cooperation between regulatory bodies and connectivity between two markets and ecosystems.

Speaking at the event, Deputy Governor, Financial System Stability, Aisha Ahmad, who signed on behalf of the CBN, said that the Nigerian apex bank was excited by the partnership with the CBE.

According to Ahmad, the partnership was actualised after several months of engagements on payments, fintech and financial inclusion.

“We look forward to cultivating an innovative space for fintech startups and entrepreneurs in Egypt and Nigeria, to accelerate financial inclusion, deepen our payment systems and drive economic growth across Africa,” she said.

Also speaking, the Deputy Governor of the CBE, Rami Aboulnaga, expressed delight at the partnership, adding that it would meet the desired expectations.

NAN reports that the conference was hosted by the CBE and had policy makers, payment service providers, financial institutions and technology startups from Egypt, Nigeria and across Africa in attendance. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

Uncertainty: Firstbank tasks SMEs on staying strong  
Banking , Business

Uncertainty: Firstbank tasks SMEs on staying strong  

179 total views today

 

By Lydia Ngwakwe

 

Mrs Oludolapo Adigun, Group Head, Retail Banking, South, FirstBank, has advised Small and Medium-sized Enterprises (SMEs) to see opportunity in adversity and make good use of it to stay strong in business.

Adigun gave the advice at a SMEConnect webinar, organised by the FirstBank for individuals and business owners in Nigeria, on Tuesday in Lagos.

The News Agency of Nigeria (NAN) reports that the webinar had the theme: “The Power of Resilience: Building a Strong Business in Times of Uncertainty’’.

SMEConnect webinar is one of the ways through which FirstBank delivers its capacity-building pillar of its value propositions to SMEs.

The initiative focuses on impacting SMEs in areas that affect their business growth and development.

Adigun said: “Nigeria is a blessed land. We have the potential, we have over 200 million people, we are said to be the most populous and in population, we have the market and it’s a growing large consumer base.

“So, there is immense opportunity for SMEs; and with the growing middle class and increasing opportunity, we need to tap into it as an SME.’’

Adigun named some of the challenges SMEs faced to include infrastructure, regulatory environment, informal economy like those that are not exposed to education, rising inflation, petrol subsidy removal, currency devaluation, Foreign exchange rate, among others.

She said these challenges, like uncertainties, would always happen in business as they are norms in the business world and in everyday life.

According to her, how ready SME operators are to handle them are essential.

She said: “So, the strategies for businesses to adapt to economic condition and seize market opportunities, they need to navigate through regulatory framework to address infrastructural challenges and harness the entrepreneurial skill.’’

Adigun urged businesses to plan and maintain a long term loan, financial management, prioritise strategic partnership, strengthen customer relationship, adjust business model and enhance operational efficiency, among others.

She also said that most of the challenges and uncertainties that businesses in Nigeria go through, Firstbank had gone through it and yet still standing.

She said that the bank had carried out a dynamic adjustment of its operations, structure and system, adding that it was still reviewing its process.

She said, “FirstBank is SME’s focused bank with over 1,000 MSMEs in its book.

“And what do we do with them? We know your challenges and what you are going through and because of that we know your pain point.

“We have products that have been suited for you; we have assets, products, liability products, and others, all about you and for your sustenance and growth and we also have the seven pillars,’’ Adigun said.

She urged individuals who aspire to own a business and business owners to register on the SMEconnect@firstbanknigeria.com as there were a lot in there for them to gain.

She also introduced to the participants the firstbank business diagnostic tool which the bank uses to analyse businesses and give advice on areas of strength and improvement.

Earlier, Mr Damilola Aransiola, Chief Growth Officer, WhoGohost, urged the participants to find unique ways to solve the challenges that the hard times had thrown on their businesses.

According to him, this is what WhoGohost did to stay resilient in business.

“Resilience is the capacity to withstand or to recover quickly from difficulties and toughness.

“For us (WhoGohost) to be stable, we built a product that will allow us to earn in dollars and that was what we did with Muzu.co, a website builder, that allows people to create websites quickly for themselves,’’ he said.

He, therefore, urged business owners to build resilience by innovating and pivoting.

He advised that if a particular business strategy was not working, they could look for other ways to create products that would allow them to earn quick money as revenue was the lifeline of every business.

He said, “ revenue is the lifeline of your business, you don’t want to lose that, so you have to think of creative ways to make money.

“And don’t have the mindset that Nigerians don’t have money, though there are some people that might not be able to afford your product but don’t have that mentality that you cannot earn money

He also urged them to creatively partner with others and use that to grow. (NAN)(www.nannews.ng)

 

Edited by Olawunmi Ashafa

Subsidy: President Tinubu reviews palliative  initiative
Economy/Business , Oil & Gas

Subsidy: President Tinubu reviews palliative  initiative

221 total views today

 

By Ismail Abdulaziz
President Bola Tinubu has directed the immediate review of the palliative to cushion the effect of removal of fuel subsidy.
In a statement issued by Mr Dele Alake on Tuesday in Abuja, Tinubu directed the immediate review of the N8,000 conditional cash transfer programme meant to bring succour to most vulnerable households.
He said that this was in deference to the views expressed by Nigerians against it.

The president also called for the unveiling of the whole palliative package to Nigerians.

Similarly, Tinubu ordered the immediate release of fertilisers and grains to approximately 50 million farmers and households  respectively, in all the 36 states and the FCT.

“The President further assures Nigerians that the N500 billion approved by parliament to cushion the pain occasioned by the end of subsidy regime will be judiciously utilised.

“The beneficiaries of the reliefs shall be Nigerians irrespective of their ethnic, religious or political affiliation.

“The President covenanted with Nigerians that their welfare and security will be topmost in the Renewed Hope Agenda of his government.

“In the last few days, the conventional and new media platforms have become awash with stories of the government intending to embark on conditional cash transfer to vulnerable households mostly affected by the painful but necessary decision to remove subsidy from petrol.

“The story has been widely reported that the Federal Government is proposing to give 12 million households from the poorest of the poor N8,000 monthly for a period of six months as government palliative to reduce the discomfort being experienced by Nigerians consequent upon subsidy removal,” the statement read in part.

He said that the administration believes in the maxim that when there is prohibition, there must be provision.

“Since subsidy, the hydra-headed monster threatening to kill the economy, has been stopped, government has emplaced a broad spectrum of reliefs to bring help to Nigerians.

“It should be noted that cash programme is not the only item in the whole gamut of relief package of President Bola Ahmed Tinubu,” he stated.

The president further assured Nigerians that the N500 billion approved by parliament to cushion the pain occasioned by the end of subsidy regime would be judiciously utilised.

He added that the beneficiaries of the reliefs shall be Nigerians irrespective of their ethnic, religious or political affiliation

“President Bola Tinubu has promised to always prioritise the wellbeing of Nigerians and he is irrevocably committed to the vow.

“A number of decisions taken so far by this Administration have buttressed this stance.

“You will recall that the President took a similar decision after listening to complaints from the business community/stakeholders about burdensome taxes, particularly multiplicity of taxes they are made to experience.

“This warranted the signing of four (4) Executive Orders cancelling some classes of taxes, while suspending the implementation dates of others,” he said.

The President had also set up a Tax Reform/Fiscal Policy Committee to bring up recommendations that would engender a wholesome fiscal environment for the country and remove anti-business barriers.

He stressed that: “President Tinubu will continue to be a listening leader whose ears will not be dull to the views expressed by the citizenry.

“The President believes government exists to cater for the interest of the people and he has demonstrated this so clearly.” (NAN) (www.nannews.ng)

 

Edited by Muhammad Suleiman Tola

NPA generates N191.4bn, remits N55.7bn in 6 months
Economy/Business

NPA generates N191.4bn, remits N55.7bn in 6 months

117 total views today

By Chiazo Ogbolu

The Nigerian Ports Authority (NPA) has generated N191.4 billion revenue in the first half of 2023 and remitted N55.7 billion to the Consolidated Revenue Fund (CRF).

The NPA, Managing Director, Mr Mohammed Bello-Koko, stated this in half year report on Tuesday in Lagos.

Bello-Koko said that given the existential economic headwinds both at the micro and macro levels, the operational statistics for the first six months were reassuring.

He said that the data catalysed the commendable remittances to the CRFof the Federal Government.

“Within the context of current global economic upheavals which have affected trade volumes in all climes, our current growth trajectory is encouraging.

“This gives us confidence to project a revenue growth of over N500 billion with concomitant increase in remittance to the CRF by end-of-year 2023, given that shipping activities peak around the second half of the year.

“The smart policy thrust of the new administration which is already throwing up new vistas of growth further lends credence to the feasibility of our projections and gives fillip to our organisational initiatives,” he said.

Bello-Koko said the operationalisation of Lekki Deep Seaport, expected restoration of the service boat management contract, digitalisation and intensified tightening of collections mechanisms buoys their confidence to exceed the revenue projections.

“The authority has completed operations on a total number of 1851 vessels for the 1st half of 2023 with a combined Gross Registered Tonnage (GRT) of 57,870,083.

“Cargo throughput for the period under review stood at 33,895,784 metric tonnes, whilst container traffic was 707,985 TEUs (Twenty-foot Equivalent Units).

“A key indicator of port efficiency which is the average turn-around-time (TAT) of vessels, stood at 5.16 days.

“This is an improvement and we have put measures in place to surpass in the second half of 2023,” he said.

Bello-Koko said that the authority was poised to transform its projections to actualities.

He said the NPA would focus on finalising financing arrangements for port rehabilitation drive, conclusion of all digitalisations geared toward improvement of efficiency during the second half of the year.

He said the authority would collaborate with landlocked neighbouring countries such as Niger and Chad for transshipment of their cargoes.

“As a management team, we remain unwavering in our resolve to continuously improve on service excellence, blocking avenues of income leakages.

“We will also curb waste and tighten collection mechanisms in a bid to surpass stakeholders’ expectations and support the national economy,” he said. (NAN)(www.nannews.ng)

Edited by Shuaib Sadiq/Chinyere Joel-Nwokeoma

Economy/Business

Subsidy removal: Nigeria’s petrol daily consumption figure reduces by 35%

157 total views today

 

By Yusuf Yunus

 

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says country’s petrol daily consumption figure stands at 46.34 million litres per day, due to subsidy removal by the Federal Government.

 

Mr Ahmed Farouk, Chief Executive, NMDPRA, disclosed this during a stakeholders meeting with oil and gas downstream operators on Monday in Lagos.

 

He said that the figure represented  35 per cent reduction when compared with the 65 million litres per day, prior to subsidy removal.

 

According to him, an average truck out on daily basis for petrol consumption, after announcing subsidy removal on May 29, reduced to 46.34 millions  litres per day.

 

“The current daily consumption has drastically reduced as against 65 million litres which had been the daily consumption before subsidy removal.

 

“In January, it was 62 million litres per day ; February, 62 million litres per day; March, 71.4 million litres per day; April, 67.7 million litres per day; May 66.6 million litres per day; June, 49. 5 million litres per day and July, 46.3 million litres per day,” he said.

 

The NMDPRA boss said that the
essence of the meeting was to review the downstream sector after the subsidy removal and also to thank marketers who had taken the offer to import petrol.

 

On petrol importation, Farouk said that over 56 companies applied for import licenses to bring in petrol, while only 10 made commitment to import.

 

He said that currently three marketers, namely Emadeb Energy, A.Y Shafa and Prudent Energy had imported petrol into the country.

 

He added that others, like 11 Plc, are also indicating interest to import petrol in August and September, respectively.

 

“The era of subsidy payment is gone, we encourage all marketers who are interested in importing petrol to apply for license.

 

“The meeting is to encourage marketers to import, so that there will be availability of petrol at every nooks and crannies of the nation.

 

“The marketers have the choice to fix their price, because it is a free market where there will be competition.

 

“It is no longer Nigeria National Petroleum Corporation Limited (NNPCL) dominating the market, there will be other players to compete with NNPCL.

 

“We do not want any dominant player in the market, that was why we liberalised the market for everybody to play, ” Farouk emphasised.

 

Farouk said that the

authority was working with the Federal Competition and Consumer Protection Commission (FCCPC), to checkmate marketers from taking unduly advantage of the consumers.

 

He said that the NMDPRA would ensure consumer protection at every station, adding that the quality of products import would be focused upon, to avoid substandard petrol.

 

“We will ensure safety, consumers protect and standard in ensuring quality control within marketers.

 

NAN reports that the meeting had in attendance managing directors of all downstream sector operators, delegation of Major Oil Marketers Association of Nigeria (MOMAN) and Depots Owners Association of Nigeria (DAPPMAN), among others.

Edited by Olawunmi Ashafa

 

African leaders commit to regional integration, devt., cooperation
Economy/Business , Politics

African leaders commit to regional integration, devt., cooperation

200 total views today
By Ismail Abdulaziz

 

African Heads of State and Government have declared their commitment to advancing integration, development and cooperation within the continent.

Mr Dele Alake, Special Adviser on Special Duties, Communications and Strategy, made this known in a statement on Sunday in Abuja.

The leaders, representing the Bureau of the Assembly of the African Union (AU), Chairpersons of the eight Regional Economic Communities (RECs), and Regional Mechanisms (RMs), concluded the Fifth Mid-Year Coordination Meeting of AU in Nairobi, Kenya on Sunday with the adoption of a draft declaration.

The meeting was chaired by President Azali Assoumani of Comoros and Chairperson of the African Union.

It was attended by President Bola Tinubu of Nigeria and the Chairperson of ECOWAS, as well the Presidents of Kenya, Egypt, Gabon, Djibouti, Libya, Senegal and DR Congo.

The leaders expressed their support for initiatives aimed at boosting connectivity and tourism within Africa, including the implementation of E-visa facilitation.

They also pledged to champion the ratification of the Protocol on Free Movement of Persons to effectively support the African Continental Free Trade Area (AfCFTA) agenda.

The leaders vowed to support the operationalisation and expansion of key initiatives such as the AfCFTA Adjustment Facility, Payment and Settlement System, and Guided Trade Initiative, aiming to enhance trade facilitation and economic cooperation.

Earlier at the meeting, Tinubu, in his capacity as the Chairperson of ECOWAS, presented a comprehensive report on the progress and challenges faced in regional integration.

He emphasised ECOWAS’ commitment to promoting stability, democracy, and economic growth in Africa, underscoring the sub-regional organization’s dedication to good governance, rule of law and democratic values.

Tinubu reaffirmed ECOWAS’ readiness to actively combat security challenges, and work towards the integration and prosperity of the region.(NAN)

 

Edited by Maharazu Ahmed

OPC urges Tinubu to stop Discos’ plans to increase electricity tariffs
Economy/Business , General News

OPC urges Tinubu to stop Discos’ plans to increase electricity tariffs

200 total views today
By Adekunle Williams
The Oodua People’s Congress (OPC) has urged President Bola Tinubu to stop the proposed increase in electricity tariffs by the Distribution Companies (DISCOs).
The OPC President, Mr Wasiu Afolabi, made the call in a statement signed by its General-Secretary, Mr Bunmi Fasehun, in Lagos on Sunday.
The News Agency of Nigeria (NAN) reports that the Federal Government on Friday disclosed that 11 successor electricity companies have applied for a review of their respective electricity tariffs.
The Nigeria Electricity Regulatory Commission (NERC) said the rate review is to incorporate changes in macroeconomic parameters and other factors affecting the quality of service, operations and sustainability of the companies.
Afolabi, in the statement, described the move as anti-people, oppressive, unjustified and aimed at discrediting the new regime of President Tinubu.
He urged Tinubu to kill the proposed electricity price increase, saying that workers under the umbrella of the Nigeria Labour Congress (NLC) and industrialists under the Manufacturers Association of Nigeria (MAN) had earlier rejected the move.
Afolabi noted that Nigerians were still grappling with the consequences of the fuel subsidy removal, saying that increasing the cost of electricity would be adding to citizens’ burden and painting the Tinubu administration as uncaring.
“Furthermore, the power distributors will increase their earnings if they stop incessant power cuts and poor services.
“Today, citizens are the ones buying their own poles, transformers, cables and prepaid meters.
“DISCOs have turned themselves into rent-takers and blackout distributors. We cannot continue this way.
“DISCOs should be told to supply prepaid meters free-of-charge, something they have refused to do so far.
“This is because they enjoy sending crazy bills to customers who suffer darkness and power failure all the time,” he lamented.
Adolabi advised the DISCOs to borrow the example of the telecommunications companies (TESCOS) that had reduced the cost that consumers paid for calls and data.
He reminded Discos that they had inherited the backbone and infrastructure of the old NEPA and PHCN for a small amount.
Afolabi said that in comparison, TESCOS independently made colossal investments in laying underground, underwater and fibre-optic cables, antenna and electricity generators, and they are reaping the profits today.
He urged DISCOs to justify the hundreds of billions in public funds that past regimes pumped into the sector, even when the distribution segment of the electricity value chain had been privatised.
According to him, it had become clear that the DISCOs wanted to reap where they did not plant.
“This is because the generation and transmission companies were largely discharging their responsibilities while distribution remained problematic.
“President Tinubu should tell distribution companies that if they cannot deliver with the current tariff, they should submit their licences and close shop.
“Moreover, the government should scrap this territorial monopoly, where only one DISCO has commandeered a service area and allows no competition.
“Consumers in any area should be able to choose and transfer to other DISCOs as currently obtains in telecommunications and in other countries,” he said.
Afolabi added that this would further create competition and push DISCOs to render quality service in order not to lose customers to competing suppliers. (NAN) (www.nannews.ng)
Edited by Vincent Obi
FG tasks FRC on prompt remittance of revenues by MDAs
Economy/Business

FG tasks FRC on prompt remittance of revenues by MDAs

237 total views today

By Kelechi Ogunleye

The Federal Government has called on the Fiscal Responsibility Commission (FRC), to ensure prompt remittance of revenues to the Consolidated Revenue Fund (CRF) by all Ministries, Departments and Agencies (MDAs).

Mr Zacchaeus Adedeji, Special Adviser on Revenue to President Bola Tinubu, made the call during a visit to the Chairman, FRC, Mr Victor Muruako, on Saturday in Abuja.

Adedeji said that the call was in line with President Tinubu’s quest to improve the revenue generation architecture of the country.

He said that the current administration was determined to ensure that all revenues of the Federal Government were properly articulated and remitted timely into the CRF.

He stressed the need for inter-agency co-operation amongst all government-owned enterprises, to ensure optimal results in revenue remittance.

The special adviser said that the Tinubu-led administration would continue to take proactive measures in ensuring that basic revenue framework of the government was adequately secured.

In his response, Muruako said that the Commission had over the years developed a culture of blocking all leakages of revenue due to the Federal Government.

While congratulating Adedeji on his appointment, the chairman assured him of the full co-operation and maximum support of staff and management of the FRC.

The News Agency of Nigeria (NAN) recalls that the Federal Government had in 2022 directed the FRC to ensure 100 per cent remittance of revenue generated by fully funded agencies, departments, and commissions into the CRF.

Muruako told NAN, on the sideline of the visit, that the Commission was doing its best, noting however, that task was not easy.

He said that although the commission has recorded significant improvements in compliance to the directive, much still needs to be done to improve.

“We were able to improve the nation’s independent revenue as a commission, but it was not easy getting agencies and government-owned enterprises to remit all revenues due to the government.

“In line with the Fiscal Responsibility Act, MDAs are expected to ordinarily remit their internal and independent revenues to the CRF.

“However, we are in a situation where some of the MDAs are not complying and we have to keep urging them,” he said.

He commended the Senate Committee of Finance and House of Representative Committee on Finance, for assisting the commission to improve the remittance of revenue generation to the CRF. (NAN)(www.nannews.ng)

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Edited by Philip Yatai

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