NEWS AGENCY OF NIGERIA
Economy/Business

Nigeria, China strengthen bilateral ties to drive economic development, Innovation

104 total views today

By Lucy Ogalue

The Federal Government of Nigeria and the People’s Republic of China have reaffirmed their commitment to deepening bilateral relations, with a focus on driving economic development, infrastructure growth, and technological innovation.

The Minister of Foreign Affairs, Amb. Yusuf Tuggar, said this at the Nigeria-China Economic and Trade Partnership Forum Roundtable in Abuja on Monday.

Tuggar, represented by Amb. Bolaji Akinremi, Director, Economic and Trade Infrastructure Department (ETID), said that the relationship between the two nations had evolved significantly over the years.

He reiterated the importance of the recently established Comprehensive Strategic Partnership between both countries, adding that the partnership would strengthen trade, investment, and capacity-building initiatives aimed at fostering sustainable development.

“The establishment of this partnership marks a milestone in the relations between our two countries.

“It is an opportunity for us to collaborate more extensively in key areas like infrastructure development, trade, investment, capacity building, and people-to-people exchanges,” he said.

The minister further assured participants that the Ministry of Foreign Affairs would continue to facilitate closer cooperation with Chinese counterparts and relevant stakeholders.

He said that efforts would be intensified, to ensure that projects under the new partnership were successfully implemented.

Also speaking, Mr Joseph Tegbe, Director-General of the China-Nigeria Strategic Partnership, expressed optimism about the future of the two nations’ economic collaboration.

According to Tegbe, the relationship between Nigeria and China has been built on mutual respect, shared goals, and the pursuit of joint development for over 50 years.

“Over the years, we have seen significant progress in areas like infrastructure, trade, energy, health and education.

“Our relationship is not just about economic growth, but also about creating opportunities that will benefit both countries and the people,” he said

He emphasised the critical role of strategic coordination between both governments, adding that sectors like agriculture, mining, alternative energy, and healthcare would receive priority attention under the partnership.

He also reiterated Nigeria’s commitment to advancing industrialisation and moving towards a net-export position, positioning China as a key partner in this effort.

Mr Zhang Liang, Head of the Chinese delegation and Secretary-General of the LVY Road International Cooperation Center, expressed China’s firm support for strengthening the bilateral relationship.

According to him, China and Nigeria have a shared vision for development and prosperity, thus the need to deepen collaboration.

“China and Nigeria, as two major developing countries, have long respected each other and worked together to achieve common progress.

“With our strengthened comprehensive strategic partnership, we are confident that we can usher in a new era of cooperation, benefiting not only our nations but also the broader Global South,” Liang stated.

He restated the importance of the Forum on China-Africa Cooperation (FOCAC), which had elevated China-Nigeria relations and opened new avenues for collaboration.

Liang also praised the China-Nigeria Economic and Trade Conference, which provided Nigerian and Chinese businesses a platform to engage in fruitful discussions aimed at advancing trade and investment.

He, therefore, encouraged the facilitation of in-depth negotiations, strengthened cooperation and early implementation of projects to achieve the goals of both countries.

Also, the Permanent Secretary, Ministry of Industry, Trade and Investment, Amb. Nura Rimi , said that Nigeria sought deeper cooperation with China in agriculture, mining, renewable energy and technology sectors, among others.

According to Rimi, Nigeria has enacted various policies to enable it to attract investments and promote responsible, inclusive and sustainable trade and investment growth.

He urged the Chinese businesses to view Nigeria as an ideal investment destination, emphasising its position as Africa’s largest economy and a gateway to other regions.

He therefore expressed hope that the forum would foster stronger relations between the two nations and lead to fruitful discussions on strategic partnerships and investments.

Mr Khalil Halilu, Chief Executive Officer, National Agency for Science and Engineering Infrastructure (NASENI), said that the presence of over 20 Chinese companies at the forum was a testament of the opportunities in Nigeria.

He expressed optimism that the partnership would contribute significantly to the growth and development of both countries.

The Director-General, Rural Electrification Energy of Nigeria, Mr Abba Aliyu, while stating the mandate of the agency, also expressed confidence in the collaboration with China.

He said that the agency signed three Memoranda of Understanding (MoUs) with China during President Bola Tinubu’s visit, adding that the agency had begun the process of implementation of the projects.

The News Agency of Nigeria (NAN) reports that the event was attended by government officials, Heads of Agencies, representatives of companies from Nigeria and China, stakeholders, and partners among others. (NAN)

Edited by Kadiri Abdulrahman

Economy/Business , Health

Hardship: Expert advises Nigerians to guard mental health 

98 total views today

Okeoghene Akubuike

A clinical Psychologist, Dr Adedotun Ajiboye has advised Nigerians to guard their mental health amid the present economic challenges being experienced in the country.

Ajiboye, who works with the Ekiti State University Teaching Hospital, Ado- Ekiti gave the advice in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.

He said that the economic hardship could significantly affect mental health, increase stress, anxiety, and depression.

Ajiboye, however, said it was important for people to recognise the impact of economic hardship on their mental health.

For instance, he explained that economic hardship could lead to financial stress such as reduced income, debt, and uncertainty, which he said could trigger feelings of being overwhelmed.

According to him, economic hardship can lead to emotional turmoil, which can cause anxiety, depression, irritability, and mood swings.

“Economic hardship can also lead to social isolation, this is when people withdraw from social connections due to shame or embarrassment.

“Economic hardship could also cause physical symptoms such as headaches, insomnia, and digestive issues.”

He proffered some strategies for maintaining good mental health during economic hardship which include practicing self-care, mindfulness, and relaxation techniques.

“Acknowledge your emotions, and ensure you avoid denial or suppression of your emotions.

“Also, express yourself in a journal, talk to trusted friends/family members , or engage in creative activities.

“Practice self-compassion such as treating yourself with kindness and understanding, while regular meditation and mindfulness can help reduce stress.

“Gratitude is also important, reflecting on positive aspects of life.”

He said people should exercise regularly because it helps to improve a person’s mood, adding that eating healthy and establishing a consistent sleep schedule was important.

Ajiboye said another strategy was for people to stay connected with their community and loved ones and seek support from professionals.

“It is important for people to maintain relationships and join support groups. Also, get involved in your community by volunteering and participating in local initiatives.

“Also, share your concerns with friends, family, or mental health professionals through therapy and counselling.

“There are online communities people can join for support, online therapy platforms and mental health hotlines for convenient access to mental health services.”

He said that adopting practical coping mechanisms was another strategy people could use to maintain good mental health during economic challenges.

“Budgeting is very important, people need to create a realistic budget, allocating essentials first.

“Debt management should be adopted by negotiating payment plans and considering credit counseling.”

Ajiboye said that those searching for jobs should update their skills, network, and explore new opportunities.

“ Also, utilise your resources such as leveraging on community resources like food banks or seeking financial assistance.

He said people should learn to manage their time properly by prioritising tasks and setting achievable goals.

“Economic hardship can challenge mental health, but proactive strategies can mitigate its impact.

He said while acknowledging emotions, seeking support, and prioritising self-care, individuals could navigate financial difficulties while maintaining mental well-being.

“Remember, seeking help is a sign of strength,” he said (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

Business

LBS unveils magazine for business sustainability

106 total views today

By Rukayat Moisemhe

The Lagos Business School (LBS) has unveiled a business magazine, Insight Edge, to support businesses navigating the challenges of a Volatile, Uncertain, Complex and Ambiguous (VUCA) world.

 

The News Agency of Nigeria (NAN) reports that the event is designed to keep the school’s alumni up to date with national and global business and management best practices.

Ogbechie said that the magazine, put together by industry experts, business leaders and the LBS faculty, was created to help businesses in Nigeria with practical tips to enhance their sustainability.

He said that businesses must learn to reinvent their models, manage costs and focus on customer related innovation.

“In the VUCA environment, while we are talking about risks and problems, there are also numerous opportunities and it is important to know how to take advantage of these opportunities.

“This is why Nigerian businesses must innovate to grow or die.

“It is a given that unemployment is high, interest rate is high, exchange rate is high and the burden of crippling national debts, but Nigerian businesses can still thrive,” he said.

Mr Olaniyi Yusuf, Chairman, Nigerian Economic Summit Group (NESG), said four key themes shaped Nigeria’s economic landscape in 2024, highlighting both challenges and potential areas for reform and growth.

According to him, they include sectoral productivity problems, debt sustainability and fiscal challenges, inflation and cost of living crisis and labour productivity issues.

He, however, projected that in 2025, private sector performance suggested slower economic growth recovery and that fuel prices would keep inflation high in 2025.

Yusuf said private sector, responding to the new government’s policy stance, with projected economic growth was expected to rise slightly to 3.2 per cent in 2025 from an estimated 2.9 per cent in 2024.

He said that the Purchasing Managers Index (PMI), a reliable growth predictor, suggests a weaker-than-expected growth in 2025, driven by low levels in firms’ new orders, output, and inventory activities.

“The lag effect of the weak Naira and heightened inflationary pressure will continue to dampen economic activities.

“However, the economy is expected to recover but at a slower pace in 2025.

“External trade and current account surplus would expand as combination of a weaker currency and an increase in the country’s oil production would increase the country’s exports.

“The Central Bank of Nigeria (CBN) foreign intervention will stabilise the local currency and will positively impact investments thus, resulting in higher Foreign Portfolio Investments in 2025,” he said.

The NESG chair listed critical imperatives of households in Nigeria for 2025 to include cost of living pressures, income stability challenges, rising cost in healthcare, education among others.

He said that with a growing digital economy, households were to invest in skills development to enhance employability and income-earning potential while individuals recalibrate their expenses, especially foreign exposures.

Yusuf urged government to consolidate and align complementary policies (Monetary, Investments, Social Investments) and provide a friendly environment to maintain social cohesion and foster inclusive growth.

He also called for more investment in infrastructure, support for job creation, fiscal prudence and debt management, reduced cost of governance to maintain fiscal stability and free up resources for development.(NAN)(www.nannews.ng)

Edited bt Olawunmi Ashafa

Economy/Business

Soludo to expedite C of O for Anambra investors

113 total views today

By Obinna Unaeze

Gov. Chukwuma Soludo of Anambra says his administration will expedite action in processing Certificate of Occupancy for would be investors who fulfilled the condition of doing business in the state.

Soludo made the statement on Thursday in Awka, at the inauguration of the Anambra 2024 Industrial Summit.

“If you are serious in doing business in Anambra, issuing Certificate of Occupancy will take us a matter of some days.

“I want to emphasise that Anambra is very much ready for our investors,” he said.

He assured would be investors that soon government would end security challenges in the state.

“I can tell you that on security issue, in the next few weeks and months you will feel the positive impact of what we are doing.

“Anambra will become one of the safest place to be; we are not joking about it but serious to tackle it headlong,” he said.

The governor, who noted that businesses thrive in conducive environment, said that government was working toward finding a permanent solution to epileptic power supply in the state.

“We are committed to 24 hours electricity supply in Anambra. We are ready for the industrialisation of the state,” he said.

In a message to the summit, President Bola Tinubu promised to support the development of the Anambra Industrial City by expediting actions on Federal Government’s approvals relating to development of the industrial hub.

“My government will support these initiatives of attracting investors to Anambra and development of the industrial city.

“We will expedite actions on approvals to ensure the success of Anambra industrial city,” President, represented by Dr Emeka Obi, Permanent Secretary, Federal Ministry of Budget and Economic Planning, said.

He said that the measure was in line with the national pursuit on transformative and inclusive economic development of the nation.

Tinubu described the state as `a strategic hub’ for investments and centre for innovations in Nigeria.

According to him, Anambra stands out as a shining example of what is achievable when the nation’s strategic action plans are put in place.

“Let me commend Gov. Soludo for embarking on projects that will develop Anambra and attract investors to the state,’’ he said.

He urged the people to support Soludo’s transformation agenda to develop the state.

Similarly, Abubakar Momoh, Minister of Regional Development, urged Soludo to tackle security challenges in the state to attract investors to the state.

“You have to create the enabling environment by tackling insecurity in Anambra,” he said.

Momoh said that his ministry would articulate the contributions of the various industrialists and would be investors to create a conducive environment for businesses to thrive in the state and the country at large. (NAN) (www.nannews.ng)


Edited by Ifeyinwa Okonkwo/Maureen Atuonwu

 

Economy/Business

Nigeria’s inflation rose to 33.88% in October- NBS

128 total views today

By Okeoghene Oghenekaro

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 33.88  per cent in October 2024.

The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for October 2024, which was released in Abuja on Friday.

According to the report, the figure is 1.18 per cent points higher compared to the 32.70  per cent recorded in September 2024.

It said on a year-on-year basis, the headline inflation rate in October  2024 was 6.55 per cent higher than the rate recorded in October 2023 at 27.33 per cent.

In addition, the report said on a month-on-month basis, the headline inflation rate in October 2024 was 2.64  per cent, which was 0.12 per cent higher than the rate recorded in September 2024 at 2.52 per cent.

“This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024”.

The report said the increase in the headline index for October 2024 on a year-on-year and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, transport and furnishings, household equipment and maintenance.

Others include education, health, and miscellaneous goods and services,  restaurants and hotels, alcoholic beverages, tobacco and kola,  recreation and culture, and communication.

It said the percentage change in the average CPI for the 12 months ending October 2024 over the average CPI for the previous 12 months was 32.26  per cent.

“This indicates an 8.82  per cent increase compared to 23.44 per cent recorded in October 2023”.

The report said the food inflation rate in October 2024 increased to  39.16 per cent on a year-on-year basis, which was 7.64  per cent higher compared to the rate recorded in October 2023 at 31.52 per cent.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of guinea corn, rice, maize grains, beans, yam, water yam, and Cocoyam.

“Others are palm oil, vegetable oil, Lipton, Milo, and Bournvita, among others”.

It said on a month-on-month basis, the food inflation rate in October was 2.94  per cent, which was a 0.30 per cent increase compared to the rate recorded in September 2024 at  2.64  per cent.

“The increase in food inflation on a month-on-month basis was caused by an increase in the average prices of palm oil, vegetable oil, mudfish, croaker,  fresh fish, dried beef, goat meat, mutton, and skin meat.

“Others are bread, guinea corn flour, plantain flour, rice, among others”.

The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 28.37  per cent in October on a year-on-year basis.

“This increased by 5.79 per cent compared to 22.58  per cent recorded in October 2023.

“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”

It said the highest increases were recorded in prices of bus Journey within the city, Journey by motorcycle, and bus journey intercity among others.

“Others are rents, meal at a local Restaurant, hair cut service, woman hair brush, women’s hairdressing, among others”.

The NBS said on a month-on-month basis, the core inflation rate was 2.14 per cent in October 2024.

“This indicates a 0.04  per cent increase compared to what was recorded in September 2024 at 2.10  per cent.

“The average 12-month annual inflation rate was 26.12 per cent for the 12 months ending October 2024; this was 6.14 per cent points higher than the 19.98  per cent recorded in October 2023”.

The report said on a year-on-year basis in October 2024, the urban inflation rate was 36.38  per cent, which was 7.09 per cent higher compared to the 29.29 per cent recorded in October 2023.

“On a month-on-month basis, the urban inflation rate was 2.75 per cent, which increased by 0.08 per cent compared to September 2024 at 2.67 per cent”.

The report said on a year-on-year basis in October, the rural inflation rate was 31.59 per cent, which was 6.01 per cent higher compared to the 25.58 per cent recorded in October 2023.

“On a month-on-month basis, the rural inflation rate was 2.53 per cent, which increased by 0.14 per cent compared to September 2024 at 2.39 per cent.’’

On states’ profile analysis, the report showed that in October, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 46.68 per cent, followed by Kebbi at 40.02per cent, and Sokoto at 39.65 per cent.

It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Delta at 27.85 per cent, followed by Benue at 28.22 per cent, and Katsina at 29.59 per cent.

The report, however, said in October 2024, all items inflation rate on a month-on-month basis was highest in Kano at 3.77 per cent, followed by Bauchi at 3.74 per cent, and Anambra at 3.59 per cent.

“Kwara at 1.27 per cent, followed by Ondo  at 1.49 per cent and Lagos at 1.91 per cent recorded the slowest rise in month-on-month inflation”.

The report said on a year-on-year basis, food inflation was highest in Sokoto at 52.18 per cent, followed by Edo at 46.55 per cent, and Borno at 45.85 per cent.

“Kwara at 31.68 per cent, followed by Kogi at 33.30  per cent and Rivers at 33.87  per cent recorded the slowest rise in food inflation on a year-on-year basis”.

The report, however, said on a month-on-month basis, food inflation was highest in Adamawa at 5.08 per cent, followed by Sokoto at 4.86 per cent, and Yobe at 4.34 per cent.

“Kwara at 1.11 per cent, followed by Ondo at 1.31 per cent and Kogi at 1.50 per cent, recorded the slowest rise in inflation on a month-on-month basis”. (NAN) (www.nannews.ng)

Edited by Abiemwense Moru

Economy/Business

Building collapse: FG tasks stakeholders on solutions

117 total views today

By Lucy Ogalue

The Federal Government has urged stakeholders in the building and construction sector to find lasting solutions to incessant building collapses across the country.

The Minister of State for Industry, Trade and Investment, Sen. John Enoh gave the charge on Tuesday in Abuja at the National Conference on the Building/Construction sector.

The theme of the event is: “Adherence to Standard Practices: Bedrock of Sustainable Development in the Building/Construction Sector organised by Standards Organisation of Nigeria ( SON).

The News Agency of Nigeria (NAN) reports that the country has recorded several incidences of building collapses in recent times.

The Building Collapse Prevention Guild said Lagos State recorded the highest cases with more 351 buildings caving in the last 50 years.

The report showed that the 351 collapsed buildings in Lagos represented 55.28 per cent of the total of 635 recorded cases across the country during this period.

The Minister of State said: “I am aware of the several efforts by some on this matter. My mandate to you on this crucial matter, is to ensure safer, more reliable structures.

“This forum affords me a chance to relate with relevant stakeholders in the industry, to unite and collaborate for the common purpose of safety.

“I encourage everyone to focus more on the areas of pre-construction, construction and post-construction regulatory and enforcement framework in the promotion of public awareness, and capacity building enhancement”.

Enoh reiterated the commitment of President Bola Tinubu’s led administration to the security of lives and property of citizens.

“Putting a stop to the unending incidents of building and construction collapses is paramount and I believe adhering to strictly agreed standard practices will be a contribution to the priority of the administration.

“I look forward to very robust engagements and discussions, and hope that the outcome of this will be very enabling and very useful to getting this sector, the building and construction sector right”, he said.

Earlier, the SON Director – General, Dr Ifeanyi Okeke decried the non awareness of Industry stakeholders to the standards required for safe, durable and sustainable buildings in spite of numerous sensitisation.

“This knowledge gap exists not only among construction workers but also among suppliers and building professionals.

“Training and education are essential to bring everyone up to par with international best practices, but that may not be all there is.

“In the same way, our growing population requires a rapid increase in affordable housing, which brings with it the challenge of meeting demand without compromising on quality.

“Innovative materials, construction techniques and designs must be developed and standardised to meet this demand while maintaining quality and safety, “he said

He expressed the commitment of SON to promoting safe practices, ensuring quality and sustainable development via its initiatives.

“SON has worked closely and will continue to do so with industry experts and practitioners to develop and update standards for construction materials, techniques and safety protocols, ” Okeke said..

Meanwhile, the President, Council for the Regulation of Engineering in Nigeria (COREN), Prof. Sadiq Abubakar, emphasised the importance of standards in building construction.

“The building industry is peculiar in the sense that there are codes and standards that govern activities from design to completion of projects.

“The efforts of the SON in the development/ domestication of codes and standards in collaboration with stakeholders must not go unnoticed but we need to do more.

“Nigeria is situated in sub-Saharan Africa with its inherent weather conditions different from that of the temperate and other regions hence the need for local codes and standards that addresses these peculiarities,” he said.

He urged the utilisation of initiatives such as the Nigerian Industrial Standards (NIS) that covered building materials such as Cement, Glass, Steel, and Blocks among .

The COREN president said there was nothing wrong with the adaptation of foreign codes and standards, such as the British Standards and Eurocodes.

He, however, said that adaptation of such needed to address the local conditions and peculiarities in the country.

According to Abubakar, the adherence to standard practice, therefore, requires a robust monitoring framework, effective regulation and diligent enforcement where necessary. (NAN)

Edited by Ese E. Eniola Williams

Economy/Business

Mining: Nigeria must move beyond extraction to unlock potential —Alake

121 total views today

By Martha Agas

The Minister of Solid Minerals Development, Dr Dele Alake, has said that Nigeria must move beyond extraction in mining to reap the gains of the sector.

Alake stated this at a press conference to kick-start activities of the ninth edition of the Annual Nigeria Mining Week on Tuesday in Abuja.

He said that even though Nigeria was blessed with 44 minerals and possesses the critical minerals needed for energy transition, it must move beyond extraction to yield its full potential.

“We are focused on establishing systems and structures that allow Nigerians to benefit directly from our resources.

“Through local value addition, processing and beneficiation, our aim is to transform Nigeria’s wealth into industrial and economic power, generating jobs and supporting local businesses in ways that ripple through our economy.

“Lithium processing plants have been inaugurated in Nasarawa State, and plans are under way to unveil more processing plants on the outskirts of the Federal Capital Territory.

“Value addition is gaining traction and momentum because of the determination of the government to reposition the solid minerals sector to contribute significantly to the Gross Domestic Product,” he added.

He said that President Bola Tinubu’s administration was determined to implement its value addition policy by ensuring that mineral resources do not leave the shores of the country in their raw form.

According to him, the government is positioning Nigeria as a formidable player in the global mineral value chain, driven by a commitment to retain the wealth generated within the communities.

He added that the administration was also prioritising security of mineral resources through addressing illegal mining using both persuasive and coercive measures.

Alake stated that the mining week provides a unique opportunity to bring together investors, experts and government leaders from around the world to foster partnerships.

The minister explained that the move was aimed at driving innovation, financing and policy evolution, adding that the event was aimed at addressing both current challenges and future opportunities in Nigeria’s mining sector.

He said the event, with the theme “From the Inside Out: Building the Mining Sector to be the Cornerstone of the Economy”, was a demonstration of collective commitment by stakeholders to create an improved mining industry.

He said the vision was an industry that underpins national prosperity, supports sustainable growth and drives industrialisation.

The President of the Miners Association of Nigeria (MAN), Mr Dele Ayanleke, described the mining week as a platform for the assessment of industry progress, setting future agenda and showcasing emerging technologies and methodologies.

Ayanleke, who was represented by the National Financial Secretary, Tope Adebanjo, thanked their partners, Pricewaterhouse Coppers (PwC) Nigeria and the Vuka, for their continuous support toward the development of the mining sector.

Speaking, Partner and Forensics Leader at PwC, Habeeb Jaiyeola, said that the mining week was designed to showcase the achievements of the mining sector to the international community and local mining investors.

Jaiyeola said that critical topics would be discussed to strengthen Nigeria’s ability to compete favourably in the global mining sector, especially with the paradigm shift to cleaner energy sources.

The News Agency of Nigeria(NAN), reports that the week is being organised by MAN and is hosted by the Ministry of Solid Minerals Development.(NAN)(www.nannews.ng)

Edited by Peter Amine

Economy/Business

7,000 mining licenses remain inactive— NMCO DG

127 total views today

By Martha Agas

The Nigeria Mining Cadastre Office (NMCO) has issued 7,141 mining licenses, but only 1,000 are active, according to Director General Obadiah Nkom.

Nkom said this while receiving the House Committee on Solid Minerals, led by Chairman Jonathan Gaza, at its office in Abuja on Tuesday.

He emphasised the need for reform, citing the recent review of mining fees and ownership of mining titles to sanitise the sector.

“We shouldn’t have 7,000 licenses with less than 1,000 active mines,” he said, highlighting the discrepancy.

According to him, in spite of collecting more than N8 billion in revenue as of October, the agency faces inadequate funding, which hampers its operations.

Nkom appealed to the committee to address this issue, noting that the NMCO generated more than 50 per cent of the sector’s revenue but lacked collection fees.

He said NMCO had made significant strides in digitisation, transitioning from an intranet to a web-based platform for global access and transparency.

Nkom said in collaboration with the Economic and Financial Crimes Commission (EFCC), guidelines have been developed to establish an anti-money laundering unit.

On his part, Gaza expressed concerns about the licensing process, particularly the issue of consent, and the prevalence of illegal mining in spite of the large number of licenses issued.

Gaza also highlighted the agency’s inadequate funding, which could impact productivity.

He said that the committee would present the situation to the Minister of Solid Minerals Development, Dr Dele Alake, for appropriate action.

According to Gaza, the aim of the oversight visit was to assess the performance of various agencies of the solid minerals ministry to ensure they contributed significantly to economic diversification (NAN)(www.nannews.ng)

Edited by Abiemwense Moru

Economy/Business

Asset tracking, valuation, crucial for accountability -AGF

222 total views today

By Kadiri Abdulrahman

The Accountant- General of the Federation, Mrs Oluwatoyin Madein, says tracking and valuation of all Federal Government assets is necessary for accountability.

Madein said this in an interview with newsmen on Tuesday in Abuja.

She spoke against the backdrop of the Asset Tracking and Management Programme organised by the Office of the Accountant-General of the Federation (OAGF).

According to Madein, asset is the real bedrock of the nation, which needs to be properly valued and accounted for.

“The Federal Government has been spending money over time acquiring, constructing, and providing assets. These assets are the real value of the country.

”Currently, Nigeria has about N32 trillion negative net asset that is usually recorded as liability,” she said.

She said that since the adoption of the International Public Sector Accounting Standards (IPSAS) in 2017, it became imperative to include the valuation of national assets in the annual financial statements of the country.

“This has influenced public sector accounting standards in Nigeria and the strategic role of legacy assets in the adoption of IPSAS.

”Legacy assets refer to existing assets acquired or constructed prior to the adoption of IPSAS in 2017.

”The inability to collate, evaluate, and place value on the assets of the Federal Government has constantly been throwing the financial position of the country into net liabilities.

“This makes the liabilities of the Federal Government to be over and above its assets,” she said.

She said that the stakeholders had now agreed to build a national assets register to accommodate all Federal Government assets.

She listed the assets to include buildings, offices, schools, hospitals, roads, equipment, and even biological assets.

“Investors, donors, and international organisations partnering with the Federal Government will like to see our true value as enumerate in our annual financial statement,” the AGF said.

She described the OAGF as the treasury office of the Federal Government responsible for collating financial information that leads to the preparation of financial statements.

She said that including the valuation of assets in the annual financial statements was one of the key values that the statement is required to possess. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

Economy/Business

New Minister says trade policy must empower Nigerian businesses

270 total views today

By Lucy Ogalue

The newly appointed Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has pledged to prioritise the empowerment of Nigerian businesses through effective trade policies.

Oduwole made the pledge upon her assumption of office on Monday in Abuja.

She outlined her vision for the ministry, aimed at enhancing the competitiveness of local enterprises and fostering economic growth.

According to Oduwole, trade policies must be tailored to meet the needs of Nigerian businesses.

“Trade policy must work for Nigerian businesses.

“We must ensure that our trade agreements, particularly the African Continental Free Trade Area (AFCFTA), are optimised for the benefit of local enterprises.

“We must focus on investment retention, therefore we need to create a more conducive environment for businesses currently operating in Nigeria,” she said.

The minister expressed confidence in the collaborative efforts of the ministry and its agencies, underscoring the importance of regular meetings to set measurable targets.

She highlighted the need for accountability and transparency in the implementation of trade initiatives.

“What gets measured gets done. When we focus on what is measured and we work in a systemic manner, then we will not be under pressure. We set targets, we set timelines, and we monitor them.

“We escalate promptly, and we do different. This is what President Bola Tinubu expects.There is a sense of urgency which he reiterated this afternoon at the swearing in.

“We as a team can promise Nigerians today that they will definitely see tangible results from us in the near future. With that, I look forward to working with you,” she said.

Oduwole acknowledged the existing challenges faced by Nigerian businesses, including energy constraints and market access issues.

She reiterated the Federal Government’s commitment to addressing these bottlenecks, particularly through partnerships with other ministries.

She also reassured stakeholders of her willingness to collaborate with relevant bodies to create productive jobs and enhance Nigeria’s export capabilities.

Earlier, the Permanent Secretary of the ministry, Amb. Nura Rimi, expressed the williness of the ministry to support Oduwole achieve her vision for the industry and Nigeria.

“We all know what is required in Nigeria, but without strong leadership, without strong followership, there is nothing that can be achieved.

 “So I will like to call on all directors, who I describe as supportive and hard-working, to join me in supporting the honourable minister.

“The president chose her because he knows that she is the right person. So we all have to come out of our shell to support her,” he said.(NAN)(www.nannews.ng)


Edited by Kadiri Abdulrahman

You cannot copy content of this page

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email