News Agency of Nigeria
Economy/Business

FG set to build gemstone market in Ibadan – Minister

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By David Adeoye
The Minister of Mines and Steel Development, Mr Olamilekan Adegbite, says the Federal Government is set to build a gems’ market in Ibadan, Oyo State.
Adegbite made this known on Tuesday in Ibadan when he  received two hectares of land documents donated for that purpose by the Oyo State Government.
The  land is located at Ojoo, along Ibadan – Oyo road, in Akiinyele Local Government Area of the state.
“This is an initiative of President Muhammadu Buhari; part of the post COVID-19 palliatives that is being done by  the Ministry of Mines and Steel Development.
“Its aim is to  develop the activities in the sector within the six zones in the country.
“For the Southwest zone, we chose to promote gemstone trading, which is already going on in Ibadan – as an informal market in Ojoo area of the state.” the minister said.
He explained that the whole idea was to formalise the market, asserting that gemstone business has become  an international business.
He added that the market would enhance gemstone trading and be beneficial to the Federal, state and local governments.
“Also, it will spur activities for people, enhance market, at the same time improve the local economy and also generate revenue for government, both at the state and Federal,” he added.
The minister acknowledged the support of the state government to make things move, “through the donation of the land for the project.
“We have the land now and can begin to do what is necessary: we need to do the architecture, planning and the construction of the market.
“Then, move the informal market at Ojoo to this place after its completion,” he said.
He said that funding for the project was already available, assuring the people  that his ministry would try its best to complete the project for inauguration  before the end of  this year.
In their separate remarks; the state Commissioner for Energy and Mineral Resources – Mr Seun Ashamu and the Executive Chairman of the Oyo State Solid Mineral Development Agency – Mr Abiodun Oni, unanimously noted that the project would complement the diversification plans of the Gov. Seyi Makinde-led administration.
The duo also said  that the establishment of the gemstone market would surely boost the internally generated revenue of the state.(NAN)
Economy/Business , Food Security

Catfish farmers resolute to improve fish production in 2021

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By Chidinma Ewunonu-Aluko

Dr Effion Hogan, the National Secretary, Catfish and Allied Fish Farmers Association of Nigeria (CAFFAN) has reaffirmed the association’s commitment to improve local catfish production in 2021.

Hogan made the remark while speaking with the News Agency of Nigeria (NAN) on Tuesday in Ibadan.

He said the association would increase collaborations with development partners, research centres and extension service providers while organising trainings for farmers.

Hogan said there would be more collaborations with experts, professional bodies and development partners to improve skills and efficiency in fish production.

“We plan for the establishment of more fish farmers clusters and fish production villages to leverage on economies of scale to reduce cost of production and strengthen markets and prices,” he said.

To achieve these goals, Hogan expressed the need for fish farmers to continue to work together as a united body, under the umbrella provided by CAFFAN.

He urged the government to listen more to stakeholders and welcome inputs from players in the field in the formulation and implementation of policies aimed at developing fish farming and the farmed fish value chain.

“We invite and encourage all fish farmers to become more involved in the activities of the association.

“The difficulties we are encountering today will some day become history.

“All fish farmers all over the country are hereby encouraged to join the association at their various states levels,” Hogan said.

According to him, the farmers faced challenge of difficulty in accessing intervention funds from the Central Bank of Nigeria in 2020.

Hogan listed other challenges as, high costs of fish feeds, poor prices from middlemen and transporting fish wares to lucrative markets.

To tackle the challenges, he urged the government and relevant agencies to simplify the conditions for having access to inputs by farmers and their organizations.

“We also need tax and import levies relaxation for imported feeds inputs and elimination of double taxation on fish feed manufacturing companies.

“The need for understanding by law enforcement officers on the highways that fish is not contraband, is also important.

“During the last lockdown period, law enforcement officers refused to accept farmed fish as agricultural products and would not allow movements of such products.

“There were instances that they detained the live fishes and seed fish (fingerlings) in transit until they died,” Hogan said. (NAN)

Economy/Business

Osinbajo wants consolidation on gains recorded in MSMEs space

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By Chijioke Okoronkwo

Vice President Yemi Osinbajo has urged stakeholders in the public and private sectors to be innovative in order  to consolidate on the gains recorded in improving small businesses.

Osinbajo’s spokesman, Laolu Akande, in a statement on Monday in Abuja, said the vice president spoke at the first virtual meeting of Micro Small and Medium Enterprises (MSMEs) stakeholders for the year, 2021.

The vice president said that in partnership with the private sector, the Federal Government would continue to support innovation and interventions to boost the growth of small businesses across the country.

According to him, the Federal Government is committed to improving the economy and creating more employment opportunities for Nigerians.

“We must continue to be innovative in the interventions that we plan for MSMEs; small businesses are the engines of growth of any economy in the areas of wealth creation and employment opportunities; MSMEs are very important.

“We really have to think out of the box in our engagements going forward.

“We need to change the way we do many things, we need to look for ways of multiplying our efforts, because the challenges in this space are greater than what we have been able to achieve so far.

“Of course, we have done a lot, but looking at the numbers in need, you will find out that there is a lot more to be done.”

On the implementation of the MSMEs Survival Fund and the impact on the economy, Osinbajo said that the fund had sent the right signals that MSMEs were an important component of the economy.

He commended the stakeholders for their cooperation and commitment in the implementation of schemes and initiatives in the MSMEs sector.

“Working together, we can achieve more in the MSMEs space.

“ I am glad to hear that there is more collaboration among partners and among Ministries, Departments and Agencies,” he said.

Earlier, Amb. Mariam Katagum, Minister of State, Industry, Trade and Investment, said the implementation of the Survival Fund across different areas lessened the burden of the pandemic on businesses.

“It has impacted over 300,000 beneficiaries under the Payroll Support Scheme, paying them N30,000 and N50,000  each as at December 2020; and successfully completing the enumeration and disbursement to 166,000 artisans as at December 2020.

“The Survival Fund, has filled the gap created as a result of the pandemic,” she said.

She said that the support provided through the Survival Fund would  go a long way in cushioning the impact of the pandemic as observed in comments captured in the testimonies of beneficiaries of the various tracks under the scheme.

On his part, Amb. Adeyemi Dipeolu, Special Adviser on Economic Matters to the President, urged stakeholders to seriously consider the possibility of expanding the scope of the MSMEs clinics to cover more beneficiaries and consolidate past efforts.

He said that the clinics were limited to Nasarawa and Ebonyi states alone in 2020 due to the COVID-19 pandemic.

Dipeolu said that the secretariat, in line with the directive of the vice president, would take the clinics to the remaining states of Benue, Imo, Lagos, Gombe, Adamawa and Jigawa.

He said that such was to ensure total coverage of the country and prepare the ground for a possible nationwide second round of the clinics.

“Other initiatives that require improvement in collaboration and scope of implementation include the Shared Facility Scheme which was launched in Benue and Lagos states respectively in 2020, with Anambra and Kaduna waiting in line to be inaugurated.

“The scheme has proven to be one of the key products of the MSMEs clinics that needs to be sustained and expanded,’’ he said.

More so,  Mr Segun Awolowo, Executive Director,  Nigerian Export Promotion Council (NEPC), spoke about the collaboration among agencies in the MSMEs space in actualising the objectives of the Federal Government.

He said the NEPC would leverage existing and renewed cooperation among agencies to actualise its new project aimed at supporting businesses in overcoming the COVID-19 disruptions

According to Awolowo, the new project is tagged “From pandemic to prosperity.” (NAN)

Economy/Business

FIRS creates tax audit units to address illicit financial flow

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By Mustapha Sumaila

The Federal Inland Revenue Service (FIRS) has created 35 additional Tax Audit Units across the country to address illicit financial flow.

Mr Abdullahi Ahmad, Director, Communications and Liaison Department of the service, made this known in a statement in Abuja on Monday.

Ahmed explained that the decision was in a bid to stem illicit financial flow and improve tax compliance rate in the country.

The director quoted the Executive Chairman, FIRS, Mr. Muhammad Nami, as saying this at a workshop in Abuja on Monday on Effective Audit of Multinational Corporations for Domestic Revenue Mobilisation in Nigeria.

Nami observed that some multinational corporations were leading in tax compliance in various sectors.

He, however, expressed worries that many rich Multinational Corporations did not pay the right taxes due to them, let alone pay their taxes voluntarily.

Nami also stated that between 2007 and 2017 Nigeria was reported to have lost over 178 billion dollars (N5.4 trillion) through tax evasion by Multinationals doing business in the country.

He also cited a 2014 report by the High-Level Panel on Illicit Financial Flows from Africa, which stated that “Nigeria accounted for 30.5 per cent of money lost by the continent through illicit financial flows.

“At the FIRS we are paying greater attention to tax audit in general and Transfer Pricing audit in particular in order to improve the level of tax compliance in the country.

“As a result, in the last one year, we have created more than 35 additional Tax Audit Units and deployed experienced and capable staff to take charge of these offices” he explained. (NAN)

Economy/Business , Food Security

Oil palm: Association wants increase funding for R&D

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By Ikenna Uwadileke

The Oil Palm Growers Association of Nigeria (OPGAN) on Monday called on the Federal Government to increase the level of funding for oil palm research and development.

OPGAN’s president, Mr Joe Onyiuke, told the News Agency of Nigeria (NAN) in Abuja that such increase in funds would subsequently lead to increase in oil palm production in the country.

Onyiuke, who commended the Nigerian Institute for Oil Palm Research (NIFOR) on its efforts at repositioning the oil palm industry through research, said that the institute needed more funding.

“NIFOR is the number one institute for research on oil palm, and it is a glorious thing that Nigeria can today grow oil palm in the north, in Niger, Kaduna, Plateau and Taraba.

“So, what are we waiting for? Even with the small money it is receiving, NIFOR has done so much that today it has the tenera seedlings that within 36 months are already producing.

“NIFOR has been able to do that, and has increased yield per tonne such that the seedling can produce up to 36,000 tonnes; so we need massive support from the government.

“We need to get the necessary funding from the government to increase the production, and the multiplying effect is tremendous in terms of employment,’’ he said.

Onyiuke, who also noted the importance of research, added that research into the sector would support government’s effort at diversifying the economy thus, leading to less dependence on crude oil.

Available statistics showed that funding for NIFOR went down from N2.27 billion in 2010 to N1.57 billion in 2015, then, grew from N1.58 billion in 2016 to N1.94 billion in 2020.

Economy/Business

IGR: Gombe govt generates N8.4bn in 2020

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By Hajara Leman

The Gombe Internal Revenue Service generated N8.4 billion as Internally Generated Revenue (IGR) in 2020.

Malam Abubakar Tata, Chairman of the service, said this in an interview with the News Agency of Nigeria (NAN) in Gombe on Saturday.

According to him, since the creation of the state in 1996, it is the first time of generating such revenue, in spite of the Coronavirus pandemic.

He attributed the development to the encouragement and the motivation given to the staff of the service by Gov. Inuwa Yahaya.

Giving further account of his one year stewardship, Tata said when he came on board in February 2020, he found out there were only six directorates in the board and he created additional ones for optimum service.

He mentioned that the last time members of staff of the service were trained was in 2013.

Tata noted that he organised trainings within and outside the state to build the capacity of over 120 staff, as a tool to enable better performance in cash collection.

He explained that before he became the chairman, members of staff were not being motivated, as there was no link between the Gombe Internal Revenue Service and other internal revenue services in the country.

The chairman said they were just operating in silos with no correspondence and no platform to exchange ideas to enable them to know what others were doing.

Tata said there were lots of leakages and lack of cooperation between the service and other revenue generating Ministries, Departments and Agencies (MDAs)

”When I assumed duty I came with the mindset that we were going to change the story by understanding and diagnosing the problem and in doing so, we could proffer a solution.,” he said.

The chairman said that he invited 78 MDAs who were generating revenue for the state and had a discussion with them as well as invited the remaining MDAs that were not generating revenue.

According to him, I went ahead to find out what their prospects were and what they did to the state.

He said they then created one or two revenue heads in a bid to start generating revenue to assist the government.

Tata noted that he also improved the allowances of members of staff by giving them 75 per cent of their basic salary.

“Also end of year bonus for staff and other departmental awards for best performing staff were introduced to motivate the staff, which in turn will discourage them from corrupt practices,” he said. (NAN)

Business , Economy/Business

Salami to deliver CIBN 7th National Economic Outlook address

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By Lydia Ngwakwe

Chairman, Presidential Economic Advisory Council, Dr Doyin Salami, will be delivering a keynote address in a Roundtable organised by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies.

The Head, Marketing/ Corporate Communication and External Relations, Mr Nelson Olagundoye, made the disclosure in a statement on Friday in Lagos.

Olagundoye said that the forum, the seventh National Economic Outlook, slated for Jan. 19, would be discussing, “Implications for Businesses in Nigeria in 2021.”

According to him, the forum will be in collaboration with B. Adedipe Associates Ltd.

“The annual event is held typically with the aim of engaging all stakeholders in the key sectors of the Nigerian economy to elicit implementable government policies.

“The forum will also discuss topical and emerging issues in the banking industry and economy as well as their implications for businesses in the coming year.

“The 7th edition is particularly significant as the impact of the coronavirus pandemic on key sectors of the economy in 2021 will be examined.

“Furthermore, avenues on how businesses in key sectors could survive and grow despite the rough terrain would also be tackled,” he said.

Olagundoye said that the forum would feature carefully selected experts who would share their insights on the preceding year as well as practicable solutions for businesses in the current year.

Other panellists at the event are: Ambassador Ayoola Olukanni, Director General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture; Mr Ayodeji Balogun, CEO, AFEX Commodity Exchange and Mr Akeem Lawal, Divisional Chief Executive, Interswitch, among others.

Also expected at the event are staff of financial institutions, academics, ministries, departments and agencies, non-governmental organisations and other key stakeholders in the Nigerian economy.

The event would be hosted by The President/Chairman of Council of the Chartered Institute of Bankers of Nigeria, Mr Bayo Olugbemi, and the Chief Consultant, BAA Consult, Dr Biodun Adedipe. (NAN)

Business , Economy/Business

NSE loses N246bn in bearish trading

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By Chinyere Joel-Nwokeoma 

The bears dominated trading activities on the Nigerian Stock Exchange (NSE) on Friday with the market capitalisation losing N246 billion in six hours of trading.

Specifically, the market capitalisation, which opened at N21.224 trillion shed N246 billion to close at N20.978 trillion.

Similarly, the NSE All-Share Index decreased by 470.64 points or 1.16 per cent to close at 40,120.22 from 40,590.85 posted on Thursday.

A breakdown of the price movement shows that Dangote Cement topped the losers’ chart with N19.90 to close at N225 per share.

Lafarge Africa trailed with a loss of 10k to close at N22.30, while Vitafoam lost 5k to close at N8.95 per share.

Redstar Express dipped by 3k to close at N3.40, while UPL was also down by 3k to close at N1.25 per share.

On the other hand, Seplat led the gainers’ table, increasing by N45.10 to close at N496.10 per share.

Total followed with a gain of N13 to close at N143, while Okomu Oil garnered N2.50 to close at N92.50 per share.

Ardova added N1.45 to close at N16.35, while BOC Gas improved by N1.15 to close at N12.65 per share.

Access Bank was the most active stock exchanging, 35.11 million shares valued at N315.78 million.

Transcorp followed with an account of 25.06 million shares worth N24.09 million, while Guaranty Trust Bank traded 24.89 million shares valued at N821.26 million.

Zenith Bank exchanged 23.69 million shares N606.29 million, while Japaul Gold sold 22.39 million shares cost N21.73 million.

In all, investors bought 333.31 million shares valued at N3.65 billion exchanged in 5,142 deals.

This was against a total 2.13 billion shares worth N7.51 billion traded in 4,558 deals on Thursday. (NAN)

Business , Economy/Business

Demutualisation: NSE inaugurates ‘Claims Review Panel’

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By Itohan Abara-Laserian

Ahead of its demutualisation, the Nigerian Stock Exchange (NSE) has inaugurated a ‘Claims Review Panel’, pursuant to the provisions of the NSE Demutualisation Act 2018.

Otunba Abimbola Ogunbanjo, NSE President, said this in a statement made available to the News Agency of Nigeria (NAN) on Friday in Lagos.

Ogunbanjo said the panel inaugurated on Dec. 21, 2020, was set up in preparation for the imminent demutualisation.

He listed the members of the panel as, Mr George Etomi (Chairman), Mr Seni Adio (SAN), Mr Abatcha Bulama, Dr Paul Anababa (SAN) and Prince Aghatise Erediauwa.

Ogunbanjo said the panel was expected to diligently carry out its functions and responsibilities under the Act.

According to him, each member will bring to bear, their respective experiences and expertise to enrich deliberations and decisions.

“We expect members of the panel to discharge their responsibilities without any fear or favour in an objective and dispassionate manner, being guided by principles of fair hearing, equity and natural justice,” he said.

He said that the panel served as an independent alternative dispute resolution mechanism for the review and determination of claims made by individuals or entities in respect of any assertion of rights in the shares of the demutualised Nigerian Exchange Group Plc.

“The panel will sit in an appellate capacity and review claims from claimants’ who are dissatisfied with any decision of the National Council of the Exchange on a claim pre-demutualisation, or the Board of Directors of the HoldCo , post demutualisation of the exchange,” he said.

As part of the demutualisation process, he said the exchange (which is currently a company limited by guarantee) would be converted into and re-registered as a public company limited by shares.

“Consequently, current members of the exchange will be allocated shares in the HoldCo.

“The securities exchange licence of the current exchange will be transferred to Nigerian Exchange Ltd., a wholly owned subsidiary of the HoldCo, which will carry on the securities exchange business.

“Another wholly owned subsidiary, NGX Regulation Ltd., will be licensed by the Securities and Exchange Commission to carry out regulatory services.

“To safeguard the independence of the panel, the NSE embarked on a diligent search for distinguished individuals with the required expertise and extensive track records of integrity, excellence and achievements in their respective fields of specialisation,” he added. (NAN)

Economy/Business , Food Security

Farmer urges govt. to train rural colleagues on modern farming

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By Benson Ezugwu

Mr Godshield Kanjal, Chief Executive Officer/Managing Director, Kalmz Farms Limited, Ogoja, has appealed to governments at all levels to assist in training rural farmers on modern farming.

Kanjal made the appeal in an interview with the News Agency of Nigeria (NAN) on Friday in Calabar.

“Today’s farming is no longer what it used to be. A lot of technologies are now employed in farming. It is no longer the crude way farmers used to know.

“These days, drones are being used to fight pest globally. How many farmers in Nigeria have seen drones, not to talk of using them?

“So, I appeal to government at all levels to assist our farmers, especially rural farmers by exposing them to modern farming methods,’’ Kanjal said.

According to him, governments have not been doing enough to encourage dry season irrigation farming.

“We are just introducing irrigation farming in Cross River North Senatorial District through the River Ogoja by individual efforts.

“We plant vegetables including, okro, flutted pumpkin and tomatoes, and the demand is quite high.

“I have even gone ahead to introduce onion farming which is alien to our farmers, and it’s going on well,’’ he said.

He, however, said that most farmers lacked the needed funding for expansion.

According to Kanjal, many beneficiaries of the various agriculture loans given out by government are not real farmers.

He called on government to ensure that those granted such loans are genuine farmers so as to achieve the purpose – ensuring food security. (NAN)

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