NEWS AGENCY OF NIGERIA
CAC collaborates with Opay, registers over 300,000 small businesses

CAC collaborates with Opay, registers over 300,000 small businesses

1,000 total views today

By Lucy Ogalue

The Corporate Affairs Commission (CAC) has partnered with OPAY Digital Services Ltd. to register an additional 300,000 small businesses, aligning with the provisions of the Companies and Allied Matters Act (CAMA) 2020.

Hussaini Magaji, the Registrar-General of CAC, announced the initiative at a meeting in Abuja organised by both entities to kickstart the registration process on Tuesday.

According to Magaji, it aims to register more than 20 million small businesses by the end of 2024.

In a bid to enforce the law mandating business registration with the CAC for operations in Nigeria, Magaji emphasised its importance and noted the recent collaboration with Moniepoint on February 8, initiating the registration of two million small businesses.

“The purpose of this meeting is to enforce the provision of the law, which mandates that for a business to take place in Nigeria, it must be registered with the CAC. Failure to do so is a crime in Nigeria. In the course of this, we are able to create jobs,” Magaji stated.

Magaji further highlighted the significance of registration in line with President Bola Tinubu’s renewed hope agenda, targeting the creation of 50 million jobs for youth and addressing poverty.

He urged individuals, including content creators with online income, to register with the CAC, emphasising the various classes of registration to accommodate different business types.

Dauda Gotring, Managing Director of Opay Digital Services, expressed delight in formalising unregistered businesses into the formal sector.

Gotring clarified that the 300,000 names to be regularised mostly belong to agents and merchants using individual names.

He affirmed Opay’s commitment to collaborating with the CAC and adhering to guidelines to facilitate a smooth registration process, aiming to ease the financial burden on small businesses during registration.

The financial service provider will work closely with the CAC to reduce the cost of registration for these small businesses. (NAN) (www.nannews.ng)

Edited by Abdullahi Mohammed/Ese E. Eniola Williams

Food security: Risks expert lists paths to successful implementation of declaration

Food security: Risks expert lists paths to successful implementation of declaration

305 total views today

 

By Olawunmi Ashafa

Dr Joachim Adenusi, Partner at Conrad Clark Nig. Ltd., has highlighted paths toward successful implementation of President Bola Tinubu’s State of Emergency Declaration on Food Security.

Adenusi, who is also the Convener, Nigerian Risk Leadership Summit, expressed his worries on Tuesday in an interview with the News Agency of Nigeria (NAN).

He noted that in a state of emergency or crisis of this nature, leaders faced challenges that were uniquely different from any normal activities within their domain.

According him, it is important to understand what the state of emergency on food security means.

“In an emergency situation, a government is given special legal powers to steer the country through a crisis or an extraordinary situation to protect its citizens.

“This kind of declaration should trigger a range of responses.

“Normal government functions may be suspended, citizens may be advised to change their behaviour, government agencies may be authorised to execute contingency plans, and certain non-absolute civil liberties and human rights could be limited or suspended,” he explained.

NAN recalls that President Tinubu on July 13, 2023, declared a state of emergency to tackle the rising cost of food and its impact on Nigerians.

Some of the initiatives proposed by the government include using money saved by the removal of fuel subsidy to provide fertiliser and grain to farmers.

Others are increased protection for farmers who have abandoned their lands following attacks and kidnaps for ransom; and a desire to support poorer citizens with some monthly allowance for six months.

Adenusi said Tinubu’s declaration of a state of emergency on food security showed a strong commitment to tackling the critical issue of food scarcity and limited access to clean water in Nigeria.

“The measures demonstrate a thorough approach to mitigate this crisis in the immediate, medium, and long-term.

“If Tinubu’s plan to focus on all aspects of the agriculture and food value chain succeeds while creating jobs at the same time, then the President’s declaration holds significant potential for positive change for generations to come,” he said.

Adenusi, however, said it was imperative to ensure that effective crisis leadership and risk management governance, with utmost transparency and accountability processes are in place.

According to him, this will ensure that the intended outcomes of the initiatives are achieved.

“This crisis should be a moment of critical reflection for changing the psychological equilibrium, the mindset, of the Nigerian stakeholders.

“It will create a new set of uncertainties which outcomes can be positive, negative, or something completely unknown depending on how it is handled.

“The starting point for the government is clarifying roles and responsibilities of various stakeholders that will be involved in implementing the adopted measures.

“Also, the government will have to depend on the machineries of the civil service because of the significant role they play in the formulation and implementation of strategies necessary to manage the crisis,” he said.

He, however, noted that the civil service was grappling with the problems of bad governance due to non-accountability and the ever-present manifestation of corruption; pervasive, undisguised, and yet untameable.

Adenusi said the reliability and effectiveness of the technical and administrative capacity of the civic service should be questioned.

He said not doing this could create limitations in dealing with the complexity of the crisis.

“Unless good governance exists that will make the Nigerian civil service accountable, the process of facilitating individual/collective efforts of the citizens in resolving the food crisis will be hampered,” he said.

Adenusi, who is also the Head, Research and Policy, International Organisation for Peace building and Social Justice Foundation (PSJ), UK, added that for the President’s state of emergency declaration to be successful, each stakeholder’s roles and responsibilities must be clearly defined with measurable expected outcomes and a time limit.

“Intergovernmental and intraorganisational dynamics often lead to a lack of a coordinated response, distrust, and conflict.

“A lack of clarity in the scope of implementing urgent mitigation plans could be another challenge.

“This is sometimes referred to as scope creep resulting in wasting public funds, negative reputational damage, and leading to the expected positive outcomes of declaring the state of emergency not to be met.

“Also, inadequate scoping of what needs to be done could lead to implementation ambiguity, making it challenging to manage and define boundaries surrounding of the crisis.

“The ineffective mode of giving, receiving, and sharing information is one of the reasons for ineffective emergency management response,” Adenusi said.

The risk expert urged the
Tinubu-led administration to master the art of communication with the people and also dialogue with all the stakeholders, directly or indirectly involved in responding to the emergency.

He said the food security crisis implied there must be a change from standard operating procedures, where the change had significant implications for performance of the government and the people, with potential positive/negative consequences depending on how it was managed. (NAN)

Edited by Folasade Adeniran

Custom intercepts Elephant Tusks worth N300m in Cross River

Custom intercepts Elephant Tusks worth N300m in Cross River

208 total views today

By Ehigimetor Igbaugba

The Nigeria Customs Service (NIS) has intercepted 52 units of Elephant tusk in Mfum, a border town of Ikom Local Government Area of Cross River.

Malam Ahmed Waziri, the Area Comptroller, Cross River / CFTZ / Akwa Ibom Command, NIS, said this at a news conference in Calabar on Monday.

Waziri said the arrest was made by the operatives of the NIS in Mfum on Thursday, adding that the tusks weighing 200kg was valued at N300 million.

He said that a Cameroonian, Mohammed Ibrahim, was arrested with the items, saying that the suspect was suspected to be on his way to Lagos for onward transportation of the items to another location when he was apprehended.

He said that preliminary investigation had revealed that the suspect specialised in exportation of the tusks across international borders.

The Comptroller said the suspect was apprehended with a Honda SUV truck with registration number, FST 733 HH and Chassis No 2KZYK16428H500704.

He said that a pistol with live ammunition was discovered inside the truck.
“The suspect has two Nigeria number plates ( Lagos) FST 733 HH and (CMR ) LT 214  AY ) a service pistol was discovered inside the vehicle, with live ammunition.

“This arrest should be a warning that Nigeria will not be used as a transit route for illicit products.

“They should also known that Nigeria is a signatory to CITES (the Convention on International Trade in Endangered Species of Wild Fauna and Flora), an international agreement between governments.

“It is important our border communities wake up and live up to  their responsibilities because many of such items pass through their domain in most cases without their knowledge,” he said.
Waziri added: “The communities have a role to play as security is everybody’s business so we must be vigilant.

“The suspect carried those items from Cameroon using Nigeria as a transit route probably to his final destination.

“The suspect is with us and the goods are at the government warehouse .

“I want to commend my eagle eye officers at Mfum for being able to intercept those items worth over N300 million and also apprehending the suspect.”

“Our legal unit is already on the matter and he will be charged to court immediately we complete our investigations.(NAN)(www.nannews.ng)
ESI/ABI

No plans to tax online content creators – FIRS

No plans to tax online content creators – FIRS

228 total views today

By Kadiri Abdulrahman

The Federal Inland Revenue Service (FIRS), says it has no plans to tax online content creators.

According to a staff of the agency who spoke under the condition of anonymity, skit makers are individuals who do not fall within the purview of the FIRS.

“FIRS does not tax Personal Income Tax, States governments do.

“FIRS collects Company Income Tax. Only those who are corporate names and earn profit of N25 million and more are required to pay tax,’’ he said.

The News Agency of Nigeria (NAN) reports that a section of the media recently quoted the FIRS as saying that media content creators and influencers constituted a major block of tax evaders.

Meanwhile, the FIRS recently unveiled a new structure to improve the country’s tax administration.

The Executive Chairman of the FIRS, Dr Zacch Adedeji, said that the structure was in pursuit of a more efficient and contemporary tax administration methodology.

He said that the agency was embracing an integrated tax approach, leveraging technology at every step.

“This approach positions FIRS at the forefront of innovation, ensuring that we meet the evolving needs of our taxpayers in a rapidly changing world.

“The structure advocates a comprehensive approach to taxpayer services, consolidating our core functions and support under one umbrella.

“By tailoring our services to specific taxpayer segments, we aim to simplify the taxpayer experience.

“No more complexities, no more overlaps, just a seamless and user-friendly interaction for every taxpayer,’’ he said.

He said that the move would shift the agency away from traditional tax categorisation. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

Cost of Living: Cleric tasks FG on effective fiscal, monetary policies

Cost of Living: Cleric tasks FG on effective fiscal, monetary policies

222 total views today

By Salisu Sani-Idris

An Abuja-Based Islamic cleric, Imam Yahya Al-Yolawi has urged the Federal Government to come up with effective fiscal and monetary policies to address the rising cost of living in the country.

Al-Yolawi made the call while delivering the Jumma’at sermon titled,” Prayers, Repentance and Taking Measures: Way out to High Cost of Living in Nigeria,” on Friday in Abuja.

” It is very imperative for the Federal, State and Local Governments to come up with decisive actions to address the underlying economic challenges facing the country.

” This may include implementing sound fiscal and monetary policies to stabilise the economy, curb inflation, and promote sustainable growth. “he said.

He also advised the government to prioritise investments in key sectors such as agriculture, infrastructure, security and healthcare, to create jobs, stimulate economic activities and improve the quality of lives in the country.

According to him ,the high cost of living is a multifaceted problem that touches every aspect of lives.

He said many families were finding it increasingly difficult to make ends meet.

” From the rising prices of essential goods and services to the increasing cost of housing, healthcare, and education.

” The situation is exacerbated by factors such as inflation, economic instability, and inadequate social safety nets, leaving many citizens struggling to provide for themselves and their loved ones.

” As citizens we have a responsibility to advocate policies that prioritise the well-being of all Nigerians, especially as the month of Ramadan is fast approaching.

” We urge our leaders to address the root causes of the high cost of living and to implement concrete measures to alleviate the financial burden on ordinary citizens. “he said.

Al-Yolawi also advised the government to take steps to improve the efficiency and transparency of public institutions, to combat corruption and ensure that resources were used effectively for the benefit of the people.

” This may include strengthening accountability mechanisms, promoting good governance, and cracking down on waste and mismanagement in the public sector.

” Additionally, the government must prioritise social welfare programmes and safety nets to provide assistance to the most vulnerable members of society.

” This may include expanding access to healthcare, education, and social services, and providing targeted support to low-income families and individuals.”he said.

Al-Yolawi, however, enjoined the citizens to reflect on the concept of moderation and simplicity in their lifestyles.

” Islam encourages us to live within our means, avoid extravagance and wastefulness, and prioritise our needs over our wants.

” Also, let us not underestimate the power of community and mutual support in times of need.

” Islam places great emphasis on the concept of brotherhood and sisterhood, and encourages us to help one another in times of difficulty.

” While the challenges of high living costs may seem daunting, let us remember that with every trial comes an opportunity for growth and renewal.

” Let us turn our hearts and minds towards a powerful and transformative tool that is available to us all: prayers (Duas).

” However, we must remember that as Muslims, we have a direct line of communication with our Creator, and through prayer, we can seek guidance, mercy, and relief from our difficulties.” (NAN)

Edited by Buhari Bolaji

ACCI boss describes private sector as engine of economic opportunities

ACCI boss describes private sector as engine of economic opportunities

253 total views today

By Lucy Ogalue

The Abuja Chamber of Commerce and Industry (ACCI) says the private sector is the engine of economic opportunities and not the government.

The ACCI President, Mr Emeka Obegolu, said this during his inauguration dinner as the 12th President of the ACCI in Abuja.

Obegolu, who said he assumed leadership at a time when Nigeria faced enormous challenges, expressed confidence that the private sector would rise up to ameliorate some of these challenges.

He commended the steps being taken by the Federal Government to remove subsidy, the unification of foreign exchange market and students loan programme among others.

He said: “while these measures may have initially tested our resilience, we believe they will, with time, yield the desired results.

“We can only urge the government to deepen the collaboration with the private sector, represented by the chamber of commerce.

“A partnership that has the potential to significantly benefit the business community, the society and the national economy.

“We must never forget that the private sector, is the engine of economic opportunity; small businesses flourish and can provide good jobs when government acts as a productive partner.”

According to Obegolu, the ACCI has been in the forefront of fostering economic growth, entrepreneurship and innovation in Nigeria through its initiatives and entities.

He said the chamber had consistently demonstrated its commitment to driving sustainable development and empowering businesses across diverse sectors.

On the issue of security in the country, he said the ACCI would collaborate with the defense and national security leadership to institute an annual summit on security, defense and business.

The ACCI president said this would review and proffer solutions to the challenges facing the country and foster confidence and assurance that Nigeria was a safe destination for investment.

On his vision, Obegolu said his administration would prioritise collaboration with the government, non-state stakeholders and capacity-building within the ACCI team.

He said this would enhance management processes for improved efficiency and productivity.

“Ongoing projects initiated by the previous administration will be completed within a stipulated timeframe. We aspire to maximise the investment potential of ACCI assets, adding world-class projects to our distinguished records.

“To strengthen our various departments, financial self-reliance will be promoted and necessary support provided to achieve their mandates.

“Collaboration with the National Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) will be intensified, giving the chamber a national outlook to better serve our members.

“As ACCI president, I will do my best to discharge my duties and undertake to respect judgments and advice by council members and EXCO. I could not have asked for a better team. Together we can!,” he said.

In his goodwill message, the Deputy Speaker of the House of Representatives, Benjamin Kalu, charged the chamber to come up with programmes that would include youths and women in the society.

“I charge ACCI to draw up programmes that will inspire these set of people so they can contribute to the social, economic development and growth of the society.

“ACCI should also prioritise initiatives that promote and empower our youth and women who are the key drivers of the future economy.

“For those outside Abuja, it should draw up programmes that will include these young ones, who are agitating for one thing or the other.

“Let us have a programme that will give them that sense of inclusion, teach them skills, expose them to opportunities that will make them have confidence in themselves to use their brain not their hands,” he said.

Kalu then urged all the chamber of commerce in the South-Eastern region to make programmes that will teach our youths the best ways of developing themselves and impacting on the society positively.

He expressed optimism that the new president would lead the sector with integrity, wisdom and strong commitment.

“I wish to inform you that the House of Representatives will always be there; through our various committees of commerce and industry, to support your initiatives.

“It will also suggest laws that you think need legislative intervention to make the lives of businessmen in Nigeria easier.

“We will partner with you in redesigning the laws of our federal government with regards to commerce and industry.

“Together, let us forge ahead, united in our pursuit of economic progress, society justice and sustainable development,” he said.

The News Agency of Nigeria (NAN) reports that some past presidents of the chamber, government officials, heads of private sector, royalties, friends and well-wishers among other dignitaries attended the event. (NAN)(www.nannews.ng)

=========
Edited by Sadiya Hamza

We’re well-equipped to implement TRS in Nigeria- Customs boss

We’re well-equipped to implement TRS in Nigeria- Customs boss

401 total views today
From L-R, the Permanent Secretary, Ministry of Finance, Mrs Lydia Jafiya, the CGC Customs, Wale Adeniyi, The Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite, Executive Secretary, Nigerian Shippers’ Council (NSC), Mr Pius Akuntah, during the launch of the World Customs Organisation (WCO) Assisted Time Release Study in Lagos on Thursday.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TRS

By Aisha Cole

The Comptroller-General of Customs, Wale Adeniyi, says the service is well equipped to implement the Time Release Study (TRS) to reduce cargo clearance and facilitate trade in Nigeria.

Adeniyi made the disclosure during the launch of the World Customs Organisation (WCO)-Assisted Time Release Study in Lagos on Thursday.

The TRS, he said, is a strategic and internationally recognised tool developed by the World Customs Organisation for the clearance of goods from arrival until the physical release of cargo.

Adeniyi said that in 2010, the Nigeria Customs Service (NCS) underwent a comprehensive TRS, conducted by the USAID MARKETS Project, focusing on the Apapa Port and Seme Border.

He said that about 20 cross-cutting recommendations, including the development of an Authorised Economic Operator (AEO) programme, implementation of a single window system, purchase of additional cargo handling equipment, infrastructure repairs at the ports among others, were made.

He said that a second attempt, though unsuccessful, was made in 2018 due to a lack of proper collaboration among the relevant agencies.

“Today’s exercise builds on the lessons learned from both the 2010 and 2018 attempts.

“We have made significant progress since then, including the implementation of paperless clearance and advancements in our AEO programmes.

”Provisions under the new Customs Act now speak to the imposition of penalties to deter non-compliance.

“Today, we are joining other Customs Administrations in the world that have embraced the tools developed by the World Customs Organisation (WCO) to promote the growth of international trade.

“The WCO remains steadfast in its commitment to advancing customs procedures through various instruments and tools, such as the Revised Kyoto Convention (RKC) and the World Trade Organisation (WTO) Trade Facilitation Agreement (TFA).

“Among these initiatives is the Time Release Study (TRS), developed to provide comprehensive insights into customs operations’ efficiency as the TRS in Nigeria, starting with TINCAN ISLAND Port, serving as the pilot location.

“The TRS method is a systematic and standardised approach used to measure the total duration of time from the arrival of goods at the customs border until their release,” Adeniyi said.

He explained that the TRS initiative represented a critical step in our ongoing efforts to optimise the trading experience and customs operations in Nigeria.

Adeniyi said for the implementation of TRS, the NCS was deploying the AEO programme, Advanced Ruling, and establishing a Customs Laboratory as part of its ongoing efforts to facilitate trade and improve government revenue.

Mr Lan Saunders, Secretary-General, WOC, said that the fulfilment of TRS was based on the WCO methodology.

He said that the system would enable Nigeria’s compliance with the requirement of Articie 7.6 of the WTO Trade Facilitation Agreement (TFA).

“The TFA encourages WTO members to measure and publish their average release time of goods periodically and consistently.

“TRS is being conducted as a diagnostic to find bottlenecks in the trade flow process factually and to take necessary measures to improve the effectiveness and efficiency of border procedures by reducing clearance time.

“TRS is an instrument with which customs and other government agencies, along with private sector stakeholders, can measure the cross-border flow process related to imports, exports, and transit movement of goods periodically,” Saunders said.

Some of the benefits of TRS, according to him, include the improvement and strengthening of efficiency of customs administration and other government agencies, which allows all stakeholders to synergise.

He listed other benefits to include the creation of better conditions for accelerating the international movement of cargo subject to import, export, transit, or any other customs regime related to the clearance and release of cargo.

Saunders, in a Zoom presentation, said that TRS would also lead to improvement of the country’s international competitiveness in the global market and collaboration with stakeholders to enhance supply chain.

Also speaking, the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, represented by the Executive Secretary, Nigerian Shippers’ Council (NSC), Mr Pius Akuntah, commended Customs for establishing the platform to enlightened stakeholders in trade facilitation.

Oyetola said that the customer’s TRS was a unique analysis among customs worldwide to evaluate an efficient customs clearance process.

He said that the TRS would streamlined customs procedures and improved trade facilitation.

The Minister of Finance, Mr Wale Edun, who was also represented by the Permanent Secretary, Ministry of Finance, Mrs Lydia Jafiya, said that implementation of the TRS would foster a business-friendly environment.

He said this would also assist several countries in Europe and America to be attracted to bringing cargo to Nigeria.

Edun urged stakeholders to  collaborate for the successfull implementation of the TRS, which would reduce time excess cargo clearance and trade facilitation period.

The Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite, commended the NCS for the initiatives geared towards enhancing trade and ease-of-doing-
business in Nigeria.

“I am absolutely confident they will be a great success and
Nigeria will reap their benefits through sustained economic growth in the coming years,” she said.

While encouraging stakeholders to embrace the business, Uzoka-Anite said that she was inspired to facilitate trade and increase Nigeria’s trade volume.

She said that effective trade facilitation required efficient coordination across the entire supply chain.

She added that the approach required careful planning and
collaboration across a wide range of government departments and agencies as well as close cooperation with the private sector.

”I wish to announce that we will re-launch and revitalise the National Trade Facilitation Committee (NTFC), where the Federal Ministry of Industry, Trade, and Invest the Nigerian Customs Service, and
many other MDAs will work.

“They will work alongside the private sector, to effectively plan and implement more successful trade facilitation reforms that will continually increase our trade volume year on year,” Usoka-Anute said.

The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh, commended Customs for taking a bold step in changing the narrative of cargo clearance in Nigerian ports.

Jamoh said that NCS had proven that it was not too late to reduce cargo clearance in the ports with the implementation of the TRS.

He said that the TRS would enable clearing agents to understand the actual time required to release cargo at the ports.

Jamoh called for collaboration and commitment among stakeholders to remove the bottle necks affecting cargo clearance.

Another representative of WOC, Mr Stephen Muller, urged customs to report and publish the TRS operations within six months for evaluation. (NAN)

Edited by Olawunmi Ashafa

Rising inflation: Nwoko calls for urgent policy review

Rising inflation: Nwoko calls for urgent policy review

215 total views today

By Deborah Coker

Sen. Ned Nwoko (PDP-Delta) has  called for urgent review of some economic policies in view of the worsening surge in inflation rate.

Nwoko made the call in an interview with the News Agency of Nigeria (NAN) in  Abuja on Friday.

He said  that the recent surge in inflation rates and the significant depreciation of the Naira, were issues of grave concern for every citizen and stakeholder investing in the prosperity of the nation.

According to him, the inflation rate, which has reached alarming levels in recent months, is a threat to the well-being of the people.

“We must take decisive action to address this concerning trend that has unfortunately become the norm.

“The nation’s economic team must urgently review and adopt effective policies to combat these challenges,” he said.

He said the CBN Governor, at a briefing at the National Assembly,  among other factors, cited Nigerians schooling abroad as contributors to the high inflation rate and depreciation of the Naira.

“The assertion may have some merits but the impact of tuition expenses on the country’s foreign exchange reserves, pales in comparison to the broader systemic issues at play,” he said.

The lawmaker said that blaming Nigerians schooling abroad for inflation,  and currency depreciation oversimplifies the complex factors driving economic trends.

“It’s important to acknowledge the broader systemic issues such as fiscal policy, monetary management, trade imbalances, and structural deficiencies within the economy that contribute significantly to these challenges,” he said.

He added that how effective Nigeria’s fiscal policy is, current bank rate, inflation target set by the Central Bank of Nigeria (CBN),  and how frequently it is adjusted to manage inflation are very germane in addressing the issue of the surge in inflation.

Nwoko said that in the UK, inflation was primarily controlled through the monetary policy implemented by the Bank of England (BoE).

“The BoE sets an inflation target, currently at two per cent, and uses various tools to achieve it.

“These tools include adjusting the base interest rate, known as the Bank Rate, which influences borrowing costs throughout the economy.

“Additionally, the BoE engages in quantitative Easing (QE) to stimulate economic activity or contractionary measures to curb inflationary pressures.

“Moreover, the BoE monitors various economic indicators and adjusts its policies accordingly to maintain price stability and support sustainable economic growth. Can we say same about Nigeria?,” he asked.

He said  that one adverse structural deficiency influencing economic trends in Nigeria, was the excessive importation of non-essential goods and locally producible items.

He explained that dependency on imported goods, particularly those that can be readily produced within the country, undermines domestic industries and erodes the foundations of economic self-sufficiency.

He added that this dependence would continuously subject the nation’s economy to external shocks, exacerbating the Naira depreciation if no resolute action was taken.

“Decisive action must be taken to address the root causes of this continuous free fall of the Naira and persistent trade imbalances.

“As I have consistently maintained, there is a compelling need to restrict the importation of non-essential goods and locally producible items, with the view of promoting local production.

“Nigeria has the manpower and raw materials needed to lay the groundwork for a more self-reliant and prosperous future through production.

“Redirecting funds previously earmarked for importing non-essential goods to support and incentivise local manufacturers and entrepreneurs will be crucial.”

The lawmaker also said that another structural deficiency exacerbating the depreciation of the Naira,  was the practice of paying foreign workers in companies situated in Nigeria in foreign currency.

He explained that the practice not only undermines the dignity and rights of Nigerian workers, but also puts pressure on the nation’s foreign exchange reserves, thereby destabilising the Naira.

“The effect has proven to be detrimental; hence, there is a compelling need to pay foreign workers in companies situated in Nigeria in Naira.

It is a roadmap for strengthening control over our monetary policy and reducing pressure on reserves.

“These are the broader systemic issues that must be addressed to control the inflation rate, maintain price stability, and support sustainable economic growth,” Nwoko said.

He further said that the reliance on the USD must cease, adding that “as long as we tether everything to the dollar, we remain ensnared by colonial powers.

“This is non-negotiable. We must relentlessly pursue economic independence,” he said . (NAN) (www.nannews.ng)

========

Edited by Joseph Edeh

Association backs enforcement against digital lending violation

Association backs enforcement against digital lending violation

205 total views today

By Rukayat Moisemhe

The Money Lenders Association (MLA) has backed the recent enforcement by the Federal Competition and Consumer Protection Commission (FCCPC) aimed at ensuring ethical operations in digital lending in Nigeria.

Mr Gbemi Adelekan, President, MLA, made this known in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

NAN reports that the acting Executive Vice Chairman of FCCPC, Dr Adamu Abdullahi, had warned against persistent violations of consumer rights by digital money lenders.

Abdullahi affirmed the FCCPC’s commitment to intensifying enforcement efforts to end consumers’ exploitation while ensuring digital lenders comply with regulations.

Adelekan expressed MLA’s sympathy with members of the public on activities of some unlicensed and illegal digital lenders.

“The association wholeheartedly supports the measures by the FCCPC, to sanitise and safeguard people from online fraud, unethical practices and foster a reliable digital environment, especially at this crucial time in the Nigerian economy.

He urged the general public to exercise caution when applying for loans online by ensuring that they only deal with licensed and approved digital money lenders.

Adelekan advised the general public to be careful and carry out their Know Your Client on digital lenders before applying for loans, while being careful of “too good to be true” offers from unscrupulous operators.

“MLA condemns in its entirety, this unprofessional act perpetrated by some unscrupulous lending organisations (not our members).

“Money Lenders Association is duly incorporated under the Laws of the Federal Republic of Nigeria, with its primary objective being the advancement of the money lending industry, and safeguarding the interests of the public and customers using our lending platforms.

“The association actively collaborates with the FCCPC and government to address the practical challenges faced by members of the public and our members, in their daily operations.

“As part of our commitment to ethical practices, members of our Association adhere to a comprehensive code of practice which facilitates self-regulation of our activities, to ensure compliance with FCCPC and government regulations, to promote trust and confidence,” he said.

The MLA president identified key pointers to look out for in obtaining loans physical location, approved practitioners, other customers review among others.

He stressed that any lender that promised the approval of loan requests without a background analysis, was definitely a red flag.

“It is important to know that your digital lender has a physical location where the business is registered or where the company operates from. This information can be available on the lender’s website.

“Consumers are encouraged to consider only licensed and approved Digital Money Lenders by the Government and FCCPC. Check the FCCPC’s website for the list of approved Digital Lenders and the Lender’s website (if there is one) to ensure that you are dealing with a legitimate provider.

“Security deposit is a No-No-No!!!. A lender asking for a security deposit or a substantial payment before the loan application is considered is definitely fraudulent.

“Any lender asking the borrower to pay a substantial amount i.e. Bond or security deposit before an application is considered, is definitely a red flag.

“The general public should be careful of using “apk loan links” from unsolicited telesales agents, to apply for loans. For your mobile app loan applications, the Association only recommends the use of apps published on Google Playstore/Apple store.

“Intended customers can also check www.moneylenders.ng for more information,” he said.  (NAN)(www.nannews.ng)

=============
Edited by Chinyere Joel-Nwokeoma

FG intensifies protection of consumers, businesses

FG intensifies protection of consumers, businesses

336 total views today

By Lucy Ogalue

The Federal Government has taken further steps to protect consumers and businesses against  losses and inaccurate measurements.

Amb. Nura Rimi, Permanent Secretary, Ministry of Industry, Trade and Investment, said this during the Weights and Measures Department Quarterly Assembly in Abuja on Thursday.

According to Rimi, this is being done through  enforcement of the Standard Operating Procedure of businesses.

He said that the duties of the weights and measures department were essential and significant to the nation’s economy.

“The first priority area of President Bola Tinubu is to reform the economy to deliver sustained inclusive growth.

“ I was pleased when I was informed of the theme of this assembly: ‘Reviewing the Legal Metrology Standard Operating Procedures for a Sustainable Economic Growth’.

“Enforcement of legal metrology in virtually every sector of the economy does not just protect consumers but also assists Nigerian businesses to avoid unnecessary losses from inaccurate measurements, and accords them the badge of traceability that enables healthy competition both in local and international markets,” he said.

Participants at the 2024 Weights and Measures Department Quarterly Assembly in Abuja on Thursday
According to Rimi, the Federal Government   is making eefforts to correct the conflicting sections of the Petroleum Industry Act  which is causing challenges in the execution of duties in the oil and gas sector.

He also reiterated the Federal Government’s plan to upgrade the weight and measurement department into an agency to enable  it to achieve its mandate better.

The permanent secretary charged the participants to achieve robust and progressive  roadmaps.

On his part, the Director of Weights and Measures Department, Mr Olajide Bamidele, urged the participants to reflect on their mandate, be diligent and uphold professionalism.

“The theme we have chosen underscores the vital role that legal metrology plays in shaping the economic landscape of Nigeria.

“By adhering to rigorous standard operating procedures, we will not only safeguard the interests of consumers and businesses, but also lay the foundation for a thriving and equitable economy.

“Our economy, like any other, is dynamic and constantly evolving.

“It is also necessary that our legal metrology practices evolve,” he said.

He said that there was the need to overcome challenges and achieve set goals.

“We must be proactive in our approach to reviewing and refining our standard operating procedures, ensuring that they are not only compliant with current regulations, but are also responsive enough to adapt to emerging trends.

“This adaptability is key to fostering an environment where businesses can flourish, consumers can trust, and the economy can thrive,” he said. (NAN)(www.nannews.ng)

=========

Edited by Abiemwense Moru/Popoola

 

 

 

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