FG Intensifies Efforts To Improve Business Climate In Nigeria
The Federal Government has announced that it is currently implementing measures and accelerating actions, geared towards delivering on policies that would facilitate the ‘Ease of Doing Business’ in Nigeria. The Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, who stated this at the 2017 KPMG’s CFO Survey Report Presentation, held in Lagos on Tuesday, noted that ‘Ease of Doing Business’ has become a critical benchmark for assessing the competitiveness of global economies.
Government Spends N2.4tr On Fuels, Lubricants Import
The Federal Government spent N2.4 trillion on the importation of fuels and lubricants in 2016, according to the National Bureau of Statistics (NBS). The agency in its fourth quarter (Q4) foreign and merchandise trade statistics released at the weekend, disclosed that about 18.4 per cent of the total cost was used for the importation of Premium Motor Spirit (PMS) during the year under review. On a quarterly basis Nigeria spent N699.2 billion for the importation of fuels and lubricants, which if retained in the country, could build institutions that would provide jobs for graduates.
Government Targets Additional N800 Billion Yearly From Oil
The Federal Government has unveiled plans to restore crude oil production to 2.2 million barrels per day (mbpd) and increase its revenues by additional N800 billion yearly. It also expected to optimise the delivery of at least 10 Giga Watts (GW) of operational power capacity by 2020 to boost economic activity across all sectors and improve the quality of life of the citizenry. This is part of the short term plans to boost the Nigerian economy, which is about 90 per cent dependent on petro-dollars for its survival, while also enhancing the petroleum industry’s contribution to the nation’s gross domestic product (GDP) put at about 45 per cent by the National Planning Ministry.
Ecobank, AMfB To Boost $20.8b Remittances, Increase Financial Inclusion
A new pact between Ecobank Nigeria Plc and Accion Microfinance Bank Limited, aims at revving up remittances to Nigeria, which was about $20.8 billion in 2015 and provide more financial inclusion to Nigerians, particularly the Small and Medium scale Enterprises (SMEs). This was disclosed on Monday, at the announcement of the pact by Deputy Managing Director, Ecobank, Tony Okpanachi, which saw Ecobank extend Western Union money transfer to the microfinance bank.
BoI, Diamond Bank Partner On GEEP To Aid Financial Inclusion
The Bank of Industry (BoI) and Diamond Bank have partnered towards enhancing bridging financial inclusion gap among micro entrepreneurs through the implementation of the N140 billion Government Enterprise and Empowerment Programme (GEEP) scheme. The Acting Managing Director, BoI, Waheed Olagunju, while speaking at the programme in Lagos, said that government evolved the scheme because of its passion about sustainable business growth and empowerment of micro entrepreneurs.
Disco Blames High Cost, Others For Slow Industrialisation
Lamenting over Nigeria’s economic woes, the Chairman of Kaduna Electric Company (KADEC), Alhaji Yusuf Hamisu Abubakar has said that failure by the nation to industrialize is as a result of, among other factors, unreliable and costly access to energy. Abubakar explained that the failure was more visible in the industrialisation programmes of past governments in the 1970s and early 1980s, particularly as it affected the northern region.
Firm Launches N500m Lifeline For Communities
A N500 million five–year socio-economic welfare package to uplift the economic wellbeing of the people of Okobo/Enjema in Ankpa Local Council Area of Kogi State, where mining activities is going on has been launched by the Eta–Zuma Group. The initiative, which is part of Eta–Zuma’s Corporate Social Responsibility (CSR) to its host communities, is in addition to many other of such programmes already undertaken in the areas running into hundreds of millions of naira. Announcing the new gesture in Abuja at the weekend at the Company’s Corporate Headquarters, Chairman of the Group, Dr. Innocent Ezuma, explained that the scheme, which is a micro-credit and revolving plan at almost zero per cent interest will economically empower the host communities.
NCC: We’re Dedicating 2017 To Ensuring MTN, Glo, Etisalat Treat You Right
The Nigerian Communications Commission (NCC) says it is dedicating the year 2017 to ensuring all networks within its regulation — MTN, Glo, Airtel, Etisalat and others — treat consumers right. In line with this objective, the NCC said all is now set for the flag off campaign of the Nigerian Telecom Consumer. The campaign is billed for Wednesday, March 15, 2017 which coincides with the 2017 World Consumer Rights Day (WCRD) with the theme “Building a Digital World Consumers can trust”.
