The Nation Newspaper

Author: The Nation

  • EFCC will tackle vote-buying, other electoral fraud, says Bawa

    EFCC will tackle vote-buying, other electoral fraud, says Bawa

    The Economic and Financial Crimes Commission (EFCC) has assured Nigerians of its readiness and competence to tackle vote-buying and other acts of electoral fraud to make the forthcoming general elections transparent, free and fair.

    Its Spokesperson, Wilson Uwujaren, in a statement in Abuja yesterday, quoted the commission’s Chairman, Mr Abdulrasheed Bawa, as making the above remark during the North-Central Stakeholder’s Roundtable on the 2023 general elections.

    The roundtable was organised by the Centre for Transparency Advocacy (CTA) in Abuja.

    Bawa said the EFCC is adequately equipped to tackle any form of electoral fraud.

    He called on Nigerians to shun any form of electoral malpractice, stressing that participatory engagement of Nigerians would make the forthcoming election successful.

    The EFCC boss, who spoke through Assistant Director of Media and Publicity, Dele Oyewale, emphasized that vote-buying and other electoral misconduct are human practices and can be stopped.

    He said: “Intelligence is about people, vote buying is about people and vote selling is about people, those that are selling votes are not ghosts, those that are buying are also not ghosts, they are all human beings.

  • Agency seeks collaboration with FAAN, NIS for smooth hajj in Kaduna

    Agency seeks collaboration with FAAN, NIS for smooth hajj in Kaduna

    The Kaduna State Pilgrims Welfare Agency on Wednesday sought collaboration with Federal Airports Authority of Nigeria (FAAN), Kaduna International Airport, for a smooth Hajj operation in 2023 .

    The News Agency of Nigeria (NAN) reports that the agency also sought collaboration with the Nigerian Immigration Service, (NIS)Kaduna Command.

    The Executive Secretary (ES) of the  Agency, Dr Yusuf  Arrigasiyyu, said the visit was to  collaborate with the agency  to also make necessary arrangements for a smooth Hajj operation in 2023 for prospective pilgrims in Kaduna State.

    NAN reports that the ES was received at the Kaduna International Airport by the Acting Airport Manager, Mr Abubakar Sadiq.

    He was also received at the NIS by the Kaduna State Comptroller, Mr Liman Kila.

    Arrigassiyyu said the purpose of the visit at the  airport authority was to engage them towards very peaceful  and conducive environment during the Hajj.

    He recalled that 2022 Hajj came as an emergency issue because the agency faced a lot of challenges.

    “We discussed with them and to see those challenges if such still exists and see how all together can resolve them so that we can have hitch free exercise.

    The ES, at the NIS Command, said in the 2022 Hajj, “we had challenges in the issuance of passports because there was scarcity of it.

    “That is why we are engaging them.

    He said the state comptroller had assured that passports were available and could be issued within 24-48 hours.

    “For those of us who are going to Hajj and have issues with the passport, we will submit it for intervention.

    “Our visit to FAAN and NIS is fruitful,” Arrigasiyyu said.

    The Kaduna state Pllgrims welfare agency with the management of Kaduna state command of Nigerian Immigration service during a coutsey visit to the command on Wednesday in Kaduna.

    Responding, the Acting Airport Manager, assured the agency of  support for smooth Hajj.

    Sadiq said the security situation in the airport area had greatly improved, compared to 2022 .

    The NIS boss said everybody knew that the service and the agency worked closely in national interest.

    “Anything less, the desired objectives my not be achieved.

    He assured that NIS under his watch, was ever ready to solve issues related to immigration services .

    “If you apply for passport today be rest assured in the next one to two days your passport will be ready,” Kila said

    (NAN)

  • Full text of President Buhari’s address

    Full text of President Buhari’s address

    NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023

    My Dear Compatriots,

              I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.

    2.      Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.

    3.      Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.   

    4.      In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.

    5.      For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till  31 January 2023, before the old notes, cease to be legal tender.  

    6.      In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.

    7.      Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:

    a.           The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.

    b.           The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained  permanently outside the system; thereby distorting the financial policy and efficient management of inflation;

    c.           The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;

    d.           Economic growth projections make it imperative for  government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and  

    e.           Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria

    8.      Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that  gains have emerged from the policy initiative.

    9.      I have been reliably informed that  since the commencement of this program, about N2.1 trillion out of the banknotes previously held  outside the banking system, had been successfully retrieved.

    10.    This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:

    a.   A strengthening of our macro economic parameters;

    b.   Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;

    c.   Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;

    d.   Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;

    e.   Exchange Rate stability;

    f.     Availability of Easy Loans and lowering of interest rates; and

    g.   Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.

    11.    I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.

    12.    To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens  are adequately educated on the policy;  enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.

    13.    I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.

    14.    During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.

    15.    I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.

    16.    To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

    17.    In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

    18.    Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.

    19.    Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall  ensure that new notes become more available and accessible to our citizens through the banks.

    20.    I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.

    21.    Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.

    22.    This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.

    23.    I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.

    24.    I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.

    Thank you for listening. God bless the Federal Republic of Nigeria.

  • BREAKING: Buhari orders CBN to recirculate old N200 note

    BREAKING: Buhari orders CBN to recirculate old N200 note

    President Muhammadu Buhari has ordered the Central Bank of Nigeria (CBN) to recirculate the old N200 note, which will remain legal tender with the newly re-designed N200, N500 and N1,000 notes until April 10, 2023.

    The President disclosed this in a national broadcast to Nigerians on Thursday morning in reaction to the escalating cash scarcity as a result of the redesigning of the N200, N500 and N1,000 notes and the nationwide uproar which attended the development. 

    He assured the CBN would continue to ensure the new notes are released into the system for access as the administration continues to monitor the success of the policy to ensure Nigerians are not suffering unnecessarily. 

    On reason for the current hardship experienced as a result of the policy, the President blamed those he described as unscrupulous banking operators and expressed sympathies with citizens for the hardship so far faced.

    “To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

    “In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

    “Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN,” he said.

    Details Shortly…

  • Sanwo-Olu showcases infrastructure scorecard in dialogue with OPS

    Sanwo-Olu showcases infrastructure scorecard in dialogue with OPS

    Lagos State Governor Babajide Sanwo-Olu made full use of the opportunity offered by the recent Interactive Session with the Organised Private Sector (OPS) to showcase his achievements in the run-up to the forthcoming general election, writes Group Business Editor, SIMEON EBULU

    THE Lagos State Governor Babajide Sanwo-Olu has done well and deserving of being re-elected, former Lagos State Governor and Minister of Works and Housing, Babatunde Raji Fashola, said in an Interactive Session with the Organised Private Sector (OPS) in Lagos last Monday.

    The parley, which held at the Lagos Oriental Hotel, along the Lekki-Epe Expressway, afforded Sanwo-Olu another chance to apprise the business community of his stewardship in the state, reeling out what his administration has done through the provision of infrastructure to promote private enterprise, ensuring security of lives and property and what investment opportunities lie ahead, enjoining them to continue to support and vote to retain the government, both at the state level and at the centre where the All Progressives Congress (APC) Presidential flag bearer, Asiwaju Bola Ahmed Tinubu, the man credited for laying the foundation for the exponential development of the Lagos State is seeking to be elected President.

    Sanwo-Olu seized the opportunity provided by the occasion to reel out his achievements, listing among others the Lagos Deep Sea Port, the whole gamut of investment opportunities available to willing investors along the Lagos Free Trade Zone corridor, the expansive road networks ringed around the state, exiting into the neighbouring Ogun State through Epe axis, the upcoming Lagos-Epe Airport, the 37-kilometre-long Fourth Mainland Bridge that will empty outbound traffic into the Lagos-Ibadan Expressway at the Lagos-Ogun intersection, the proposed Macy Specialist Hospital, the Imota Rice Mill and the soon to be established Food Market, which in his estimation, will be the biggest in Sub sahara Africa- all to be sited on the Epe axis of the state.

    He said the government is deliberatly spacing and locating industries and infrastructure in Lagos State in such a manner as to decongest central Lagos. He went ahead to mention the Badagry Deep Seaport, which he said has equally received approval, a new College of Education billed for Ijanikin.

    Sanwo-Olu said the Lagos Master Plan is centered around building of infrastructure, especially, in the area of transportation that is now aiding economic growth and development, while creating a business conducive environment for private investors to set up their businesses in the state. He said his administration has embarked on improving mobility by injecting funds to deliver an integrated mass transit system, coupled with massive and comprehensive road rehabilitation across the state, adding that this has also boosted productivity by expanding transport infrastructure, investment in rail and opening waterways.

    Sanwo-Olu said the THEMES Agenda of the state government is designed to make life easier for its citizenry and the Business community, stating that in Transportation and Traffic Management, the state has intervened in almost 1,000 roads across the state and built new roads in total length of 125 kilometres, and activated ferry services to quickly move people at business hours. He said the administration has provided 3,000 vehicles to service its mass transit network and taxi scheme, saying Lagos will soon have two rail lines to boost mass movement.

    He said the transportation mode super structure comprising the road, rail and water scheme, apart from adding about 250,000 jobs, is intended to reduce journey time on the roads, thereby making Lagos become more efficient.

    He said the economic redistribution plan was being supported by extension of Lagos Blue Line to Okokomaiko, while the Federal Government’s approval for the development of the Badagry Seaport will catalyse economic growth and create new economic zone in the state, in addition to the ongoing construction of the Badagry-Mile 2 Expressway, which is being vigorously pursued and being done strategically to open the west flank of the state to more investment and physical development.

    Sanwo-Olu said Lagos State is desirous to expanding its developmental strides to its neighbouring Ogun, especially on the Agbara front, but expressed regret that approvals along that line were not forthcoming from the Ogun State government.

    Sanwo-Olu prides Lagos for being home to over 300 tribes and despite its limited space boasts of generating over 10 per cent of Nigeria’s Gross Domestic Product (GDP) and home to many of the large corporations in Nigeria, and caters to no less than 25 million of Nigeria’s population. “Lagos can do a lot more and we want to do much more,” he stated.

    Fashola, who was one of a four-member panelist, comprising the Director-General, Budget Office of the Federation, Ben Akabueze, the Senior Special Assistant to the President on Sustainable Development Goals (SDGs), Princess Adejoke Orelope-Adefulire and Sanwo-Olu, in the parley moderated by the Chairman, Titan Bank, Tunde Lemo, said the calibre of people needed at this period that deserved to be elected in the elections, “that are a few days away,” should be those that have been tested, not just in governance, but people with cognate private sector experience, saying that he was glad to note that the team in APC, including Tinubu and the governor, have met the criteria and deserved to be elected and re-elected as the case may be.

    He said the essence of the interaction was to afford the business community the chance to hear from government, and as well debrief the Governor and the team from the centre on what is expected from both parties in the light of the upcoming elections. Fashola said he was sufficiently acquainted with the pedigree of people the other parties are fielding as their candidates, saying there was no question, which party stands the chance of getting its candidates elected.

    As he put it: “I can assess those on the line for the job, I therefore call on the people to remain dispassionate, unemotional because of the choices to make in a few days. This is the time to face reality, it’s not about reality Tv, it is about real life.”

    He said Sanwo-Olu has done well on Security, the economy and in fighting corruption, reminding the audience that its was in the last dispensation that the Chief Law Officer was killed, and of the Chibok school girls that were kidnapped in the life of the previous administration.

    Fashola also gave insight into the growth trajectory and the economic opportunities that the Federal Government’s construction efforts on roads and the rails have impacted on the fortunes of corporate businesses and the informal sector. He said the previous government neglected the sector, resulting in decay and delapidation of what ought to be the nation’s economic drivers, adding that the present government took the initiative to reverse the trend, a measure he said that reversed the negative impact on many businesses.

    Fashola said quary activities alone that were revived to provide materials for road construction, led to the employment of numerous drivers, deployment of trucks and trailers and the consumption of over one 19million litres of diesel just to fix the Second Niger Bridge alone. The multiplier effects of these, Fashola enthused raised the GDP by close to between seven per cent and eight per cent from a paltry three per cent.

    To demonstrate the impact of team work that has characterised the governor’s work ethics, Sanwo-Olu came to the parley with a full complement of the Lagos State’s Executive Council (EXCO), including his Deputy, Dr. Obafemi Hamzat; Commissioners for Health, Professor Akin Abayomi; Budget and Economic Planning, Samuel Egube, their counterparts in Information and Strategy, Gbenga Omotoso, and Environment, Tunji Bello, and other senior government officials.

  • 2023: Hunger will not be our portion this year (2)

    2023: Hunger will not be our portion this year (2)

    MANY Nigerians play the blame game. They blame other people for any negative turn of events in their lives, including poverty and hunger. For them, their enemies are at work against them. These enemies include their siblings neighbours, co-workers and relations in their villages, among others. They do not think of themselves being the ones who formed their environment, or of how to escape from undesired environments.

    In the first part of this series last Thursday ( 09/02/ 2023),I presented farming in my home garden by Udeme Edet James and of how,small as these flower beds are in land area, they give us enough pepper, cocoyam, yam, bananas, vegetables, plantains, herbs and snails, among others. It was an answer by me to the forecast by International Organisation that 25 million Nigerian will be hungry this year.

    There are many people like me, who do not routinely blame the government or any one else for the challenges of the existence. One of such person that I am featuring today is Mrs Evelyn Obiku who comes from Obudu but who lives in Calabar. Please read a story of her home garden below as told by her…

    “1. Cement bags were used.

    2. Chicken droppings were mixed with the soil before planting and retouched around June

    3. Top soil was used

    4. The farm is located in my house. We have 100-50 plots of land in which we were trying to build.I consciously accompanied my husband to the site to ensure I have a space in front for flowers and behind for edibles.

    5. It is mainly for eating but I have shared with friends and family.

    6. Cement bags were used but I intend to used bigger bags like flour/feeds bag next year.

    7. The best time to plant is January because yam matures from nine months. This was planted between March and April. Next year, I will plant before the end of February because I just harvested. So, there is need for the sett to stay for up to a month before it can be replanted”.

    I doff my heart for Action People such as Mrs Evelyn Obiku. They do not grumble or gossip about “Hard Time”. They turn supposed hard times to good time. I will like to encourage friends and family who have been enjoying the harvests from Mrs Obiku’s gardens to not remain dependent or parasitic this year and to begin their own farms immediately.

    Mrs Obiku has made videos of her enterprise which she is willing to share with you if you call her on +2347089724850. This year, hunger will not be our portion…Amen

  • Obelix raises N100m for SMEs

    Obelix raises N100m for SMEs

    A crowdfunding intermediary, Obelix, has raised N100 million from 9,324 registered small-ticket retail investors in the country, the company said in a statement yesterday.

    Obelix, a subsidiary of Alternative Finance Limited, said the fund would be invested in three promising pre-selected Small and Medium Enterprises (SMEs) in Nigeria.

    The firm listed Imose Technologies Limited, Alatiron Nigeria Limited, and Q21 Solutions Limited as the selected investment portfolio companies.

    On the selection adopted, Obelix company explained that the companies were selected through its debt-based funding portal, Monieworx, an economic exchange, and multilayered ecosystem.

    The investment, according to the firm, was aggregated from active investors on its crowdfunding community.

    The statement read: “The investors were among our growing community of 42,545 early adopters on the Monieworx waitlist. The average investment in the Private Notes was N10,725 with the smallest and biggest tickets being N1,200 and N20,000.

    “This alternative way of fundraising meets the important financial needs of SMEs who lack access to credit from Nigerian banks.”

    The Managing Director of Monieworx, Ali Yakubu-Concern, described the crowdfunding method as a golden opportunity for SMEs.

    He said: “SME financing is at an inflection point. We have been presented with a once-in-a-lifetime opportunity to win customer primacy and we intend to seize it with both hands. Owning alternative investments will become increasingly valuable.”

  • National Devt. Plan: Fed Govt seeks N298.3tr private sector investment

    National Devt. Plan: Fed Govt seeks N298.3tr private sector investment

    The Federal Government says it will require N298.3 trillion of private sector investment to achieve the N348.1 trillion National Development Plan of 2021-2025.

    It also says the government capital expenditure during the period will be N49.7 trillion (14 per cent).

    Minister of State for Budget and National Planning, Prince Clem Agba said this in Abuja at the national dialogue on Women’s Economic Empowerment (WEE) Monitoring and Evaluation (M&E) policy.

    Speaking at the dialogue organised by development Research and Projects Centre (dRPC), under the Partnership for Advancing Women in Economic Development (PAWED) funded by the Bill and Melinda Gates Foundation, Agba said: “However, the plan will require an investment of about N348.1 trillion to achieve the plan objectives within the period of 2021-2025.”

    “It is estimated that the government capital expenditure during the period will be N49.7 trillion (14 per cent), while the balance of N298.3 trillion (86 per cent) will be incurred by the Private Sector. Of the 14 percent government contribution, FGN capital expenditure will be N29.6 trillion (9 per cent), while the Sub National Governments’ capital expenditure will be about N20.1 trillion (6 per cent).

    “Thus, the successful implementation of this plan will be heavily dependent on a strong partnership between the private and

    public sector and bothsectors playing their expected roles effectively. The government will finance the plan directly from budgetary provision as approved by the National Assembly. To ensure fiscal sustainability, efforts will be geared towards enhancement of domestic resources mobilization, especially in enhancing non-oil revenue within the planning period to avoid undue fiscal shock in financing the plan. The target is to increase national government revenue up to 15 per cent of GDP at the end of 2025 to reduce the deficit-GDP ratio.”

    In his remark, the Director General National Institute for Policy and Strategic Studies (NIPSS), Ayo Omotayo said NIPSS has been concerned about the quality of governance in the country.

    He said particularly the reasons we are not making significant progress to achieve welfare and development for our people.

    Omotayo added, “One way of upscaling our efforts for a better Nigeria is to ensure a robust, viable and result-oriented monitoring and evaluation framework and practice in the country. Indeed, countries with strong M&E practices perform better in public service delivery and development. This is because the M&E eco-system ensures that policies and programs are tracked to ensure that governments succeed in their implementation.”

  • NIPC committed to making Nigeria preferred investment destination

    NIPC committed to making Nigeria preferred investment destination

    The Nigerian Investment Promotion Council (NIPC) has expressed its commitment to ensure that Nigeria becomes a preferred investment destination of choice for investors.

    Its Executive Secretary, Mrs Saratu Umar, said this at the NIPC stakeholders’ engagement forum with state Investment Promotion Agencies (IPAs) yesterday in Abuja.

    Umar said NIPC was also strategising to increase national attractiveness and branding strategies at the national and sub-national levels to deepen Nigeria’s investment promotion drive.

    While calling for improved synergy among stakeholders in the investment promotion ecosystem, she expressed concern that the investment promotion drive of the country was fragmented.

    According to her, the investment promotion drive of the country is fragmented, thereby depriving us of cohesive leverage we can achieve if we synergise our efforts and resources.

    “Consequently, stakeholders in the investment promotion ecosystem ought to work in synergy and complement our mandates and competences to facilitate a national investment promotion campaign under the National Investment Promotion Master plan.”

    “This will also holistically accommodate investment opportunities at the state levels,” she said.

    Umar said that the absence of a coordination and monitoring mechanism had left the investing community in a state of confusion.

    She said that the coordination of investment promotion activities between the national IPAs, NIPC, and sub-national IPAs for the effective implementation of investment promotion activities was largely absent.

    “To avoid a ‘race to the bottom’ conduct, the country’s effort should be created for investment promotion under the coordination of the national IPA, NIPC,” Umar said.

    She said that Nigeria is a resource rich country with a potential that was unrivalled by any other country in the world, “but this potential is yet to be fully harnessed”.

    “The level of resource mobilisation is insufficient to harness this potential for inclusive growth and national development. And this is where the role of investment promotion comes in to attract Foreign Direct Investments (FDIs) and mobilise Local Direct Investment.

    “Global FDIs market over the last decade has become very competitive and versatile. The investment promotion trust of successful jurisdictions that are attracting the largest global market share of FDIs inflows are driven by effective, efficient and performance driven IPAs.

    ‘With almost 180 IPAs worldwide competing to channel FDIs to their different countries, a compelling imperative is established that NIPC is positioned to ensure that Nigeria gets a fair share of this global market.

    “The commencement of the Africa Continental Free Trade Area (AfCFTA) makes it imperative for Nigeria to enhance its investment promotion drive and outclass other economies within the Area.

    “This is in order to remain the preferred investment destination of choice because with AfCFTA, an investor can establish operation in any African country that is signatory and still access the Nigerian market,” she said.

    According to Umar, the central and strategic role of NIPC in the coordination of all investment promotion should, therefore, be activated to ensure Nigeria’s investment promotion drive was given traction.

    “This is to onboard investments into the different sectors of the economy in a bid to facilitate economic growth and national development as well as job creation, import substitution, foreign exchange generation and reduction of our reliance on debt among others.

    “Therefore, in order not to lose out of the tremendous opportunity that has now presented itself, we must collaborate under NIPC’s coordination to implement investment facilitation measures to maximise the impact of investment facilitation activities.

    “Thus, under the national investment coordination framework being evolved, NIPC will provide a clear strategy for a seamless collaboration and coordination of the investment ecosystem as well as usher in a robust and effective stakeholder communication and engagement.

    “This will result in effective partnership with all stakeholders including sub-national investment promotion players,” she said.

    Umar also said that a national council of investment promotion would be inaugurated by NIPC under its chairmanship and membership of all sub-nationals.

    According to her, it is with investment promotion roles to facilitate and ensure seamless coordination of the activities of the national and state IPAs for holistic growth and development.

  • Manufacturers’ confidence in economy drops 55 points

    Manufacturers’ confidence in economy drops 55 points

    The Aggregate Index Score (AIS) of Manufacturers’ CEO’s Confidence Index (MCCI) declined to 55 points in the fourth quarter of last year (Q4 2022), down from 55.4 points recorded in the third quarter (Q3) of the same year.

    MCCI is an index created by the Manufacturers Association of Nigeria (MAN) to measure changes in quarterly pulsation of manufacturing in relation to movements in the macro-economy and government policies.

    The Index is, therefore, a barometer used by MAN to aggregate the views of Chief Executive Officers (CEOs) of manufacturing companies on changes in the economy.

    The MCCI has a baseline index of 50 points, which suggests a stationary point in the economy.

    An index point above 50 points indicates that manufacturers have confidence in the economy and improvement in manufacturing performance, while any index point below 50 points indicates otherwise.

    The more the index point tends to 100 points, the higher the level of confidence in the economy and improvement in manufacturing activity.

    However, ‘MAN CEO’s Confidence Index: Preliminary Report & Highlights of Findings for Fourth Quarter 2022’ released yesterday, showed that AIS of MCCI declined to 55 points in Q4 2022, from 55.4  points  obtained in  Q3 of the year.

    MAN attributed the decline in the AIS in the quarter under review to the persisting increase in the Consumer Price Index (CPI), erosion in Naira value, and difficulty in sourcing Foreign Exchange (forex) for productive use.

    It identified other factors principally responsible for the difficult operating environment and its declining implication on manufacturing during the quarter under review as high cost of energy, the issue of insecurity and consequences of the lingering Russia-Ukraine war.

    MAN, however, said the AIS of MCCI fell below the 50 base points in the Pulp, Paper, Printing & Publishing and Motor Vehicle & Miscellaneous Assembly sectoral groups, standing at 49.6 points and 48.4 points.

    Similarly, among the industrial zones, activities in Rivers/Bayelsa (48.0 points) and Cross-Rivers/Akwa-Ibom (46.5 points) zones were depressed by high-cost of operating environment in the fourth quarter of 2022 as underlined by their index scores which fell below the benchmark points.

    “The decline in the Aggregate Index Score underscored the persisting challenges and the waning confidence of manufacturers in the economy in the fourth quarter of 2022 over the recorded points in the preceding quarter,” the report said.

    The MCCI report added that “consequent upon the above trends, it is crucially important for the government to have a shift towards a better exchange rate management; and moderate the rising energy cost via better management of refined petroleum products imported into the country.

    “These among other measures would no doubt help to reduce the current high inflation, which is fast eating-up the working capitals of businesses including manufacturing in the economy.”