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Tag: Fed Govt

  • Fed Govt pledges support for multinational investments to boost economy

    Fed Govt pledges support for multinational investments to boost economy

    The federal government of Nigeria has committed to creating a conducive business environment that will encourage multinational companies to expand their investments, thereby contributing to the nation’s economic growth and development.

    This pledge was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a meeting with a delegation from Microsoft Nigeria, led by the Country Manager, Olatomiwa Williams.

    Edun highlighted the government’s recognition of the strategic importance of industry leaders like Microsoft in driving economic development and innovation.

    “The government is dedicated to fostering an environment that supports the expansion and operations of multinational companies. This meeting signifies a crucial step towards establishing a collaborative relationship that will drive economic growth and innovation in Nigeria,” he stated.

    Edun welcomed Microsoft’s sustained commitment to Nigeria, acknowledging the technology giant’s potential role in various critical sectors. “We understand the strategic importance of sector leaders like Microsoft. Their commitment and potential to collaborate with us in areas such as cyber security and youth upskilling are vital for our economic agenda,” he added.

    Olatomiwa Williams, Microsoft’s Country Manager for Nigeria, addressed the meeting and maintained the company’s dedication to its Nigerian operations despite recent media speculation.

    “We are here to clear any doubts arising from recent media reports and to express our continued commitment to Nigeria. Microsoft remains dedicated to its operations and is keen on exploring areas of mutual interest with the federal government,” Williams said.

    Williams emphasized the importance of partnerships in enhancing the technological landscape of Nigeria.

    “We believe in the potential of Nigeria and are eager to collaborate with the government in areas such as cyber security and youth upskilling. These initiatives are crucial for fostering innovation and equipping the Nigerian workforce with essential skills for the future,” she noted.

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    The meeting marks a significant move towards a more collaborative relationship between the federal government and multinational technology companies. By creating a supportive environment for businesses, the government aims to attract more investments, spur economic development, and drive technological innovation in the country.

    Edun reiterated the government’s commitment to facilitating a business-friendly climate. “Our administration is committed to ensuring that multinational companies find Nigeria a viable and supportive place to operate and expand”.

    “We are determined to work closely with companies like Microsoft to achieve our economic objectives and enhance the overall business landscape in Nigeria,” he said.

  • Fed Govt to implement smart regulations for CNG

    Fed Govt to implement smart regulations for CNG

    As compressed natural gas (CNG) is set to become a permanent fixture in Nigeria’s energy landscape, the Programme Director and Chief Executive of the Presidential CNG Initiative (PCNGI), Michael Oluwagbemi, has said the government’s plan is to implement smart regulations that promotes growth and provides clear, predictable rules for safe investment. “We aim for a CNG sector with zero incidents as we seek to convert up to one million vehicles in the next three to four years,” he said.

    He reaffirmed the government’s commitment to safety during this transition, while also reiterating its commitment to transitioning to cleaner, safer, and more reliable fuel options under the leadership of President Bola Tinubu.

    He described the compressed natural gas (CNG) as the gas and fuel of the future for the transportation and power sectors, but also acknowledged concerns regarding the safety of CNG given its high-pressure storage requirements.

    Addressing participants at a virtual workshop hosted by the Competency Centre of the Major Energies Marketers Association of Nigeria (MEMAN) at the weekend which focused on operational safety in the retail CNG sector, the PCNGI boss reiterated the safety of the CNG, insisting that it is by far safer than petrol and diesel as it is less explosive. “CNG is 10 times less explosive than petrol and eight times less explosive than diesel when properly handled,” he emphasised.

    Oluwagbemi noted that it is of paramount importance to develop a robust regulatory framework to ensure the safe handling and use of CNG, particularly in the transportation sector. A key initiative referenced in this regard was the development of the Nigerian Gas Vehicle Monitoring System (NGVMS), designed to oversee safety practices in the natural gas vehicle system.

    This system, he explained, aims to monitor everything from the inspection of original equipment manufacturer (OEM) vehicles to the conversion of non-OEM vehicles. “The NGVMS will allow us to see what actors are doing, accredit workshops, train and certify technicians, and ensure that vehicle parts used for conversion are certified and standardised,” he explained.

    The Chairman, MEMAN, Huub Stokman, underscored the importance of the Competency Centre’s role in supporting the entire industry. “It’s important to realise that we’ve been on this journey for a long time. Nigeria, known as the eighth-largest gas province in the world, has extensive experience with LPG, which is a crucial part of our energy mix. As we introduce CNG to the public, it’s essential to ensure it is done correctly and safely,” he said.

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    Stokman, while highlighting the distinct differences between LPG and CNG, emphasised the need for proper equipment, transport, and installation procedures. This, he explained, was the motivation for the workshop which aimed to share best practices and ensure the safe adoption of CNG. “We owe it to ourselves, our friends, and our families to introduce CNG safely,” he said.

    Similarly, the Executive Secretary of the Nigerian Gas Association (NGA), Taji Ogbe emphasised that safety in the gas industry is the top priority. He buttressed the cost savings and environmental benefits of CNG compared to petrol and diesel.

    He also acknowledged the challenges of CNG adoption, including infrastructure and conversion costs, but emphasised that addressing these through standards and public education is crucial. Ogbe commended the efforts of MEMAN and the PCNGI and reiterated the importance of sustained information dissemination, industry engagement, and regulatory support to drive the successful and safe adoption of CNG in Nigeria.

    “We must all work together to ensure that the adoption of CNG is both successful and safe,” Ogbe concluded.

  • Ex-lawmaker urges Fed Govt to improve economy

    Ex-lawmaker urges Fed Govt to improve economy

    A chieftain of the All Progressives Congress (APC) in Osun State, Olatunbosun Oyintiloye, has urged the Federal Government to improve the economy to prevent the exit of more multinationals from Nigeria.

    Oyintiloye, in a statement yesterday, described the recent exit of companies as a worrisome development. He appealed to President Bola Tinubu to continue to do everything possible to improve the economy and attract more investment to the country, rather than for the ones operating within her territory to exit.

    He said: “The recent announcement by Kimberly-Clark, the multinational and makers of Huggies, GlaxoSmithKline Consumer Nigeria Plc, French pharmaceutical company, Sanofi-Aventis Nigeria Limited and Procter and Gamble to shift, among others, have shut down their operations fully or partially. This is a worrisome development.

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    “No fewer than 26 oil companies and investments pulled out and sold their stakes to domestic investors. These companies left mainly because of heightened insecurity in the Niger Delta and inability of the government to provide their counterpart funds to enable the joint venture agreements to explore and exploit new oilfields.”

    Oyintiloye said the exit of these companies would not only result in job losses, but also affect the value chain and cause a decline in the growth of the country’s Gross Domestic Products (GDP).

    He noted the government must create a more flexible and transparent foreign exchange policy to address scarcity issues, reduce the inflationary trend which has reduced consumers’ demand and purchasing power, create tax breaks, and review economic and fiscal policy, as measures to address the challenges forcing the multinationals to exit.

  • Fed Govt’s 100 per cent minimum wage hike not affordable, sustainable

    Fed Govt’s 100 per cent minimum wage hike not affordable, sustainable

    •Labour’s demand unrealistic

    Federal Government has been told not to accede to the ‘skyrocket’ demands of increased Minimum Wage by Labour.

     Nigerian Labour Congress and Trade Union Congress had embarked on strike to demand increase in Minimum Wage to N494,000. Federal Government and the unions are yet to reach a consensus.

     Supreme Head of Cherubim and Seraphim Unification Church of Nigeria, Prophet Solomon Alao, told journalists in Lagos that the Federal Government   should not yield to the unrealistic demand of labour because it would be catastrophic to the economy.

    Said he: “… I think it is most inhuman for labour to shut down health institutions and the energy sector. I could imagine how many lives lost those two days…

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    “The nation cannot afford or sustain labour demand.”

     Alao believed rather than demanding ‘unrealistic’ salary increase, labour should negotiate free education up to OND, free medical facilities for workers and improved infrastructural development.

    “A skyrocketed salary would worsen the living standard because service providers would correspondingly increase cost of service. It makes sense to expect governments would raise up taxation.

    “I appeal to government and labour to consider the consequences of a massive increase in light of our situation.”

     Stating categorically the country cannot sustain a 100 per cent salary increase, Alao declared workers would be worse off in the final analysis as it would lead to unemployment and criminality.

  • Fed Govt, US launch technical groups on food safety

    Fed Govt, US launch technical groups on food safety

    Federal Ministry of Health and Social Welfare with the United States Department of Agriculture (USDA) and partners, have inaugurated four inter-sectoral Technical Working Groups (TWGs) on food safety.

    The TWGs will provide expertise and leadership to drive effective communication, capacity building and strategic partnerships, to strengthen Nigeria’s regulatory environment and risk-based food safety systems, while improving industry engagement in the regulatory processes and compliance with international safety.

    Creation of the TWGs was approved by the ministry in 2024.

    The TWGs are focused on: Risk-based regulations, risk analysis in food and feed safety Food and SPS (Sanitary and Phyto-Sanitary) inspection Traceability and supporting technologies Education for all stakeholders and Research.

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    Speaking at World Food Safety Day in Abuja, the Minister, Prof Ali Pate, said the theme: “Prepare for the unexpected,’ is a reminder vigilance is the guardian of sustenance and unforeseen events that can compromise integrity of food supply.

    Pate, by Permanent Secretary, Daju Kachollom, said the Revised National Policy on Food Safety and Quality is rooted in the One Health approach and addresses a spectrum of critical areas.

    Programme Manager at USDA Foreign Agricultural Service, Kelly Scavella, said: “USDA-FAS is partnering Federal Ministry of Health and Social Welfare and other stakeholders to build food safety systems relevant to consumers, producers and regulators.

    ‘‘The TWGs will modernise Nigeria’s food safety regulatory framework in line with international best practices to address food safety concerns and facilitate development of a strong agriculture and food industry.”

    “Over the last decade, the Nigerian government has implemented important changes to bolster food safety by examining and enhancing critical components of the national food safety control system”.

  • Fed Govt to seal offices not accessible to physically-challenged persons

    Fed Govt to seal offices not accessible to physically-challenged persons

    • President to launch Accessibility Committee

    Public offices not accessible to people living with disabilities will be sealed, the Senior Special Assistant to the President on Special needs and equal opportunities, Mohammed Abba-Isa, has warned.

    The presidential aide, who gave the warning, also announced that President Bola Tinubu will launch the Presidential Committee for Accessibility in the third quarter of this year.

    The committee, Abba-Isa said, is saddled with implementing the country’s Disability Act.

    He said Ministries, Departments and Agencies (MDAs) that fail to ensure easy accessibility for people with disabilities would be sanctioned as part of the implementation policy of disability inclusion.

    Read Also: Fed Govt tasks SON on quality, excellence in service delivery

    The presidential aide said the grace period given to the offices had expired.

    Abba-Isa spoke yesterday in Abuja at the opening of a two-day meeting of ministers in charge of disability inclusion in West Africa to adopt the region’s action plan for the inclusion of disabilities.

    He said: “Mr. President has mandated my office to make sure I implement the regional action plan. We are going to launch accessibility committee. We are going to engage with all the MDAs.

    “We are going to launch a presidential task force. This is because the moratorium or grace period given to all these buildings to modify or adjust has passed; the five-year moratorium period has lapsed.”

  • Youths urge Fed govt to embrace more private sector agricultural initiatives

    Youths urge Fed govt to embrace more private sector agricultural initiatives

    The national chairman of Nigerian Youths for Agricultural Revolution Initiative (YOGAGRI), Jerry Ngene, has called on the federal government to embrace more private-sector agricultural programmes for youth engagement.

    Ngene noted that youths are very important resources for sustaining agricultural productivity and for national development in every nation.

    However, he said, the youth could also present a significant threat to social cohesion and political stability if sufficient economic and employment opportunities are unavailable.

    The national chairman stated this at the flag off of youth empowerment and launching of the initiative in Abuja, emphasizing that Youth unemployment is of critical concern in the country, where one or two youths are found in criminal acts he cites unemployment as the primary motivation.

    Presently, agriculture is the fastest and most stable industry in Nigeria contributing about 21% to the Nigerian GDP and with 70% of the population engaged in the sector, it has the potential to solve the youth unemployment crisis as well as to be transformed.

    Read Also: Fed Govt to save $4.4b annually from conversion of vehicles to CNG

    He said: “It is because of this that YOFAGRI, a non-governmental organization has the vision of empowering 1,000,000 Youths annually with quality seeds of crops that have comparative cultivation advantage in their domain. The private sector has established programmes that engage youths.

    “Some of them include the N-Power Programme, Tony Elumelu Foundation Entrepreneurship, Youth Empowerment and Development Initiative amongst others. We should ask ourselves if the existing ones are enough.

    “Today’s activity he said, is the maiden edition and will involve 200 youths from AMAC, and FCT while plans are underway to extend the gesture to other area councils and states. We therefore call on the government and other NGOs to partner with us to take our youths out of the street while providing food for the common Nigerian.”

  • ‘Fed Govt offers ₦1b business loan at 9% interest rate’

    ‘Fed Govt offers ₦1b business loan at 9% interest rate’

    The Federal Government is offering loan facilities up to N1 billion at a nine per cent interest rate to businesses, including manufacturers, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun has said.

    Edun said the step was taken because the President Bola Tinubu-led administration acknowledged the difficulty that entrepreneurs face in obtaining reasonably priced capital for their businesses.

    He said small-scale entrepreneurs could access up to N1million in credit facility and larger enterprises up to N1billion.

    This, he indicated, was less expensive than the Central Bank of Nigeria (CBN’s) current recommendation of 26.25 per cent for commercial banks.

    The minister also said the focus was on addressing food insecurity and nutrition, as well as increasing food production.

    He said: “Likewise, the emphasis is on helping small-scale businesses through grants, and nano enterprises through grant funding.’’

    Read Also: Fed Govt urges youths to tap into investment fund

    That is being rolled out and it’s being done in a manner which, as I said before, is a world-class standard where you identify biometrically the person that is the beneficiary and you pay them through a digital process which you can easily reconcile.

    “That is the emphasis, to make sure that we ramp up that speed and the scale of the help that is there even loans are nine percent for medium scale enterprises, up to N1 million for the smaller enterprises and then for the larger enterprises up to N1 billion funding at nine per cent so that those manufacturing firms can invest grow the economy employ people produce more goods that will help to bring down inflation.”

    The minister also assured that food prices would fall in the coming months, stating that the government has allocated special funding for infrastructure to boost agricultural output.

     “Inflation, yes, it is high at 33.65 per cent, food inflation at 40.5 per cent is worrisomely high but the fact is that inflation is coming down, month-on-month. It is slowing and it is expected to reduce as we continue the dry season harvest and then we go into the wet season harvest. That is the place to focus on and a lot of emphasis is being placed on that to get agriculture output up, to get prices down, and that will be a big factor in bringing down inflation,” he said.

  • Fed Govt urges youths to tap into investment fund

    Fed Govt urges youths to tap into investment fund

    Youth Development Minister Jamila Bio Ibrahim has urged Nigerian youths to tap into the revised Nigerian Youth Investment Fund (NYIF).

    The fund is set to provide young entrepreneurs with access to loans and comprehensive business support.

    Ibrahim spoke at this year’s edition of the National Youth Summit on Crime Prevention with the theme: Empowering Youth: Building Safe and Inclusive Communities, organised by African Youths Initiative on Crime Prevention (AYICRIP) at the University of Lagos (UNILAG).

    The summit brought together hundreds of youths, government representatives, civil society groups and law enforcement agents.

    It features the role of education and leadership in crime prevention, the impact of social media and technology, mental health, economic empowerment, and the importance

    Ibrahim, who was represented by NYIF Secretary Olufela Olatoye-Sosan, said the Federal Government recognised the grave threat that high unemployment rates posed to our nation.

    The minister said in response to the development, the Federal Government developed new initiatives and restructured existing ones to meet the needs of the youths for sustainable solutions that address long-term challenges.

     “One of our initiatives is the Nigerian Youth Investment Fund (NYIF), which promotes entrepreneurship and job creation. By supporting our youths through loans and providing training on building scalable and sustainable businesses, the NYIF serves as a cornerstone for youth empowerment,” she said.

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    Ibrahim announced that the government had begun work on establishing the National Youth Development Bank (NEXTGEN Bank) in partnership with the Bank of Industry (BoI), to provide financial solutions for young entrepreneurs, youth-backed ventures, and youth sector enterprises.

    “The NYIF and the National Youth Development Bank (NEXTGEN Bank) are transformative initiatives to reduce youth crime and foster safe, inclusive communities. By providing loans and training, NYIF empowers young people to start and grow businesses, tackling youth unemployment and the financial desperation that can lead to crime.

    “By providing opportunities for entrepreneurship, these programmes keep youth constructively engaged, preventing idleness and frustration that can lead to delinquency. Ultimately, by offering viable pathways to financial independence and success, the NYIF and NEXTGEN BANK address the root causes of youth crime, contributing to a safer and more prosperous society,” she said.

    AYICRIP’s Founder/Executive Director Chris Ibe said the conference was a call to action and a reminder that crime prevention was not solely the responsibility of the government or law enforcement agencies alone.

  • Fed Govt calls for strategies to deepen youth participation in capital market

    Fed Govt calls for strategies to deepen youth participation in capital market

    The Federal Government has called on stakeholders in the Nigerian capital market to collectively work out strategies to attract youths into the market.

    Vice President Alhaji Kashim Shettima said the capital market needs to restrategise with a view to attracting more youths to invest in the market.

    Shettima spoke when the leadership of Chartered Institute of Stockbrokers (CIS) paid him a courtesy at the Presidential Villa, Abuja. 

    According to him, leaders in the Nigerian capital market should restructure the system with a view to deploying strategies that would attract more youths to leverage opportunities in the sector.

    “There is a need to think outside the box to get more people to participate in the stock market.  You need to develop and put in place strategies to engage more youths to take advantage of the opportunities in the capital market. A vibrant stock market can lead to positive growth in the economy, hence the need for all stakeholders to develop a keen interest in happenings in the market,” Shettima said.

    He praised CIS on its efforts aimed at attracting investors into the capital market through its advocacy.

    He said the CIS plays critical role in the development of the economy and the government would support its activities.

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    President, Chartered Institute of Stockbrokers (CIS), Mr Oluropo Dada, reiterated that the institute was committed to the growth and development of the market as its members continue to adhere to highest standard of professionalism.

    Dada, 13th president of CIS, explained that despite the challenges in the operating environment, the capital market had contributed immensely to the growth and development of the economy.

    He pointed out the need for the government to privatise the moribund public enterprises and secure them for listing on the securities exchanges.

    “Despite its relatively low patronage, the Nigerian capital market has shown several glimpses of what it can do, in terms of contribution to economic growth and development in the country. A few significant examples are: serving as a tool for the success of the Indigenisation Policy of 1972 -77; enabling the massive success of the Central Bank of Nigeria’s banking recapitalisation exercise of 2004; Sukuk financing of various infrastructural projects in the country, and several others.

    “We wish to reiterate the position held worldwide, that privatising public enterprises through the capital market is the most effective way to democratise the exercise and make the process transparent. A well-developed capital market serves as the major tool for infrastructure financing and a successful Public-Private Partnership regime in the country. We call for frontal action to develop the Nigerian capital market, which in turn will accelerate GDP growth to meet the Federal Government’s target of $1trillion in GDP,” Dada said .

    Other members of the CIS delegation included the first Vice President, Mrs Fiona Ahimie; Registrar and Chief Executive, Mr. Josiah Akerewusi; past presidents of the council, Mr Oluwole Adeosun, Mr Olatunde Amolegbe and Mr Dapo Adejoke, and Council members, Mr Garba Kurfi and Mrs Nkoli Edoka.