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  • Expert urges govt to create favourable conditions for SMEs to thrive

    An entrepreneurial skill development expert, Mr Joshua Adesoji, has urged the three tiers of government to create favourable conditions for Small and Medium Enterprises (SMEs) to thrive.

    Adesoji, who is with Vine Logic Solutions Limited, told the News Agency of Nigeria (NAN) on Saturday in Enugu that the SMEs held the key to solving the serious unemployment challenges being faced by the country.

    The expert, who however lauded the efforts of both Federal and state governments on unemployment, said that the magnitude and growing number of the unemployed, made it necessary for the fight against unemployment to be that of “every Nigerian’’.

    He noted that the three tiers of government had to stop the issues of multiple taxation, frivolous taxation as well as taxation without business growth considerations.

    “With how it is today on self-job creation, you wonder whether governments through its actions and inaction are encouraging Nigerians not to go into start-ups or even expand their present SMEs businesses due to multiple taxation and frivolous taxation and payments.

    READ ALSO: Stimulating SMEs, manufacturing through proper funding

    “Another, is the lack of adequate power supply to run businesses especially grassroots businesses and start-ups.

    “Even, where electricity appear to be relative available, small businesses are further retarded with over billing.

    “Where on earth can a barber or hair salon shop operator pay between N10,000 and N16,000  per month for electricity consumption for just a shop,’’ he said.

    According to him, we cannot create jobs or eradicate unemployment when the businesses and SMEs in our immediate localities or environment cannot employ more hands and mop-up idle hands in our localities.

    Adesoji said: “There is a need for the three tiers of government to look more on the side of SMEs growth for employment generation rather than closing or retarding the growth through harsh taxes, social service charges such as electricity over billing.

    “Why it seems that in every Asian country, individuals, families and small groups owns production outfits is due to the tax holidays and relatively small energy charge on cottage industries that employs tenths of people within localities,’’ he noted.

    The expert said such could be replicated in the country, adding: “I have noticed the can-do-spirit in most Nigerians and I have personally found out that Nigerians are never lazy people both physically and mentally’.”

    “Government must put the right conditions, if possible translates such conditions into law, to encourage everybody into production of goods or service at every level and unemployment will disappear in a matter of years,’’ he added.

  • Rivers supplementary polls: Accreditation, voting peaceful – Officials

    Mr Davis Iluebbey and Mr Samuel Udezi, Electoral Officers for Abua/Odual and Opobo/Nkoro Local Government Areas respectively, say accreditation and voting for the State Assembly elections are going on peacefully.

    Iluebbey told the News Agency of Nigeria (NAN) on Saturday that although there were little delays because of the heavy rain, electoral materials had been deployed to all the polling units slated for the election.

    “In Abua/Odual, we have enough electoral materials, and the Presiding and Assistant Presiding Officers (POs and APOs) have left with their electoral materials to the polling units.

    “There was heavy rain that delayed the process, but voting has started because accreditation and voting are going on simultaneously.

    READ ALSO: Supplementary polls: APC, INEC conspiracy will fail, says PDP

    According to Iluebbey, although 14 political parties are on the ballot for the Abua/Odual State Constituency Assembly election, the Peoples Democratic Party (PDP) and African Democratic Congress (ADC) are the two leading political parties in the contest.

    “So far, the election is going on peacefully in all the 181 polling units of the 13 Wards in the LGA. The total number of registered voters in the LGA is 88, 561,” he said.

    In Opobo/Nkoro LGA, the EO Udezi said that only 20 polling units in five Wards with 7,344 registered voters are affected in the state constituency supplementary election.

    “We have no issue for now, we have deployed all the materials to the POs and we are even going round to supervise them.

    “I am currently in Ward 7, Unit 18 and the accreditation and voting are going on peacefully for now,” he said.

  • Buhari arrives N’DJamena for CED SAD meeting

    President Muhammadu Buhari has arrived N’Djamena to participate in the Extraordinary Session of the Conference of Heads of State and Government of the Community of Sahel-Saharan States (CEN-SAD).

    The News Agency of Nigeria (NAN) reports that the presidential aircraft conveying the President and members of his entourage including some of his personal aides and three state governors landed at the Hassan Djamous International Airport N’Djamena at about 9.40 a.m.

    Those at the airport to welcome the President included Ministers of  Foreign Affairs, Interior, Mr Jeoffrey  Onyaema and retired Gen. Abdulrahman Dambazau.

    Others were Minister of Defence, retired Brig.- Gen. Mansur  Dan Ali; National Security Adviser to the President, retired  Maj.-Gen. Babagana Monguno and the Nigerian Charge d’Affaire, Mr Nasiru Waje.

    Buhari and other regional leaders would join their host and current Chairperson of CEN-SAD Conference, President Idriss Deby Itno, to deliberate on political and security issues, among others.

    A statement by presidential spokesman, Malam Garba Shehu, on Friday, said the leaders  would deliberate on state of peace and ways to address multifaceted threats in CEN-SAD area, especially Boko Haram and refugees.

    The leaders would make a declaration on the entry into force of CEN-SAD revised Treaty intended to fast track the realisation of the objectives of the body.

    “During the opening Session of the Conference, special Awards will be given to heads of state and military contingents in Mali, Sudan, Somalia, Central African Republic and in the Lake Chad Basin,’’ Shehu further explained.

    Created by the Treaty of Tripoli on Feb. 4, 1998, with six founding members, Nigeria joined the current 29-member regional economic community in 2001.

    The group seeks mainly to create a free trade area in Africa as well as to “strengthen peace, security and stability, and achieve global economic and social development of its members.”

    Delegations from 22 member-countries are expected at the extraordinary meeting of CEN-SAD holding at the Radisson Blu Hotel, N’Djamena.

    Sudan which is a member of CEN-SAD may not be represented at the meeting following socio-political uncertainties in the country caused by the removal of President Omar Al-Bashir from office by the Sudanese military on Thursday.

    News Agency of Nigeria (NAN) learnt that  Al-Bashir, had earlier indicated interest to attend the CEN-SAD meeting holding from Friday to Saturday.

  • Emefiele woos investors, says Nigeria ready for business

    The Central Bank of Nigeria (CBN) has assured investors and the international community that the country having gone through a successful election, was ready for investments.

    The CBN Governor, Mr Godwin Emefiele, on Friday night in Washington DC, held an informal meeting with potential investors where he enticed them with the Nigerian success stories, especially in agriculture.

    Emefiele said that the Anchor Borrowers Programme, which targets local farmers was one of the major achievements of the bank under its development interventions.

    “As at December 2018, a total sum of N178.48 billion had been disbursed through 19 participating financial institutions to 902,518 farmers.

    “During the period, over 2.8 million and 8.4 million direct and indirect jobs were created under the Anchor Borrowers Programme,” he said.

    On the country’s foreign exchange policy, Emefiele said that the focus had always been to ensure price stability.

    He highlighted some of the foreign exchange reforms undertaken by the bank, which included the ban of the 41 items, the establishment of the investor’s and export’s window and the SME Window of the foreign exchange market.

    According to him, this resulted in stable exchange rate, foreign exchange liquidity, vibrancy in the capital market, improved supply of foreign exchange supply with positive impact on GDP growth.

    Emefiele said also that Nigeria, through its financial inclusion strategy had recorded a lot of progress in giving its adult population access to a broad range of formal financial services at an affordable cost.

    According to him, statistics shows that in Nigeria today, the number of adult with access to financial services has grown from 58.4 per cent in 2016 to 63.2 per cent in 2018.

    “A lot of work has been done and indeed a lot of work needs to be done but in the midst of this, we are saying that Nigeria is open for business and foreign investors.

    “As the monetary and fiscal authority continue to work tirelessly to boost our economy, it is important to portray some of Nigeria’s enduring strength which offers significant reward for current and prospective foreign investors.

    “I want you to know that irrespective of the impact of the recession, Nigeria’s economy remains the largest in Africa by the size of its GDP with diversified opportunities across different sectors.

    “These sectors include ICT, manufacturing, solid minerals, trade and agriculture,” he said.

    Emefiele assured potential investors of the safety of their investments should they choose to take a leap of faith and make a mutually beneficial investment in the country.

  • 2019 AFCON: Fans counsel Eagles against complacency

    Football fans on Saturday have counsel the Super Eagles against complacency with the group pairings them at the draw of the 2019 Africa Cup of Nations (AFCON).

    Some of them who spoke to the News Agency of Nigeria (NAN) in Ilorin said they should not underrate the teams because there are no longer minors in football.

    NAN reports that the Super Eagles of Nigeria have been paired in Group B with Guinea, Madagascar and Burundi for the 2019 AFCON scheduled to hold from June 21 to July 19 in Egypt.

    Mr Tope Aderinoye said the Nigeria Football Federation (NFF) should ensure they start preparation immediately and not think that the group stage would be easy.

    ”It might not be easy as everybody thinks, so it is better the NFF engage them now, so that by the time the tournament starts, they would have crossed the ‘t’ and dotted the ‘i’s.

    ”This is because we cannot afford not to come out of that group convincingly,” Aderinoye said.

    Another respondent, Mr Ibrahim Abdulrahman said the players and the coaching crew should clear the thoughts that the other teams in the group are minors.

    READ ALSO: AFCON 2019: It won’t be easy for us, says Rohr, Musa

    ”They should be prepared to play them as if they are playing the like of Cameroon, South Africa and Senegal.

    ”These so called small teams can spring up surprises when nobody expects, because there are no more minors in football,” Abdulrahman said.

    On his part, Mr Shona Ajala, said the pairing looks like a walk in the park but the Eagles should not take it for granted.

    ”Our group seems the easiest but we shouldn’t be complacent about that.

    ”Super Eagles have grown beyond qualification by calculations because it is when we have supposedly easy opponents that we struggle to qualify.

    ”So, that should take caution from now on,” Ajala said.

  • FRSC debunks reported death in Ibadan accident

    The Federal Road Safety Corps (FRSC), Oyo State Command, has debunked media report  of an accident allegedly claiming one life following a chase by its officers.

    Some newspapers had reported that FRSC officials chased a commercial Micra car with registration number, Lagos 831 DH into a fatal accident around Moniya area of Ibadan, leaving one person dead and four others injured.

    Speaking with NAN correspondent on Saturday in Ibadan, Mr Seun Onijala, Oyo State FRSC Corps Education Officer, said the accident involved six persons and three  persons were injured while the remaining three persons were unhurt.

    “Nobody died in the accident and I am telling you the true picture of what happened.

    “ The officials asked the Micra car to stop and the driver  refused to do so and decided to turn the wheel of the car to the officials at the right and left side of the road with the aim of knocking them down.

    “The FRSC officials were able to move away to the other side of road and the driver of the Micra car moved on and the patrol team van gave the Micra car a chase.

    “ In the process of the chase, a trailer was coming on the one way of the road and the option for the Micra car and the FRSC Van was either to both have an head-on–collision with the trailer or fell into the wide hole by the road side,’’ Onijala said.

    He said that both the Micra car and the patrol team van plunged into the wide hole by the road side and three persons were injured and the remaining three were unhurt but nobody died in the accident.

    Onijala said the command had always warned its officers not to chase any vehicle that committed an offence but to leave them and get their plate number to apprehend and punish them later.

  • DPR seals 14 fuel stations in Sokoto, Kebbi

    The Department of Petroleum Resources (DPR) says it has sealed 14 fuel service stations in Sokoto and Kebbi states for selling above control price and suspected diversion of products.

    Mr Muhammad Makera, the Zonal Operations Controller of DPR in charge of Sokoto and Kebbi states, told the News Agency of Nigeria (NAN) on Saturday in Sokoto that the sanctions were meted between Wednesday and Thursday, April 10 and 11.

    He said the department had visited 43 fuel selling stations in Sokoto State, noting that three fuel stations were sealed off for selling above control price and one for suspected diversion of the products.

    He added that 69 fuel selling stations were visited in Kebbi State and five were sealed off for selling above control price, two without valid operating licence, while three for suspected diversion of products.

    According to him, 83 trucks of Premium Motor Spirits (PMS) were supplied to the three states from Wednesday and Thursday out which 28 were for Sokoto, 47 for Kebbi while remaining 7 were added to Zamfara State.

    The Controller noted that surveillance teams were deployed to monitor proper fuel dispensing according to regulated price.

    Makera said that the surveillance operation was ongoing; adding that part of measures to ensuring adequate availability of fuel sold at regulated price and to caution customers against panic buying.

    He cautioned marketers against flouting government regulations and ensure proper dispensing at regulated price between N140 to N145 per litre.

    The Zonal Operation Controller stressed that government was committed to ensuring  proper supply of fuel to prevent shortage at all times.

    He further warned people against spreading rumors and misinforming people as government did not intend to increase the price and so people should not engage in panic buying.

    “The sealed service stations will remain closed until the owners comply with penalty and all those found wanton would also face similar penalty,” Makera said.

    The Zonal Operation Controller commended the present administration for its efforts in the energy sector and improving the lives of Nigerians and called on people to cooperate for maximum success of its policies and programmes.

  • ‘Kano, Oyo, 13 others have over 10m out-of-school kids’

    The Federal Government (FG) has estimated that the country now has an estimate of 10,193,918 out of school children.

    This, it said, was due to insurgency, acute poverty, child labour, lack of political will, children with special needs and so on from Kano, Akwa Ibom, Katsina, Kaduna, Taraba and Sokoto.  Others are Yobe, Zamfara, Oyo, Benue, Jigawa, Ebonyi, Borno, Yobe and Adamawa.

    Permanent Secretary, Ministry of Education, Arc. Sonny Echono, speaking on behalf of the Minister of Education, Mallam Adamu Adamu, stated that Nigeria had one of the highest numbers of out-of-school children in sub-Saharan Africa and perhaps in the world, ranked only second to Pakistan.

    Echono said this yesterday in Abuja at the 12th edition of the weekend ministerial press briefing.

    Read also: Three million out-of-school kids in Kano

    He added that the Universal Basic Education Commission (UBEC), the World Bank (WB), United Nations International Children Education Fund (UNICEF) and other development partners are collaborating efforts to reduce the number of out-of-school children.

    He said: “For now, based on the recently conducted national personnel audit of both public and private schools, Nigeria has an estimated out-of-school children population of 10.193,918.

    “This administration also embarked on the school feeding programme in some states of the federation.  It is now clear that the programme has led to an unprecedented increase in school enrolment. I want to assure you that by the time we complete this year’s school census exercise, the number of out-of-school children would have dropped significantly.

    “The ministry in collaboration with the National Mass Adult and Non-Formal Education Commission has  developed a template to capture the children in these expanded centres.  This will also help reduce the number of out of school children.”

  • Jumia becomes 1st African start-up to list on New York Stock Exchange

    Jumia Technologies, a pan-African technology company, has listed on the New York Stock Exchange (NYSE), becoming the first-ever technology company from Africa to list on the world’s largest stock exchange.

    The largest e-commerce operator in Africa started its first day of trading with an opening price of $14.50 but the stock traded at the close of the day at $25.46 per share.

    The initial public offering (IPO) of the pan-regional tech start-up, founded in Lagos in 2012, surged more than 75 per cent on its first day of trading at NYSE on Friday.

    Jumia Nigeria CEO Juliet Anammah, was present to ring a ceremonial bell when the company’s stock began trading on the floor of NYSE.

    Mr Alex Ibrahim, Head of International Capital Markets at the NYSE, told the News Agency of Nigeria (NAN) that Jumia listed as an African technology company on the stock exchange.

    According to him, however, Germany was only Jumia’s country of incorporation and the technology giant was a pan-African company.

    “We are very excited about Africa because what we saw here today was amazing. This company priced extremely well, traded up largest volumes.

    “So, that showed the interests by investors not only very large institutions but even the retails here in the U.S., the dynamics was extremely impressive.

    “We are expecting to see other companies from the region in different segments of the tech space to potentially consider U.S. listing,” he said.

    Ms Lisette Kwong, Corporate Communications officer, Intercontinental Exchange at the New York Stock Exchange, also told NAN that Jumia’s IPO was set at $14.50 but it actually opened and closed at higher prices.

    Read also: Jumia offers 80% Easter discount

    “Last night before the stock opened, it was set at the price of $14.50. The opening price was $18.95 and then it closed at the end of the day at $25.25. So, it was really great,” Kwong said.

    According to Ibrahim, Jumia had a 30 per cent bump at the opening and then continued to trade up until the end of the day. So as we said, it was a very successful transaction; a lot of demand.

    “The interests by the U.S. investors was extremely strong so I’m assuming that investors will continue to look into Jumia because they provide the vehicle to tap into the region that is growing and providing access to U.S. investors to buy these products that actually mirrors the growth of the region,” Ibrahim said.

    He said Jumia chose to list on New York Stock Exchange as against NASDAQ, which was usually traditional technology companies, because it saw the benefits.

    Ibrahim said NYSE had large volatility than its competitor, NASDAQ, adding that NYSE provides more visibility, certainty of execution and when companies do transactions, they trade very well. (NAN)

  • AFCON 2019: It won’t be easy for us, says Rohr, Musa

    Adeyinka Akintunde

     

     

    The Super Eagles will not have an easy ride to the knock-out rounds of the 2019 Africa Cup of Nations, going by the draws conducted in Cairo Egypt, on Friday night.

    This is according to coach, Gernot Rohr and skipper, Ahmed Musa.

    The Super Eagles, making a first appearance at the AFCON for the first time since winning it in 2013, have been drawn in Group B alongside Guinea, Madagascar and Burundi.

    Rohr, responding to questions in Cairo, immediately after the draws, said that what is most important right now is for his players to finish the season in their various clubs healthy, in order to prepare adequately for the Nations Cup.

    Read Also: [UPDATED] AFCON 2019: Nigeria draw Guinea, Madagascar, Burundi

    “It is not an easy group because Guinea is a good and young team, Madagascar was the first to qualify for AFCON and Burundi eliminated Gabon en-route to the Nations Cup. So it is not going to be as easy as everyone thinks.

    My players will just have to finish well and healthy in their various clubs and then prepare for our friendly matches against Ghana, at home in Nigeria and against Senegal before the start of the tournament in Egypt

    Captain Ahmed Musa promised that the players will be ready well ahead of the competition.

    “We will prepare well for the Nations Cup. With hard work, we will qualify from this group. I wish my colleagues the best of luck in their various clubs, as they round off the season, and prepare for the AFCON.

    Asked if there was any team he wanted to avoid before the draws, Musa said “I am a football player and I am ready for any country. I am not afraid of anyone.”

    For former Super Eagles player and the 1997 African footballer of the year, Victor Ikpeba, the Nigerian group is decent enough; the players only need to be business-minded, going into the competition.

    “We have a decent group, but we should not look down on any team.  If the Super Eagles players will go to Egypt with a business-mindset to get the job done, we will qualify from the group with ease.

    The Super Eagles will begin her quest for AFCON glory on 22nd June against Burundi at the Alexandria Stadium, Egypt. They will next face Guinea on 26th June, before rounding off the group matches against Madagascar on 30th June.