The Nation Newspaper

Tag: UK

  • BREXIT: NEPC chief calls for stronger economic relationship with UK

    BREXIT: NEPC chief calls for stronger economic relationship with UK

    Nigerian Export Promotion Council (NEPC Executive Director Olusegun Awolowo has said that Nigeria with maintain its strong economic relationship with the United Kinddom (UK) to achieve the 4.5 billion pounds post BREXIT.

    Awolowo made the statement in Abuja yesterday at a stakeholders’ forum on BREXIT with the theme “Opportunities and Challenges for Nigeria’’.

    Brexit is an abbreviation for “British exit,” referring to the UK’s decision in a June 23, 2016 referendum to leave the European Union (EU).

    He said: “The Commonwealth noted that with the proposed Trade and Investment Cooperation Agreement (TICA) between both countries, the UK’s Foreign Direct Investment (FDI) could increase to 4.5 billion pounds from one billion pounds by the year 2030.

    “This will be possible if both countries implement programme to improve trade competitiveness and ease of doing business between them.’’

    Awolowo said the forum was to discuss with stakeholders in international trade on the opportunities and challenges of Brexit to Nigeria.

    He said: “You will agree with me the EU is one of our leading trading partners. On the other hand, UK is one of the major export destinations and source of FDI for Nigeria and some other countries.

    “Nigerian exports to the UK in 2015 stood at four per cent of its global exports valuing a little over $2.1 billion. Nigeria also imported about four per cent of its global import valuing 1.6 billion dollars from UK.

    “In view of this, we need to maintain a strong economic relationship with Britain in alignment of our membership of the Commonwealth.’’

    Awolowo said the objective of the forum was to guide policy formulators and implementers on necessary mechanism required to maintain and consolidate on the relationship with British government.

    He added that it would also enable participants to have a full understanding of the implications of Brexit on the economic and political environment.

    A Commonwealth Trade Adviser, Mrs. Opeyemi Abebe, said the Federal Government should put up policy alternative for the security of Nigerian export into the UK in the post-Brixit era.

    “Nigeria had traded with UK under a trade agreement that included the whole of the Europeans; Britain leaving EU, it has implication for the country trade for both oil and non-oil,’’ Mrs. Abebe said.

    She said the forum was to discuss opportunities that would arise and how the country could take advantage of some of the trade diversion that might occur as Britain left the EU.

    “Automatically, some of the exports from Nigeria will become a little more competitive than some of the exports from the Eastern European counties  into the UK, giving our traditional relationship with the UK,’’ Abebe said.

    She said the Commonwealth had identified the agriculture sector, which showed that with about 21 product lines, Nigeria could be more competitive in the UK market to expand its exports.

  • Nigeria, UK trade volume to hit $4.5b

    The Commonwealth Secretariat has predicted that the existing trade volume between Nigeria and the United Kingdom (UK) is likely to increase from $3.7billion to $4.5billion.

    Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo disclosed this during a one-day stakeholders forum on BREXIT organised by the NEPC  in collaboration with Commonwealth in Abuja, with BREXIT: Opportunities and Challenges for Nigeria as theme.

    He said: “Nigeria needs to maintain a strong economic relationship with Britain in alignment with its membership of the commonwealth.

    “With the proposed Trade and Investment Cooperation Agreement (TICA) between both countries, the United Kingdom foreign Direct Investment (FDI) could increase to 421/2 billion pounds by the year 2030 if both countries implement programmes to improve trade competitiveness and ease of doing business between them.”

    According to the Commonwealth report, Nigeria export to the UK may be further strengthened with the new trade and investment arrangements given that a number of professional service sectors are patterned after the UK’s. Also, there are enough similarities exist between the the two countries to propose the signing of mutual agreement for identified professional service sector.

  • Lagos at 50: UK celebrations gather momentum

    Lagos at 50: UK celebrations gather momentum

    Preparatory  to the celebrations of 50 years of Lagos State creation on May 29, Nigerians in the Diaspora have shown great interest in participating in the great event. For instance, Nigerians living in the United Kingdom (UK) have began preparations to celebrate the Golden Jubilee anniversary of Lagos State at 50.

    The world-class celebration; Lagos at 50 London Carnival and Recognition Dinner is a two-day event  that will celebrate individuals and corporate organisations in Lagos and in the Diaspora who have made contributions to the development of Lagos culturally and economically.

    This first-of-its-kind event will bring together Lagosians who have different success stories to share in a colourful and relaxed environment.

    Scheduled to hold at the popular Hyde Park and the prestigious Cumberland Hotel in August, Lagos at 50 London Carnival and Recognition Dinner is bound to revitalise the bond and rekindle the flame and passion for a prosperous Lagos in the minds of Lagosians in the Diaspora.

    The event, which is powered by InstinctWave, a full spectrum publishing, B2B event management, business and media solutions company, in conjunction with the present administration of Lagos State.

    There will be exclusive showcase of investment opportunities that Lagos State offers to European investors in key sectors, while the special recognition dinner will celebrate individuals and corporate brands that have excelled in the vibrant business climate of Lagos.

    Lagosians in the Diaspora will engage with Lagos State Governor and senior government executives to share the vision of the state. Other side attractions include colourful display of culture, music and various cultural mingling.

    According to the Chief Executive Officer (CEO) of InstintWave, United Kingdom, Mr Akin Naphtal, the company has, over the years, with its understanding of local and global environment and the needed competitive edge, brought to life premium events in the UK and Africa.

    “We will create a remarkable event that will linger in the memories of Lagosians for years to come. This is a special time for Lagosians in the Diaspora and London is the best place to do this. We all know that there are many Nigerians and, especially Lagosians in London.”

    He added that Lagos and London have many things in common, hence the reason for situating the celebrations in London.

    London is the multi-cultural melting point in Europe. It is the European gateway. Like Lagos, it is a city of dreams, possibilities and endless adventure. The population of Nigerians in London is the highest in any city abroad. For decades, Nigerians are easily at home in London. Also, Lagosians in Europe can easily connect to London and be part of the event.

    “Brands interested in sponsorship can visit our website www.lagos@50ukcarnival for more enquiries, he added.

  • Buhari off to UK for medical follow-up

    Buhari off to UK for medical follow-up

    President Muhammadu Buhari left last night for London to consult with his doctors, the Presidency said yesterday.

    He has empowered Vice President Yemi Osinbajo to preside over government businesses in his absence.

    The President, according to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, has also notified the National Assembly of the development.

    After returning on March 10 from a 50-day medical vacation in the United Kingdom (UK), President Buhari disclosed that he would be returning for further medical checks.

    The statement did not specify the length of stay, but it said that the President’s return to the country will be determined by his doctors in the UK.

    The spokesman said that the President, who had planned to leave yesterday afternoon, shifted his flight till the night for the reception of the 82 Chibok schoolgirls, who arrived in Abuja earlier yesterday.

    The statement reads: “”The President wishes to assure all Nigerians that there is no cause for worry. He is very grateful for the prayers and good wishes of the people, and hopes they would continue to pray for the peace and unity of the nation.

    “The length of the President’s stay in London will be determined by the doctors. Government will continue to function normally under the able leadership of the Vice President.

    “President Buhari has transmitted letters about the trip to the Senate and the House of Representatives, in compliance with Section 145 (1) of the 1999 Constitution.”

  • US, UK say Boko Haram wants to kidnap foreigners in Nigeria

    US, UK say Boko Haram wants to kidnap foreigners in Nigeria

    Terror sect Boko Haram is said to be planning to kidnap foreigners in the northeast.

    The extremists, according to the United States and Britain, are targeting Western foreign workers in the Bama area of Borno State, close to the Cameroon border.

    Both countries said in separate travel advice that the affected area was “along the Banki-Kumshe axis”, which is near the border with Cameroon.

    The US embassy in Abuja said in a message to its nationals that the report was ‘credible’.

    Boko Haram has kidnapped thousands of women and children, including more than 200 Chibok school girls.

    At least 20,000 people have been killed since 2009, but abductions of foreigners have been rare.

    There was a spate of kidnappings of foreign workers in the wider north from 2011 to 2013, claimed by a Boko Haram splinter group, Ansaru, which was more ideologically aligned to Al-Qaeda.

    The leader of Ansaru, Khalid al-Barnawi, has been charged with the abduction and murder of foreign workers, among them an Italian, a Briton, a German, Greek, Lebanese and Syrians.

    Most were engineers or construction workers. International aid workers now account for the majority of foreign nationals in the northeast, with most of them based in the Borno State.

    Hundreds of thousands of people in the Lake Chad region require urgent food aid as a result of the conflict, which has made more than 2.6 million people homeless and ravaged farmland.

    Boko Haram has been pushed out of strongholds by military efforts but continues to control parts of the northeast.

    That has challenged aid groups’ efforts to address a hunger crisis that the United Nations says has left 4.7 million people in urgent need of food aid.

    Nigeria is part of what the U.N. has called the largest humanitarian crisis since the world body was founded in 1945. The World Food Program has warned of aid cuts if more help doesn’t arrive.

  • UK police checking report of suspicious item at Heathrow airport

    British police are investigating a report of a suspicious item detected during a baggage check at London’s Heathrow airport, which led to one of its terminals being briefly closed.

    “We are working with Heathrow Terminal III after a report of a suspicious item detected by an X-ray of luggage,” London’s Metropolitan Police said in a statement.

    Heathrow is one of the world’s busiest airports and the affected terminal mainly services long-haul flights, although it also offers some European destinations.

    A spokeswoman said: “departures were suspended for a short time from Terminal II due to a security issue.

    “We are very sorry to any passengers whose journeys are affected,” the airport spokeswoman said without elaborating.

    Heathrow is one of the world’s busiest airports and the affected terminal mainly services long-haul flights, although it also offers some European destinations.

  • UK baulks at £84bn EU exit bill

    The United Kingdom won’t pay a 100bn-euro (£84bn) “divorce bill” to leave the European Union, Brexit Secretary, David Davis has said, as the two sides clashed over the issue.

    He told ITV’s Good Morning Britain the UK would pay what was legally due, in line with its rights and obligations, but “not just what the EU wants.”

    EU chief negotiator, Michel Barnier, said there was no desire to punish the UK but “its accounts must be settled.”

    While he wanted a “cordial” Brexit, he warned the “clock was ticking” now.

    Publishing his Brexit mandate, Mr. Barnier said the EU would “put all its efforts” into reaching a deal but said negotiations must start as soon as possible after “10 months of uncertainty” and suggested the outcome of June’s general election would not change anything.

     

  • UK home owners to pay taxes in Nigeria

    UK home owners to pay taxes in Nigeria

    A major crackdown on tax evaders is on the way, Finance Minister Kemi Adeosun said yesterday.

    They will be named and shamed – in a desperate move to improve the tax to Gross Domestic Product (GDP) ratio and expose evaders.

    The minister, who spoke at the end of the 2017 IMF/World Bank Spring Meetings in Washington, said Nigeria has the worst tax to GDP of six per cent in the world, as only 13 million people pay their taxes.

    She spoke of collaboration with the British Government to ensure that Nigerians who own properties in the UK pay taxes in Nigeria. She said that many of the people who fly business class, and own houses in the UK will have to be watch listed. “If you buy business class ticket, we will probably be looking at, is this person a tax payer anywhere?”

    “At every data point of government, we will be picking up information that will be used to compare people to pay taxes. There is going to be much better collaboration from the international community,” she said.

    According to her, a lot of money has left Nigeria, and there is UK focus on sharing the data. “So, under the Beneficiary Owners Register, which has been signed, with the David Cameron administration, the UK is going to give us the list of everybody that owns properties in the UK, once it is owned by a Nigerian. That will enable us to say: ‘Is this person who owns four or five properties in the UK, how much tax are you paying in Nigeria?’

    “So, it is going to be a very systematic process, using a lot of data and moral-suasion on the people, telling them that this is the time to do the right thing because that is the only way the country can move forward.”

    She said: “When we travel, and we say, look at their roads, look at their airports, they have a very good tax system. Nigeria has one of the worst tax to GDP ratios in the world. We have to find ways to make our tax collection much more effective. Once we have spent time on data, we will encourage people to pay taxes, and from there, we’ll move to naming and shaming tax evaders.

    “We only have about 13 million tax payers in Nigeria at the moment and about 12.5 million of them are Pay As You Earn (PAYE). So, all the wealthy and self-employed that pay taxes are only 500,000. People are going to be invited, and it is really the wealthy and rich that will be invited. We want to be much more aggressive on tax payment, not because we want to witch-hunt anyone, but because we have to, because it is the job of government to ensure revenue redistribution from the high and low.”

    “So, people have to contribute their fair share. Those, who for years have been able to get away with evading tax should know that the game is over. It is time to do the right thing,” she said.

    Mrs Adeosun said there were no plans to introduce new taxes, but implementation of tax laws will get attention.

    The minister said the government had been gathering data. “That is why you hear that about over 800,000 companies have been put into the tax net. How was that done? We simply went to the Corporate Affairs Commission (CAC) to know the number of registered companies and then check their tax records. A report recently went out from the Accountant-General’s Office, and anybody who has payment to collect must have up-to-date tax status. So, everything we are doing is driving people into the tax net,” she said.

    Mrs Adeosun said Nigeria has six per cent tax to GDP ratio where as Ghana and South Africa have 15 per cent, 30 per cent.

    On the recovered loot, the minister said the funds were being put in a collection account, and will be used to fund part of the budget.

    Mrs Adeosun said all agencies of government must now give monthly reports on how much they have recovered and that the funds are being kept for key projects.

  • Why Security Council adopted resolution on Boko Haram crisis – Britain

    The UK Permanent Representative to the UN, Matthew Rycroft, on Monday  explained  why the Security Council adopted   a resolution on the Boko Haram crisis in the Lake Chad Basin, saying it  was a landmark development.

    The News Agency of Nigeria (NAN) recalls that the Security Council had on Friday  adopted Resolution 2349 (2017)  to bring attention to the Boko Haram crisis.

    Rycroft said:  “This adoption marks the start of the next chapter of our work on the Lake Chad Basin. Seeing a crisis first hand is a good start but it isn’t enough on its own.

    “It isn’t enough just to bring attention to its situation. We will fail the people of the region if we do not respond to what we saw; if we don’t take tangible action to bring real relief, real respite to the suffering, the hunger, the instability.

    “Through this resolution, we have made clear what action needs to be taken.

    “First and foremost, we need the countries in the region, the international community and the UN urgently to scale up their response to the humanitarian crisis.

    “If we act now famine can be avoided. But that means quickly dispersing money pledged at Oslo – every single dollar of the 458 million dollars pledged by donors, every single dollar of the one billion dollars pledged from the Government of Nigeria.

    “It means supporting the regional governments to lead a comprehensive and effective response to the crisis, building on the leadership they have already shown.

    “It means all in the region, including ECOWAS and ECCAS, addressing the root causes of the crisis – addressing economic inequalities, countering violent extremism, empowering women.”

    “Boko Haram exploits the poverty in the northeast, it exploits the men who view women as no more than objects, wives and cooks  without the prospect of a future,’’ he added.

    The UK envoy emphasised that the ideology of Boko Haram was unacceptable.

    “We also must avoid a protracted crisis  by better bridging the divide between humanitarian and development programming,

    “If we are to bring a conclusion to this crisis, we must also commend and support the countries in the region on their efforts to combat Boko Haram, including through the Multi National Joint Task Force.

    “They must sustain their momentum to defeat Boko Haram and Daesh.

    “You can’t defeat terror or build peace if you are committing or condoning the abuse of civilians. We all must hold ourselves to a higher standard than that,” Rycroft said.

  • Why we won’t reveal Buhari’s health spendings – Lai Mohammed

    Why we won’t reveal Buhari’s health spendings – Lai Mohammed

    …F.G sets up panel to smoothen Executive, Legislative relation 

    The Minister of Information, Lai Mohammed on Wednesday said that disclosing how much President Muhammadu Buhari spents on his medical vacation in the United Kingdom may jeopardize national security.

    The President, who returned to Nigeria on March 10th, had spent about 50 days in the UK where he carried out some medical tests.

    He had also in June last year embarked on medical trip abroad.

    Even though the President’s health status and ailment is yet to be made public, the President had disclosed on his return to the country on Friday 10th March that he received blood transfusion during the vacation.

    The Minister, who briefed State House correspondents at the end of the Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari, was reacting to the calls for the President to disclose the amount spent on his medical treatment abroad.

    He was with the Minister of Interior, Abdulraman Danbazzu and the Minister of Finance, Kemi Adeosun

    According to Mohammed, it was too sensitive to disclose the amount spent on the President’s health.

    He said: “This matter has come several times and our position on the matter is quite straight forward.  What are the President’s conditions of service? What are his entitlements in terms of his wellbeing and health care? The state is supposed to take responsibility for these.

    “We believe that asking for how much has been spent on the health of the President is an issue that we should weigh very well both for national security and also for moral issues.

    “I don’t know why we must divulge such very sensitive information. I might be wrong but I don’t have experience elsewhere that the President of any country will be ill and be forced to disclose how much the state has spent on his health.

    ‘Yes, there is Freedom of Information Act but it is also carved in such a way that when such information is likely to endanger national security, I think it is an area that is not covered.” he said

    He also said that the executive is concerned that the relationship between the executive and legislative arms of government is not as smooth as it is supposed to be.

    Although he noted that it is a continuous struggle in any democracy for balancing between the Executive and the Legislature because each of them are creatures of the law.

    With the not too cordial relationship between the two arms of government due to issues concerning the Comptroller General of Customs, Hameed Ali, the Acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu and the Secretary to the Government of the Federation, Babachir David Lawal, the Minister said a committee is already working to smoothen the relationship.

    He said “We must strive at all times to ensure that there is that balance, amity and smooth relationship.

    “Just today at the Federal Executive Council meeting, the issue was discussed and a committee is already working on ensuring that we resolve all these outstanding issues.

    Speaking on the protest by unions in his ministry, Mohammed said that it is not unusual for unions to call for the removal of ministers.

    He said “They are complaining about welfare but there is a limit to what government can do within the available resources.

    “As much as we sympathise with them on the situation, the economy is simply not healthy enough to accommodate what it used to accommodate in the past.

    “If anybody is concerned and worried about expenditures in my ministry, they should go and check because it is open.

    “We have appealed to them several times but we met a culture that we cannot sustain.” he said

    The Minister promised that the Ministry will look into some of the grievances that are genuine when the economy improves.

    “We listen to them, they always meet with the Permanent secretary and directors. But once the resources are not there, there is little we can do. We will just continue to plead with them to be patient with us.” he added

    Dambazzau said that the Council approved the procurement of some water carrying vehicles for the Federal Fire Service.

    He said “This is in an attempt to further revamp the federal fire service which has experienced dearth of equipment for a very long time and that with the challenges we have in terms of fire incidents all over the country, the last time I spoke I told you the government is making every effort to make sure that the fire service is revamped so that we have the necessary euipment, training and personnel to be able to face the challenges.

    “Today as part of it FEC approved what is remaining of the 2016 budget, the procurement of 15 water tankers that have the capacity to be used as fighting trucks. This is costing the government N403 million out of the budget that was appropriated in 2016.

    ‘The totsl budget is about 5.5 billion naira for the procurement of firefighting equipment and we have already procured a lot from that.” he said

    The Minister of Finance, on her part, said that the Council approved the ratification for the establishment of the West African Tax Administration forum which is a platform to promote mutual agreement and cooperation among West African tax authorities.

    While disclosing that Nigeria is the host of the body, she said that Nigeria has already rectified the project.

    She said “The effect of it is that there will be better information sharing and cooperation between countries within West Africa on tax administration. This is really part of our tax reform efforts.

    “As you know Nigerians own properties in Ghana and other neigbouring countries, now for tax purposes they will be able to have access to that type of information.

    “Linked to that is the directive of the FEC to the SGF to remind companies that there is an existing provision in the law that companies are supposed to have on their letter headed papers the names of their directors and their registered offices but what we have seen is that many bodies that are transacting business with government simply have the names of the company and no details of who the directors are.

    “So for tax purposes it is quite difficult to trace them, so the SGF will be issuing a circular reminding agencies and ministries of government that it is the law and therefore they are at liberty not to treat any document that doesn’t comply with the law.

    “And equally the Accountant General is being advised that payment will only be effected to companies that are fully in compliance with the law just to make sure that all those who are doing business with government and making from government are paying the right taxes.

    “The other memo was the 500 million Eurobond, remember that the National Assembly had approved and council was also required to approve and that was done,” she stated.