Buhari To Introduce Fresh Policies To Enhance Business

BuhariPresident Muhammadu Buhari has said that his administration will soon introduce more policies to further ease the process of doing business in Nigeria.

Speaking after a presentation at the Presidential Villa on ‘Enhancing Nigeria’s Trade and Economic Competitiveness’ on Monday, the President said that the new policies would be focused on increasing efficiency and transparency in government operations and the blocking of leakages from revenue generating agencies.

In a statement issued by President Buhari’s spokesperson, the President said that his administration remains fully committed to closing all the loopholes in the revenue generating agencies, increasing their efficiency in trade facilitation and ensuring transparency in all government businesses so as to attract greater foreign direct investments into the country.

The President added that the Nigeria Customs Service, Ministry of Trade and Investment, Ministry of Finance and other relevant agencies would be encouraged to adopt some of the positive ideas contained in the presentation for implementation in 2016.

A representative of the company that made the presentation, Mr Lim Chee Boon, had told President Buhari that virtually all the countries that implemented its solutions have successfully reduced corruption in their import and export processes.

Osinbajo Seeks Monitoring Of SMEs To Increase Access To Funds

Yemi-OsinbajoVice President Yemi Osinbajo has called for an effective monitoring and evaluation mechanism for Micro, Small and Medium Enterprises to enable them access funds to address the existing gaps in the growth of the Nigerian economy.

The Vice President spoke in Abuja on Tuesday, at the 2015 National Medium Enterprises Summit with the theme “Entrepreneurship for National Development: the Place of Micro, Small, Medium Enterprises in the Economy Under the Change Agenda”.

Professor Osinbajo said there were lots of opportunities for the Micro, Small and Medium Enterprises and those who needed funds but lacked the connection to access funds.

The Vice President said that effective coordination among agencies was needed to remove the overlaps and streamline all the different interventions in other to avoid wastes.

According to him, efforts shall be made to ensure ease of doing business, as the current situation makes Nigeria one of the worst places of doing business.

He said the Muhammadu Buhari-led administration was determined to give every Nigerian the fair chance to do business by making it easy to get business permits following due process.

Treasury Single Account’s September 15 Deadline Is Realistic, Says Accountant General

agf-treasury-single-accountThe Accountant General of the Federation, Mr Ahmed Idris, on Friday lashed out at Ministries Departments and Agencies (MDAs) who had suggested that the September 15 deadline to maintain a Treasury Single Account was unrealistic.

Mr Idris assured the Federal Government that the deadline would not only be met, but implemented.

He emphasised that implementation guidelines had been developed and would soon be made available to all MDAs, and to the general public.

Recently, President Buhari gave a directive to the MDAs to shut down all existing accounts and implement a Treasury Single Account.

This decision is meant to help block what the Federal Government had described as leakages in the system, promote transparency and facilitate compliance with sections 80 and 162 of the Nigerian Constitution.

Vice President, Yemi Osinbajo had also assured Nigerians that the Treasury Single Account (TSA) policy of the Federal Government had come to stay, saying that it is part of the adjustments that the present administration hoped to implement to make life more meaningful for Nigerians.

J.P. Morgan To Delist Nigeria Bonds

JP-MorganJ.P. Morgan has concluded plans to remove Nigeria from its government bond index by the end of October 2015.

The statement is coming after an earlier removal notice on the absence of currency controls, leading to complicated transactions on the bond.

According to J.P. Morgan, some bonds would be delisted by the end of September, while the rest would be removed by the end of October.

Liquid Currency Criteria

The index provider said Nigeria would not be eligible for re-inclusion in the index for a minimum of 12 months. It added that to get back in the reading, Nigeria would have to satisfy the consistent liquid currency criteria.

Meanwhile, the Central Bank of Nigeria, in reaction to the notice, said “it disagrees with the index expulsion”.

The apex bank also said it had started to improve liquidity and transparency in the market, just as foreign exchange traders confirmed that U.S. Dollars rationing to foreign investors has begun.

Nigeria became the second African country after South Africa to be listed in J.P. Morgan’s emerging government bond index, in 2012. Its inclusion adds a 1.8 per cent weight to the index.

The removal will trigger unprecedented sales of Nigerian bonds, resulting in capital outflows and raising borrowing costs for the government.

NDIC Affirms Safety Of Nigerian Banks

ndicFinancial institutions across Nigeria have been given a clean bill by the Nigeria Deposit Insurance Corporation (NDIC), with assurance that depositors’ investments are safe and guaranteed within the banking industry.

Batch A Corps Members who were serving in Bauchi and having their orientation programmes at the Plateau State Orientation Camp were given tips on the activities, as well as benefits of the deposit insurance scheme and how it affects the banking system in the country.

Bauchi Zonal Director of NDIC, Emmanuel Vontau, while speaking at the sensitisation of the corporation activities to National Youth Service Corps members, expressed concerns on the low level of awareness to the public on depositors’ rights.

With the Corps Members being sensitised on the activities of the NDIC, it is expected that the knowledge gained at the workshop will be taken to the places where Corps Members will be redeployed to serve; thereby creating the necessary awareness needed for the public on the activities and benefits associated with the scheme.

Ministers, Policy Leaders React To Nigeria’s GDP Growth

Min of FinanceSome well-meaning Nigerians have been reacting to the national Gross Domestic Product as released by the National Bureau for Statistics, describing the exercise as very key in policy making by both the private and public sectors of the economy.

In an interview with Channels Television after the special press conference where the new figure of 510billion dollars was released by the NBS, Minister of Information, Mr Labarn Maku, said that the GDP could have done better if not for incessant insurgency in the land.

Also speaking, the Acting Governor of the Central Bank of Nigeria, Mrs Sarah Alade and the Director-General of the Securities and Exchange Commission, Mr Arunma Oteh, said that the new figure would definitely enable policy makers and analysts obtain more accurate set of statistics to work with.

For over two hours they sat listening to the presentation of the rebased GDP estimate for Nigeria 2010-2013, and the key point was that with the new figure of $510billion GDP, Nigeria now ranks as the 26th largest economy in the world, just behind Argentina, Belgium, and Poland, but ahead of Austria, South Africa, Venezuela and Colombia.

On a per capita basis, Nigeria stands at about $2,688 per capita and occupies the 121st position in the world; a figure with which Nigerians are being cautioned not to get carried away especially as the growth is coming amidst insecurity in the land.

How investors would apply the new figures in their judgement of where best to invest funds was of paramount importance and this could only be achieved if the investors had confidence in the figures.

Building this confidence was made possible by the injection of independent bodies in the data collection to ensure that the numbers were consistent.

The Minister of Finance and Supervising Minister of the Economy, Dr Ngozi Okonjo-Iweala, revealed, “The work that was done by the Chief Statistician and his team was subjected to review by a panel of six Nigerian experts; Professor Olu Ajakaye, Professor Akpan Expo, Dr. Ayo Teriba, Dr Doyin Salami, Profesor Garba and Dr, Yemi Fagbeunsi.

“The Statistician(s) had all along an IMF consultant working with them because that is the key job of the multilaterals, particularly the IMF (International Monetary Fund). We later subjected the numbers again to checks through a team of multilateral institutions. The African Development Bank, the World Bank and the IMF, all took a look, so it’s been quite a rigorous process.”

One of the highlights of the new figure is that Nollywood (1.2%) and telecommunications (8.7%) have emerged as major areas alongside the agriculture sector (22%), with the share of oil and gas (15.9%) dropping in the new GDP; a lesson that Nigeria should double efforts to grow the other sectors.

The Bureau for Statistics expressed optimism that the exercise would be a regular issue, at least every five years; a challenge to both the private and public people to become more creative in policy making.

Rebasing The GDP: Nigeria Emerges As The Largest Economy In Africa

CBNNigeria has emerged the largest economy in Africa.

The Statistician-General of Nigeria, Dr. Yemi Kale, made this public at an event in Abuja on Sunday, April 6.

He announced that the current GDP of the country stands at $510 billion, and according to him, this makes Nigeria the largest economy in Africa.

Explaining the concept of GDP and how it is calculated, in a presentation on the process of rebasing the nation’s GDP, Dr. Kale noted that rebasing does not imply new figures only, but shows clearly the performance of the economy in data form.

He noted that rebasing and re-benchmarking of the GDP was just one of the things the country needs to get its statistics right.

He, however, warned that it was important that Nigerians “do not mix data with ideology”. He added, “We need to be more objective in the way we apply our data.”

The last time Nigeria rebased its GDP was in 1990.

 

Nigeria’s GDP For 2013 Is $510 Billion

CBNNigeria has emerged the largest economy in Africa

The Statistician-General of Nigeria, Dr. Yemi Kale, made this public at an event in Abuja on Sunday, April 6.

He announced that the current GDP of the country stands at $510 billion, and according to him, this makes Nigeria the largest economy in Africa.

Explaining the concept of GDP and how it is calculated, in a presentation on the process of rebasing the nation’s GDP, Dr. Kale noted that rebasing does not imply new figures only, but shows clearly the performance of the economy in data form.

He noted that rebasing and re-benchmarking of the GDP was just one of the things the country needs to get its statistics right.

He, however, warned that it was important that Nigerians “do not mix data with ideology”. He added, “We need to be more objective in the way we apply our data.”

The last time Nigeria rebased its GDP was in 1990.

 

Nigeria Now 26th Largest Economy In The World, And Its Per Capita GDP Is 121st In The World

CBNNigeria has emerged the largest economy in Africa

The Statistician-General of Nigeria, Dr. Yemi Kale, made this public at an event in Abuja on Sunday, April 6.

He announced that the current GDP of the country stands at $510 billion, and according to him, this makes Nigeria the largest economy in Africa.

Explaining the concept of GDP and how it is calculated, in a presentation on the process of rebasing the nation’s GDP, Dr. Kale noted that rebasing does not imply new figures only, but shows clearly the performance of the economy in data form.

He noted that rebasing and re-benchmarking of the GDP was just one of the things the country needs to get its statistics right.

He, however, warned that it was important that Nigerians “do not mix data with ideology”. He added, “We need to be more objective in the way we apply our data.”

The last time Nigeria rebased its GDP was in 1990.

Nigeria’s President Says Country Is Open For Business

The Nigerian President, Goodluck Jonathan, has expressed the government’s readiness to collaborate with foreign investors, saying that the Nigerian economy is a very fertile ground for investors especially with ongoing programmes and initiatives of the government.

He said that the government’s policies, aimed at boosting the economy, had helped businesses to flourish in the nation that had been listed among the next world economic powers – Mexico, Indonesia, and Turkey (MINT).

After a Wednesday session on ‘Africa’s Next Billion’ at the ongoing World Economic Forum annual meeting in Davos-Klosters Switzerland, President Jonathan spoke on current policies in the industrial sector which he said would be consolidated on.

President Jonathan believes the World Economic Forum on Africa that would be hosted by Nigeria would expose the enormous opportunities in Nigeria’s business environment.

He said that the backward integration policy of the government had helped the Daogote Group boost its cement production.

“Three years back, we were a net importer of cement. We were producing only 2 million metric tonnes of cement, with a demand level of 18 million metric tonnes of cement.

“Now we are producing above 20 million metric tonnes over a three years programme because of the government policies. We are creating similar programme in terms of rice and sugar,” the president said.

“Nigeria would expose the Nigerian business environment to the world and equally expose the rest of Africa at the World Economic Forum on Africa,” he stressed.

2014 Budget: Government Must Be Faithful In Implementation – Chizea

An economist, Mr Boniface Chizea, has described the projections and assumptions of the 2014 budget proposal sent to the National Assembly as realistic but called for a faithful implementation of the proposal.

Analysing the 2014 Budget on Channels Television’s programme, Business Morning, Mr Chizea insisted that the oil benchmark should have been left at 74 dollars as proposed by the executive and not $77.5 per barrel as agreed by the National Assembly.

Mr Chizea, who is a financial consultant, believes a prudent oil benchmark price will ensure that Nigeria saves more, and increase its external reserves.

The 4.6 trillion Naira budget was presented to the National Assembly by the Minister of Finance, Dr Ngozi Okonjo-Iweala, on December 19, 2013.

Mr Chizea stressed that the late presentation of the budget would lead to poor implementation.

“By now we should have a system in place that will ensure that there is an early presentation of the budget,” he said.

He also called for the diversification of the economic base of the country to boost revenue from non-oil resources.

Analyst Examines Economic Implications Of Ramadan

A senior lecturer in the faculty of Business Administration, University of Lagos, Dr Tajudeen Yusuf has explained the link between festivals such as Ramandan, Eid-El-Fitri and the economy.

Price hike during the Muslim festivals should be expected as many stock their stores with certain commodities, especially food items and beverages.

Speaking on Business Morning, he explained the concept called ‘Ramadan effect’ which explains “the change in the investor’s psychology”.

People, in Ramadan, tend to have ‘optimistic beliefs’ that would cause them to invest more, he added. This optimism is stimulated because “people have time to face God. They tend to have internal reflection that it could be better”.