The Manufacturers Association of Nigeria (MAN) has urged its members to sustain ongoing operations and scale up production of essential commodities needed to curtail the spread of COVID-19.
In a statement by its President, Mansur Ahmed, MAN applauded the efforts of government since the nation recorded its first case in February.
He said it was imperative for stringent actions to be taken by the world and indeed, the nation to help its citizens adjust and cope with the pandemic.
“As the voice of manufacturers’ interest in Nigeria, the Manufacturers Association of Nigeria (MAN) recognizes the efforts of government from the point Nigeria recorded its first case.
“It is also comforting to note that the National Centre for Disease Control (NCDC) are not resting on their oars through drafting of the different protocols for safety disseminated to the general public all in a bid to ensure the safety of citizens,” he said.
Ahmed advised members to adequately sensitize and educate workers on compliance with National Centre for Disease Control (NCDC) guidelines to curb the spread of coronavirus.
He also urged that members provide requisite facilities and supplies for the prevention of COVID-19 in line with extant guidelines of the NCDC.
“Given the fundamental role manufacturers will be playing at a time like this, they have been encouraged to sustain ongoing operations to avoid reduction or shut down of production activities.
“They should also scale up their production especially of essential commodities such pharmaceuticals, consumables, sanitary and hygiene products needed to curtail the spread of the virus (COVID-19),” he said.
The MAN president also appealed to the government to provide safety nets to ensure seamless operations as manufacturers adhere to safety rules to keep the economy running.
He urged that government ensured reasonable access to industrial supplies and inputs such as gas, electricity supply, fuel and other essential infrastructure needs.
He also advocated that the financial support offered by Central Bank of Nigeria (CBN) be extended to the supply of forex to the manufacturing sector at pre-COVID-19 rates.
Ahmed urged the CBN to consider directing commercial banks to freeze interest charges in the event of a lock down.
“In the case of an eventual lockdown, government should consider the introduction of fiscal measures such as waivers on import duties on Active Pharmaceutical Ingredients (APIs), and other essential products.
“Also, they should extend tax holiday to companies on corporate tax, and waive the Value Added Tax (VAT); and reduce the burden of personal income tax as a way of increasing the disposable income of an average Nigerian worker.
“Government should ensure its agencies do not act contrary to its directive of permitting essential manufacturing sectors to operate.
“For emphasis, we would enjoin the general public to take seriously the protective measure of regular hand washing with soap and water or use of alcohol-based hand sanitizers, practice of good personal hygiene; maintenance of social distancing.
“We also advice that members sufficiently stay abreast of additional directives from the National Centre for Disease Control and World Health Organization,” he said. (NAN)
Category: Business and Economy
COVID-19: MAN urges members to sustain production of essential commodities
MWUN shuts down secretariat, offers skeletal essential services
Maritime Workers Union of Nigeria (MWUN) on Tuesday said it was shutting down its national secretariat and annex offices for two weeks in the first instance, starting from March 25.
The President General, Mr Adewale Adeyanju, disclosed this in a statement made available to newsmen in Lagos.
He said that they would only offer skeletal essential services to the general public during the period.
According to him, the move is part of efforts to further safeguard the lives of members, in light of the coronavirus pandemic.
“The Maritime Workers Union of Nigeria held a combined meeting of its National Administrative Council (NAC) and Central Working Committee (CWC) to deliberate on issues of national interest.
“Amongst issues discussed is the recent pandemic spread of the COVID-19 which has brought many governments to standstill and lockdowns.
“This lock down of movement of people is to reduce contact and spread of the disease, consequently, social gathering of more than twenty people at a time has been banned and such sundry methods put in place.
“We announce the closure of our national secretariat and its annex offices for the first instance of two weeks starting from March 25.
“However, skeletal essential services will still be offered the general public,” he said.
Adeyanju also announced the indefinite postponement of the union’s National Executive Council meeting which had earlier been billed for March 27.
He announced the recent promotion of Mr Erazua Oniha as Deputy Secretary General, Education, Research and media.(NAN)
Inflation: MPC urges FG to leverage on PPP for investment on infrastructure
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has urged Federal Government to leverage on Public Private Partnership (PPP) to intensify investment in infrastructure to increase output and employment.
The CBN Governor, Mr Godwin Emefiele said this while reading the communique of the meeting during his national broadcast monitored by News Agency of Nigeria (NAN) in Abuja on Tuesday.
Emefiele said the committee noted that this was necessary owing to the persistence of inflationary pressures attributed to a combination of monetary and structural factors.
He said the MPC cited the potentials for Foreign Direct Investments (FDIs) flows to the Nigerian auto manufacturing, aviation and rail industries, which could take advantage of these viable and untapped domestic and regional markets.
Emefiele said the Committee, however, noted the sustained improvement in the financial soundness indicators and applauded the continued decline in the ratio of non-performing loans, growth in assets of the banking system and profitability of the industry in the light of increasing global uncertainties.
He stated that the MPC also recognised the success of the Bank’s loan-to-deposit ratio policy and its potential to alleviate production shortfalls, reduce unemployment and boost aggregate demand.
According to him, the committee urged the Bank to pursue this and other related policies to a conclusive end.
Meanwhile, the governor disclosed that the MPC underscored the COVID-19 pandemic as a public health crisis which would continue to undermine any monetary or fiscal stimulus unless appropriate measures were taken to trace, test, isolate and treat infected persons in order to curtail the spread.
He said the committee enjoined government to ensure that migration across the country was significantly reduced.
Emefiele said the MPC also called on the Federal Government to take necessary steps to safeguard the population through close monitoring and emergency readiness measures to identify and care for infected persons in the country.
He added that the safety measures should include compulsory restriction of movement to curtail spread of the pandemic.
“The Committee noted the weakened revenue position of the Federal Government arising from the sharp drop in oil prices.
“It reiterated the need for government to urgently reduce reliance on oil revenue by gradually diversifying the economy and improving tax collection.
“To this end, the MPC noted the speedy response of the Federal Government to the oil price shock by the revision of the 2020 budget downwards by N1.5 trillion and the oil price benchmark to 30 dollars per barrel.
“The MPC urged the National Assembly to fully cooperate with the Federal Government in coming up with a budget that reflects our new realities.
“In addition, the Committee noted the introduction of price modulation measures resulting in reduction in the pump price of PMS from N145 to N125 per litre.
“Emefiele said the Committee also noted its contributory effect in boosting aggregate demand, lowering inflation and improving the welfare of ordinary Nigerians,” he said. (NAN)
N125 per liter: DPR threatens to sanction defaulting filling stations in Kaduna
The Department of Petroleum Resources (DPR) in Kaduna, on Tuesday threatened to sanction filling stations caught adjusting meters to short change motorists, following the new pump price regime of N125 per liter.
Alhaji Adamu Garba, Head, Public Affairs unit of the Kaduna zonal operational office gave the warning after members of the DPR monitoring team paid unscheduled visit to some filling stations in Kaduna.
According to him, the DPR team has monitored compliance in the zone since the Federal Government announced the price adjustment from N145 per liter to N125 per liter.
He said all the facilities that the monitoring team had visited had so far complied and adjusted to the new price regime.
The official however, warned operators to desist from adjusting their dispensing pumps to cheat consumers by not delivering accurately or face sanction in monetary value or have their licenses suspended or withdrawn.
“The department is out to monitor the compliance of fuel stations on the decrease in petroleum pump price following the announcement by the Federal Government to cushion the effect of the economic melt-down and the down sloop of the price of crude oil at the international market.
“The team has been on surveillance since last week, and so far there has been no reported case of default, as most facilities have complied with the new price.
“Even the market forces will make petrol stations comply naturally because if station A is selling at N145 per liter and station B is selling at N125 per liter, we know everyone will patronize station B because of the reduction in price,” he said.
The official assured the public that DPR’s resolute to ensure the filling station did not tamper with meters to shortchange consumers.
Garba said that one of the department’s daily operations was to ascertain the accuracy of dispensing pumps for motorists to get value for their money.He urged motorists to report any sharp practices in products dispensing they noticed while buying fuel.
“Though it’s difficult for non-professionals to easily notice if a pump is dispensing accurately or not, but the public should endeavour to report to the department if they suspect a filling station is not dispensing accurately.
Garba said the department would use its measuring instrument to determine the accuracy of dispensing pumps.
“Any operator found wanting or their pumps not delivering accurately will be given a punitive sanction of monetary value, have their license suspended for some months and if there are a repeater of same offence, we might withdraw your license.”
He noted that no filling station was hoarding fuel but said those not selling did not have the facility to sell to the general public.
All the operators visited within the Kaduna city have complied with the new price regime of N125 per liter. (NAN)
Covid-19: Gov. Zulum constitutes team to boost Borno IGR
Gov. Babagana Zulum of Borno has constituted a 9-Member Committee to identify ways of increasing the state Internally Generated Revenue (IGR), as part of measures to contain global economic downturn caused by Coronavirus (Covid-19).
The governor also announced that the state executive council would review 2020 budget following the fall in oil price.
Inaugurating the committe on Tuesday in Maiduguri, Zulum said the committee is expected to recommend appropriate measures that would boost the state’s IGR.
“The committee will look into the entire problem and recommend appropriate measures that would increase the IGR drive as well as to block leakages if any,” Zulum said.
He also mandated the committee to coopt any member they felt could facilitate their assignment.
He listed his economic Adviser, Alhaji Mustafa Bulu as Chairman of the committee, while the chairman of the state Board of Internal Revenue would serve as Secretary.
Other members of the committee include Permanent Secretaries in Ministries of Finance, Trade and Investment, Environment, Transport, Health, Water Resources and the General Managers of the State’s Housing and Water Corporation. (NAN)
NSE: Market indices up 0.19% as MPC retains rates
The domestic equities market closed update on Tuesday with a growth of 0.19 per cent just as the Monetary Policy Committee (MPC) retained all rates in spite of the COVID-19 pandemic.
MPC at the end of its two-day policy meeting, unanimously voted to leave key monetary policy rates unchanged.
They retained Monetary Policy Rate (MPR) at 13.5 per cent; maintained the asymmetric corridor around the MPR at +200/-500bps; hold Cash Reserves Ratio (CRR) at 27.5 per cent; and keep liquidity ratio at 30.0 per cent.
This is in a bid to assess the impact of the recent policy pronouncements made by the Central Bank of Nigeria (CBN) to combat the negative impact of COVID-19 outbreak on the Nigerian economy.
The All Share Index (ASI) increased by 40.18 points or 0.19 per cent to close at 21,741.16.
Also, the market capitalisation improved by N21 billion or 0.19 per cent to close at N11.329 trillion compared with N11.308 achieved on Monday.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC, Chemical and Allied Products, Custodian Investment, Zenith Bank and Skyway Aviation Handling Company.
Market breath closed positive with 19 gainers and 10 losers.
NPF Micro Finance Bank led the gainers’ table in percentage terms, growing by 9.52 per cent to close at N1.15 per share.
Stanbic IBTC Holdings followed with a gain 9.43 per cent to close at N26.10, while Transcorp appreciated by 8.93 per cent to close at 61k per share.
Jaiz Bank grew by 8.89 per cent to close at 49k, while Skyway Aviation Handling Company appreciated by 8.66 per cent to close at N2.51 per share.
Conversely, Caverton led the losers’ chart in percentage terms by 10 per cent, to close at N2.25 per share.
Conoil followed with a decline of 9.93 per cent to close at N13.15, while NASCON went down by 9.57 per cent to close at N8.50 per share.
Ecobank Transnational Incorporated shed 8.99 per cent to close at N4.05, while Cadbury depreciated by 8.85 per cent to close at N5.15 per share.
However, the total volume traded decreased by 28.9 per cent to 330.10 million shares, worth N3.57 billion, and traded in 4,561 deals.
Guaranty Trust Bank emerged the most activity stock, accounting for 78.89 million shares valued at N1.32 billion.
Zenith Bank followed with 77.91 million shares worth N852.87 million, while Access Bank traded 36.03 million shares worth N198.35 million.
FBN Holdings traded 24.71 million shares valued at N96.35 million, while United Bank for Africa transacted 18.81 million shares worth N84.36 million.
In all, a total of 330.10 million shares valued at N3.57 billion were exchanged by investors in 4,561 deals.
This was in contrast with a turnover of 464.36 million shares worth N3.87 billion achieved in 5,883 deals on Monday. (NAN)
Sen. Oko dead in UK hospital
Sen. Rose Oko, representing Cross River North Senatorial District of Cross River is dead, aged 63.
The late Oko, who died last night at a UK hospital, was the Chairman, Senate Committee on Trade and Investment.
A close aide of the late senator, who preferred anonymity, said her demise came as a shock to her staff.
The National Assembly has yet to issue official announcement of her death as at the time of filing this report.
Oko, was a member of the Federal House of Representatives from the People’s Democratic Party (PDP), representing Yala/Ogoja Federal Constituency in the 7th National Assembly.
She was elected into office as the first female representative from her constituency in June 2011 and was Deputy Chairman, House Committee on Education.
She was also elected into office as the first female representative from her Senatorial District in June 2015.(NAN)
COVID-19: Africa needs $100bn economic stimulus — finance ministers
Africa needs an immediate emergency economic stimulus to the tune of 100 billion dollars, owing to the COVID-19 outbreak, the African Finance Ministers have said.
This is contained in a statement by Communication and Media Relations Department of the group, which was made available to News Agency of Nigeria (NAN).
It explained that it was part of decision of the African Finance Ministers who met on March 19, in a virtual conference to exchange ideas on the efforts of their respective governments in dealing with the social and economic impacts of COVID-19.
The ministers said as such, the waiver of all interest payments, estimated at 44 billion dollars for 2020, and the possible extension of the waiver to the medium term, would provide immediate fiscal space and liquidity to the Governments in their efforts to respond to the COVID-19 pandemic.
According to them, the interest payments waiver should include not only interest payments on public debt, but also on sovereign bonds.
The ministers agreed on the need to consider waiving principal and interest and encourage the use of existing facilities in the World Bank, International Monetary Fund (IMF), African Development Bank (AfDB) and other regional institutions for the fragile states.
They underscored the need to support the private sector and protect about 30 million jobs at risk, particularly in the tourism and airline sectors across the continent.
In other critical sectors including agriculture, imports and exports, pharmaceuticals and in banking, the finance ministers agreed that all interest and principal payments on corporate debt, leases, extended credit facilities, refinancing schemes and guarantee facilities should be used to waive, restructure and provide additional liquidity in 2020.
They further said 1that a liquidity line should also be made available to the private sector to ensure the continuity of essential purchases and all SMEs that were dependent on trade could continue to function.
According to them, these measures, must accompany a policy of opening borders for trade and that Europe and the United States, in particular, can build this in as part of their stimulus to their private and financial systems. (NAN)
COVID-19: Kebbi Govt seeks way out of dwindling revenue
Kebbi Government on Monday convened a stakeholders meeting to proper a way out, as future federal allocations seem bleak following the crash of oil prices in the international market.
The meeting involved government officials, labour unions
traditional rulers, 21 local chairmen and members of Kebbi House of Assembly.
The meeting was to come up with suggestions on what the state would do to shore up its internally generated revenue and collections in the midst of present financials uncertainties.
According to Gov. Abubakar Bagudu the state is exploring opportunities in other sectors to remain buoyant.
“We are coming together to think of a future without oil as we don’t want to copy other states, rather we want to lead the way for others to follow,” he said
Bagudu told newsmen after the meeting in Birnin Kebbi that they discussed the adverse effects of the crash in oil revenues and a way out.
“We want to be less dependent on oil revenue, and we have accepted a proposal that a committee be set up to spearhead the development and come up with suggestions that will help us to address the current economic realities because of the Coronavirus.”
Earlier, the Permanent Secretary, Budget and Economic Planning, Hajiya Aisha Usman, revealed that the current economic realities had impacted negatively on the state’s 2020 budget.
“Crude oil prices were estimated at $57 per barrel as per the federal government 2020 budget critical assumptions, with crude oil prices falling below cost of production averaging $17 and $30 respectively, accrued revenues and future federal allocations seem bleak,” she said.
She said that the state 2020 budget was also prepared on certain critical assumptions based on the crude oil price of $57 per barrel.
“Statutory allocation was to contribute about N49.6 billion which is 36 per cent of the budget based on the benchmark oil price of $57 per barrel.”
The permanent secretary, however, lamented that the current and forecasted events clearly indicated that the state government finances would be badly affected.
She therefore urged the meeting to come up with strong and workable recommendations to ease out of the present circumstances. (NAN)
FAAC shares N581.5bn for February
The Federation Accounts Allocation Committee (FAAC) has shared the sum of N581.566 billion to the Federal, States and Local Governments for February.
Mr Henshaw Ogubike, Director Press and Public Relations in the Office of the Accountant-.General of the Federation made this known in a statement in Abuja on Monday.
Ogubike said this was announced after a rescheduled meeting of the FAAC held in Abuja.
He explained that the N581.566 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account.
Ogubikeķ said the Federal Government received N236.118 billion, the State Governments got N159.010 billion while the Local Government Councils received N119.305 billion.
He further disclosed that the Oil Producing States received N45.310 billion as 13 per cent derivation revenue while the Revenue Generating Agencies received N21.822 billion as cost of revenue collection.
The official said the gross statutory revenue for the month of February was N466.058 billion, adding that it was lower than the N525.253 billion received in January 2020 by N59.195 billion.
Ogubike noted that for the month of February, the gross revenue available from VAT was N99.552 billion as against N104.758 billion in the previous month, resulting in a decrease of N5.206 billion.
He added that Exchange Gain yielded a total revenue of N0.757 billion, and revenue from Forex Equalisation Account was N15.199 billion.
“A breakdown of the distribution showed that from the gross statutory revenue of N466.058 billion, the Federal Government received N214.915 billion, the State Governments got N109.008 billion and the Local Government Councils received N84.040 billion.
“The Oil Producing States received N43.242 billion as 13 per cent derivation revenue and the Revenue Generating Agencies received N14.853 billion as cost of collection.
“From the VAT revenue of N99.552 billion, the Federal Government received N13.888 billion, the State Governments received N46.292 billion, the Local Government Councils got N32.404 billion and the Revenue Generating Agencies was given N6.969 billion as cost of revenue collection.
“The Forex Equalisation Account revenue was N15.199 billion. The Federal Government received N6.966 billion, the State Governments got N3.533 billion, the Local Government Councils received N2.724 billion and the Oil Producing States had N1.976 billion,” he explained.
The director said the committee also announced that the balance in the Excess Crude Account (ECA) was 72.221 million dollars. (NAN)
