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  • Shettima’s Statement Denigrates Business That Employs Thousands of Workers – Atiku

    Shettima’s Statement Denigrates Business That Employs Thousands of Workers – Atiku

    The presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, yesterday, replied the vice presidential candidate of the All Progressives Congress (APC), Kashim Shettima, who had dismissed the former vice president as a mere ‘bottled water seller’ at a function in Lagos on Tuesday, saying it is shameful that the ex-Borno State governor would vilify a business that employs a large chunk of people in the North-east.

    Atiku said the statement directed at him was not only irresponsible but also disrespectful.

    In a statement by his media aide, Paul Ibe, Atiku told the former governor of Borno State and current senator for Borno Central that politics “does not confer the licence to be reckless” on anyone. He asked Shettima to apologise to Nigerians in the employ of Atiku.

    In another statement, Director of Strategic Communication, Atiku/Okowa Presidential Campaign Council, Dele Momodu queried Shettima’s statement that Atiku could not unite Nigeria, when “he has not united his own political party.”

    Momodu said Atiku remained one of the most important contributors to the Nigerian economy.

    Atiku said in the statement by Ibe, “Any business that produces products, creates jobs, and delivers dividends, especially, in this era of the APC administration, when the country is bleeding, is an asset and should not be mocked.

    “It is irrelevant if it is a small business or a big business. And for Shettima, it is more shameful that he will denigrate a going business that employs a large chunk of people in the North-east region.

    “Even Atiku’s opponents have acknowledged his business resume that has seen him being engaged in businesses covering farming, animal feed, beverages, banking, logistics, polymer and plastics, education, among others, employing thousands directly and hundreds of thousands indirectly.”

    The former vice president, who was particularly irked by Shettima’s comments that he (Atiku) would soon be retired to Dubai, said from the statements, “It is indicative that the Tinubu-Shettima administration will be anti-entrepreneurship and business.

    “It is with utter dismay that we listened to the presidential candidate of the APC, Bola Tinubu, and his running mate talk condescendingly about other presidential candidates at a gathering that they invited members of the private sector to on Tuesday.

    “The remarks from the candidates of the APC show gross irresponsibility and disrespectfulness. One would have thought that the duo would use the advantage of such a gathering to talk about solutions that their party, APC, has foisted on the country. Rather, they went on the ultra-highway of political indecency.”

    Atiku said Shettima should apologise to Nigerian workers, especially the thousands benefitting from Atiku’s businesses, for his statement, stressing, “Politics does not confer on anyone the license to make irresponsible statements.”

    The PDP presidential standard bearer maintained that a gathering of the top echelons of the private sector was supposed to be an avenue for laying out serious policy choices.

    “For Tinubu and Shettima, on the contrary, they chose to embarrass their guests, using their audience to play vile political games,” Atiku said.

    He added, “For someone, who self-appoints as the APC national leader, it is ridiculous that the presidential candidate of the APC failed to proffer solutions to the economic woes that his party has foisted on Nigerians in the past seven years.

    “Unlike Tinubu, who sat idly by and watched his APC ruin Nigeria to the current sorry state, the presidential candidate of the PDP has been consistent in proffering solutions to the myriads of ineffective policy options of the APC administration.

    “Atiku, it was, who first raised the alarm about the debt burden that the APC has thrown Nigeria into. It was also Atiku, who has continued to call the attention of the nation to the need to diversify the economy away from heavy dependence on exploration of crude oil.

    “Atiku, again, was the one, who said the quickest path to lift the majority of Nigerians out of the poverty belt is for the government to give incentives to the private sector in order for them to create more jobs for Nigerians.

    “Even during the COVID-19 pandemic, Atiku pioneered the private donor relief funds, which opened the gateway for other Nigerians of means to follow suit in providing succour to people, who were worst hit by the attendant self-isolation regulation in the management of the pandemic.

    “Tinubu, who has been in hibernation mode for the seven years that his party unleashed the worst moment of economic hardship on Nigerians, has suddenly found a voice, because as it is usual with the APC, the time is here again to hoodwink the people with sugar-coated promises.”

    Atiku also said in the statement, “We, therefore, wish to remind the APC and their presidential candidate that, unlike them, the PDP and Atiku are promise keepers. Unlike the APC and Tinubu, Atiku has not waited for when election is around the corner to espouse solutions to the challenges facing the country.

    “Unlike APC and Tinubu, Atiku’s position on the pathway to economic recovery of Nigeria has remained consistent ditto his views about restructuring, education, national inclusivity and engendering healthy national security.

    “Unlike Tinubu and his APC, Nigerians know that Atiku and the PDP are more believable to deliver on their manifesto. It is a shame and, indeed, a source of embarrassment to all supporters of the APC that their national leader, who self-professes to be brilliant on the economy, prefers to be the chief priest at the APC altar, where Nigeria’s economy was brought to comatose.”

    Another statement by Momodu said, “It is our belief that Alhaji Shettima, in a moment of deliberate amnesia, must have tried to point fingers at the specks in another man’s eyes while studiously ignoring the giant logs in his own eyes.

    “The APC is in total disarray with prominent members of his party openly apologising to Nigerians for the unmitigated disaster it has foisted on Nigeria since 2015.

    “This is one of the reasons APC members have been migrating in droves to PDP. It took almost forever for APC to achieve the simple task of constituting its Presidential Campaign Council, due to the total lack of unity in their party.

    “It is very obvious that APC has become completely rudderless and many self-respecting members are jumping ship and being recovered by PDP. How can these APC candidates ever unite Nigerians, when they’ve shown open disdain for the democratic and voting rights of certain ethnic groups within their domains?”

    The director of strategic communication of the PDP presidential campaign alleged, “Everything about APC and its candidates have been shrouded in secrecy and they are just unable to tell Nigerians the truth about anything. How can Nigerians be expected to place their faith in such mysterious characters?

    “Alhaji Shettima alleged that Atiku Abubakar cannot be trusted with the economy of Nigeria. No heresy could be worse than this.

    “Nigerians would want to know what businesses the APC candidates have managed personally and successfully, except living outlandishly on government booty and largesse.”

    Momodu said Atiku started business as a teenager and served meritoriously as a government officer in the Customs, where he assisted many Igbo traders, according to available testimonies.

    He stated, “In Atiku’s private life, he remains one of the biggest employers of labour in Nigeria. He has brought jobs to Nigerians, instead of shipping jobs out. How can APC be expected to guarantee the safety of lives and properties, when right under the watch of Alhaji Shettima as Governor of Borno State, Boko Haram became an intractable menace and Nigeria is yet to fully recover till this day?

    “PDP is extremely proud of its antecedents and former Vice President Atiku Abubakar and Governor Ifeanyichukwu Okowa are fully ready to recover Nigeria from the hands of the most incompetent leaders in the history of Nigeria.”

  • Politics now big business, avenue for quick money – Soludo

    Politics now big business, avenue for quick money – Soludo

    The governor-elect of Ana,mbra State and former governor of the Central Bank of Nigeria, Prof Charles Soludo, on Saturday expressed concern over the way people now see as a platform to make money rather than a call to selfless service.

    He lamented that appointment or election into public office had produced rich men who never did any productive work, noting however that disruption to that trend would come at a great cost and could be a dangerous venture for anyone who dares to change the system.

    Speaking in Abuja at the 2021 pioneer class graduation of the School of Politics, Policy and Governance, with the theme, ‘Emergence of the unconventionals’, Soludo also raised the alarm that drug barons have invaded the political terrain because of the global clampdown on criminal activities like internet fraud and illicit drug business.

    He said, “As the noose tightened globally on other rentier/criminal enterprises such as drug trafficking or internet scam, many of the barons flocked into politics as the next easy alternative.

    “Politics has become big business. Appointment or election into public office is seen largely as an opportunity to ‘eat’ rather than a call to selfless service. There is an army of rich (big men) who have never worked or done any productive work in their life but believe that it is their right to expect something for nothing.

    “Youth unemployment, insecurity, poverty and inflation threaten the social fabric, but disruptions will come at great costs and could indeed be dangerous. It is not far to imagine what could befall serious disruptors.

    “In Nigeria, we remember what happened to (late Head of State) Murtala Muhammed, and the history books are replete with hundreds of examples of the inherent risks.”

    Soludo recalled that as the CBN governor, he and his family members received threats owing to the banking revolution he supervised.

    He added, “At a personal level, undertaking the banking revolution in Nigeria came with 19 written threats to me and my family, including physical attacks. Disrupting the existing social order is dangerous. Beneficiaries of the current order are powerful enough to organise and viciously fight back to protect their privileges. On the contrary, the masses who are the ultimate beneficiaries are not organised enough to act as a bulwark against the special interests.”

    Soludo pointed out that the country was currently “standing between the rock and the hard place” because with the objective to retain power within the context of short electoral cycles, politicians were often afraid to undertake the necessary disruptive changes to guarantee long term safety and prosperity for all.

    “On the other hand, the existing trends are totally unsustainable and the system is living on borrowed times,” he added. “Everyone is sleepwalking to the hard place, and praying that somehow a miracle will happen along the way. So, who is ready to put his head on the line to lead such productive but dangerous disruptions?”

    Soludo noted that migrating to a post-oil world of fourth industrial revolution and sustainable prosperity would require massive disruptive transformation and restoration of a productive social contract.

    He stressed that Nigeria does not lack educated and widely travelled human capital to drive her development, adding that across the world, Nigerians excel in their various fields.

    He added, “In the United States, Nigeria ranks highest on education among ethnic minorities and as a percentage of its population, it has the most educated population of all ethnic groups. At home, we have over 100 universities churning out hundreds of graduates every year.

    “Oil and the easy money that came with it destroyed the social fabric and the elite created new institutions and political structures to maximise their gains.”

    Soludo charged the graduands to display honesty always and use their knowledge to contribute to making a new Nigeria a possibility, adding that fixing politics requires talents, skills and citizens’ cooperation.

    The founder of SPPG and former Minister of Education, Mrs Obiageli Ezekwesili, said Nigeria would not have a high number of out-of-school children and maternal death if the nation had the right politics.

    She argued that until Africa exits its kind of politics, there may not be any radical change in the fortunes of the continent in the next century.

    Ezekwesili stated, “There is a cost to be made. The politics of Africa today does not respect cost to the individual. It only promotes benefits to the individual that is in the public space. That is an abnormality. Societies that develop did so on the principle that those in the public space are to provide leadership.

    “It is politics that has made the economy to be bad within the context of all the endowment that we have. Yet, we are the world capital of poverty. It is politics that has distorted all the possibilities of our society. You cannot play with the lowest degree of your citizens as political leaders in the public space and expect that something will just happen.”

    She charged the graduands to embrace leadership skills that would transform society.

    The vice-chancellor of the school, Alero Ayida-Otobo, challenged the graduands to have an unquenchable thirst to raise standards while kicking injustice, religious intolerance, and lawlessness out of the country.

    Meanwhile, Soludo, who would be inaugurated on March 17, has commiserated with the victims of the fire incident at the Obodo Ukwu end of the Onitsha-Owerri Road in Onitsha.

    The fire occurred early Friday following a petrol tanker explosion, which razed buildings and shops in the market around the scene.

    A statement on Saturday by his media aide, Mr Joe Anatune, said Soludo expressed deep concern over the magnitude of material losses suffered by the victims.

    He lamented the incessant tanker explosions in the Onitsha axis and other cities around the country as he gave an assurance that a lasting solution to prevent a reoccurrence would be proffered.

    Soludo commended the President, Major General Muhammadu Buhari (retd.), and Governor Willie Obiano for their immediate reactions and condolences to the victims.

    He commended the gallantry of the youths, fire service officials and other security personnel who came immediately to the scene to stem the tide of the fire.

  • We must leverage technology in capital market for financial inclusion – SEC By NAN

    We must leverage technology in capital market for financial inclusion – SEC By NAN

    The Securities and Exchange Commission (SEC) has called on players in the capital market to leverage technology to improve financial inclusion to reach the untapped market.

    The Director-General of the commission, Mr Lamido Yuguda, made the call in a keynote address at the Capital Market Correspondents Association of Nigeria (CAMCAN) 2021 Annual Workshop.

    The event took place on Saturday in Lagos.

    Yuguda, represented by Mr Temidayo Obisan, Executive Commissioner Operations, SEC, noted the Nigerian Communication Commission reported that there were over 191 million and 140 million active mobile subscribers and active data subscribers, respectively, in Nigeria as at October.

    He said that leveraging technology would provide a cost effective means of reaching the untapped market especially rural dwellers.

    According to him, it will simplify the means of serving existing customers.

    “Financial institutions are increasingly using electronic channels to onboard clients and address customers queries and bring financial product offerings to prospective users.

    “The use of technology in offering capital market instruments has been on the rise, helping to reduce the inefficiencies of the past and driving liquidity and diverse holdings of capital market instruments.

    “Additionally, technology is making access to credit much faster and easier,” he said.

    The director-general said that it had become possible to access credit within seconds using USSD services or mobile banking app.

    “Many fund managers also use technology to offer investment products to investors seamlessly,” he said.

    According to him, leveraging technology to offer financial services has advantage over traditional means because it breaks down geographical constraints and reduces the cost of providing financial transactions.

    He added that it involved little or no infrastructure cost and offered the highest outreach.

    He said: “Financial inclusion is all about providing adults with access to financial products and services. These include savings, payments, capital markets, pension and insurance products and services.

    “Access to financial services provides families with opportunity to invest in education and health and ultimately results in better standard of living.

    “It also allows businesses to expand, create jobs and reduce unemployment.”

    Yuguda noted that a survey conducted by the National Bureau of Statistics and the SME Development Agency of Nigeria (SMEDAN) in 2017 indicated that over 41.5 million Micro, Small and Medium Enterprises (MSMEs) operated in the country.

    “The impact of providing these MSMEs with access to formal financial services would be significant in terms of contribution to GDP growth, employment and economic prosperity,” he said.

    Yuguda also cited a 2020 survey which indicated that there were 106 million adults in Nigeria, of which 38 million representing 36 per cent were financially excluded and 81 per cent of those financially-excluded lived in rural areas while 19 per cent lived in urban areas.

    According to him, 56 per cent of the adults are female.

    He added that 73 per cent of the adults did not complete secondary school, while 82 per cent were not aware of formal financial access point.

    According to him, income analysis indicates that 94 per cent of financially-excluded adults were either dependents, business owners and farmers while less than 1 per cent worked in the formal sector.

    “In addition, 60 per cent of financially-excluded adults are below the age of 35.

    “Data provided by CSCS as at Q1 2021 indicated that there are 4.9 million investors in stock market, of which 3.3 million (67 per cent) are male, 1.5 million (31 per cent) are female while 0.12 million are corporate accounts.

    “These statistics have shown that financial inclusion initiatives should be primarily targeted at women, rural residents, less educated, younger generation and those that do not work in the formal sector,” he said.

    He said that SEC had taken steps to boost financial inclusion in general and capital market inclusion in particular.

    He said that the efforts included capacity building.

    He praised CAMCAN for the workshop, saying that technology had played and would continue to play a critical role in expanding access to affordable financial services.

    He called on policymakers and stakeholders to continue to leverage technology to expand access to financial services.

  • ZENITH, GTCO lose combined N6.18 billion on NGX bearish performance

    ZENITH, GTCO lose combined N6.18 billion on NGX bearish performance

    After today’s trading session, Tier-1 banks, Zenith Bank Plc and GT Holding Co Plc lost a combined N6.18 billion.

    According to Nairametrics, Zenith Bank share price declined by 0.62% taking the market cap from N764.50 billion to N759.80 billion, losing a total of N4.71 billion. While GT Holding Co lost N1.47 billion as its market cap declined by 0.20% from N735.78 billion to N734.31 billion.

    The NGX closed on a negative note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) depreciated by 9 basis point.

    The NGX ASI closed at 43,270.94 points, to reflect a decline of 0.09% from the previous trading day and a Year-to-Date (YTD) return of 7.45%. Meanwhile, the market capitalization decreased by N19.49 billion.

    At the close of market today, Monday 29th November 2021, the stock exchange market value currently stands at N22.58 trillion from N22.60 trillion in the previous trading day.

    The market breadth closed negative as AIICO led 14 gainers, and 21 Losers topped by UPDC at the end of today’s session.

    The stock market has advanced 3,000.22 base points since the start of the year.

    NGX ASI Top gainers

    AIICO up +8.57% to close at N0.76
    LIVINGTRUST up +7.95% to close at N0.95
    VERITASKAP up +4.76% to close at N0.22
    ABCTRANS up +3.03% to close at N0.34
    COURTVILLE up +2.56% to close at N0.40
    NGX ASI Top losers

    UPDC down –9.92%to close at N1.18
    UPDCREIT down –9.90% to close at N4.55
    CHIPLC down – 7.27% to close at N0.51
    REGALINS down – 4.76% to close at N0.40
    INTBREW down –4.00% to close at N4.80
    NGX ASI Top Traded by Volume

    FCMB – 58,454,159 units
    AIICO – 13,506,766 units
    ZENITH – 12,777,540 units
    GTCO – 12,388,518 units
    ACCESS – 10,902,798 units
    NGX ASI Top Traded by Value

    AIRTEL – N679,787,612.40
    GTCO – N309,673,484.65
    ZENITHBANK – N308,695,312.45
    FCMB – N179,917,656.01
    ACCESS – N98,519,241.15
    Market sentiments trend towards the bears despite the market differential being in favour of the decliners as 14 gainers surpassed 21 losers.

  • Naira gains at official market despite a significant drop in forex trading

    Naira gains at official market despite a significant drop in forex trading

    The exchange rate between the naira and the US dollar closed at N414.8/$1, at the official Investors and Exporters window, despite reduction on forex trading

    Naira gained against the US dollar on Thursday after maintaining a rate of N415.1 in the previous trading session. The exchange rate on Thursday gained 0.07% to close at N414.8/$1 from N415.1/$1 recorded on Wednesday, 17th November 2021.

    At the parallel market, naira also depreciated slightly to close at N546/$1 from N545/$1 recorded in the previous trading session.

    This is according to information obtained from BDC operators interviewed by Nairametrics.

    in the same vein, Nigeria’s foreign reserve recorded a marginal decline of 0.03% on Wednesday, 17th November to close at $41.42 billion compared to $41.43 billion recorded as of the previous day.

    Trading at the official NAFEX window
    Nairametrics also reported that the exchange rate at the Investors and Exporters window gained 0.07% to close at N414.8/$1 on Thursday, 18th November 2021 from N415.1/$1 recorded in the previous trading session.

    The opening indicative rate closed at N413.19/$1 on Thursday, indicating a 55 kobo appreciation compared to N413.74/$1 recorded in the previous trading session.

    An exchange rate of N444 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.8/$1, while it sold for as low as N404/$1 during intra-day trading.

    Forex turnover at the official window dropped by 69.8% to $90.18 million on Thursday.

    According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased from $298.88 million recorded on Wednesday, 17th November 2021 to $90.18 million on Thursday, 18th November 2021.

    Cryptocurrency Analysis
    Bitcoin continues with a landslide drop, dropping by 4.6% on Thursday to close at $57,596.83 as of 11pm. The decline in the flagship crypto asset, triggered a 4.11% dip in the cryptocurrency market as the market capitalisation closed at $2.479 trillion. This implies that $106.18 billion was lost in the market.

    Also, Ethereum dipped 6.31% on Thursday to close at $4,020.98, while XRP lost 4.61% to close at $1.04551.

    The crypto market has also started on a bearish note on Friday as Bitcoin has fallen below $57k due to a 1.41% drop in the price.

    Crude oil price watch
    Brent Crude gained 1.03% on Thursday to close at $81.11 per barrel after enduring recurrent bearish trades earlier in the week. Similarly, West Texas Intermediate (WTI) gained marginally by 0.7% to close at $78.91 per barrel.

    Meanwhile, Natural Gas gained 1.76% in price to close at $4.901, while OPEC Basket dipped 1.11% to close at $81.1 per barrel.

    The US Energy Information Administration (EIA) projects that Brent oil price could fall to an average of $72 per barrel in 2022. This is due to the expected surplus on the market on the back of rising production from the United States and the OPEC+ group.

    According to EIA’s latest monthly Short-Term Energy Outlook (STEO), global crude oil demand will exceed global supply through the end of this year, contribute to some additional inventory draws, and keep Brent Crude prices above $80 per barrel through December 2021.

    Nigeria’s crude, Bonny Light dipped 1.11% to close at $80.78 per barrel, Brass River and Qua Iboe both declined by 1.09% to close at $80.54 per barrel.

    External reserve
    Nigeria’s foreign reserve dropped marginally by 0.03% to close at $41.42 billion as of Wednesday, 17th November 2021 compared to $41.43 billion recorded as of the previous day. The decline can be attributed to the continuous intervention of the apex bank in ensuring the stability of the exchange rate; a move that has seen the rate at the parallel market drop from N575/$1 to about N546/$1.

    Meanwhile, the nation’s foreign reserve had gained $5.04 billion in the month of October, as a result of the $4 billion raised by the federal government from the issuance of Eurobond in the international debt market.

    The gain recorded in the previous month is higher than the $2.76 billion gain recorded in the month of September 2021. Meanwhile, Nigeria’s reserve has declined by $401.41 million so far in the month of November. On a year-to-date basis, the reserve has gained $6.04 billion.

  • Why some businesses in Nigeria crash- Expert

    Why some businesses in Nigeria crash- Expert

    By Samuel Ogenyi, Uyo

    A business management expert, Ofonime Eset has identified misinformation as well as lack of proper feasibility studies as the main causes of business failures in Nigeria.

    He has also said that the ‘crash and burn’ business operations in Nigeria has taken a toll not only on the individuals and companies but on the dwindling economy of the nation at large.

    Eset who is the Chief Operating Officer of MarketInsight Nigeria Ltd, an online market research service platform, in an interaction with journalists in Uyo, yesterday called on business owners, companies or intending businessmen to seek information in their areas of interest which would guide them to make informed decisions.

    “The reason why people experience crash and burn or keep on failing in their business is not because they are not good at what they do, but because they are not informed, they didn’t get the right knowledge or the right information.

    “Most times, people make decisions based on emotions, a business that works in Abuja does not mean it must work in Uyo for instance. A particular business may thrive in a particular location or State and may not do the same in another place.

    “Also some businesses are not required to be launched in a particular scale; the simple rule is to make sure that, what comes in, in terms of profit is higher than what goes out to avoid business crash.” He explained.

    Speaking on the online market research service platform, Eset said the platform is focused on organizations or companies looking to gather insight of the Nigerian market by conducting competitive market analysis, product research and market trend analysis through the online portal www.marketresearch.com.ng

    He noted that gathering real market data in Nigeria for new product development or making market entry decisions to would involve activities such as creating questionnaires, deciding on segments of the population to get data from, deciding what good looks like in terms of expected outcomes, talking to respondents either by conducting face to face interviews, phone interviews or focus groups.

    He added that once the data are collected, and analysed, they must be made into formats which offer actionable insights.

    “We have seen different organizations struggle with gathering data on the streets in Nigeria, some small organizations don’t have the manpower or resources to carry out the activities involved. Most organizations don’t conduct market research, the ones that do cannot get meaningful insights out of the data they generated. These are problems we are looking to solve with our online platform.

    “The market research service is offered through the online platform where organizations of any size can create their research projects with screener questions, scale based, multi choice or other types of questions. Upon completion of the project creation and adding of different types of questions, the project creator submits the project to kickstart the research service.

    “The questions submitted are then taken by respondents of MarketInsight Nig Ltd and the appropriate research methodology and service is applied to ensure the organization gets meaningful insights. Upon completion of the research project, the organization is sent the analysis for their use.” Eset concluded.

  • Foreign exchange reserves shed $269m in five weeks

    Foreign exchange reserves shed $269m in five weeks

    Nigeria’s foreign exchange reserves contracted by $269.47 million in the five-week period to 12th December, data from the Central Bank of Nigeria (CBN) showed on Monday.

    The foreign exchange reserves, which had a balance of $35.656 billion on 4th November, declined to $34.925 billion on 12th December.

    Godwin Emefiele, the governor of the CBN, recently disclosed that curbs on global travel by air and land coupled with slowdown in commercial activities triggered a significant fall in oil demand, which accounted for a 65 per cent crash in crude oil prices from January to May 2020.

    “The drop in crude prices, along with OPEC reduction of Nigeria’s production quota, led to a significant decline in our foreign exchange earnings, along with a more than 60 per cent decline in revenues due to the federation account,” Mr Emefiele said.

    Nigeria, like other emerging market countries and oil-dependent economies, saw a drop in its foreign exchange reserves as a result of lower crude oil earnings and a retreat by foreign portfolio investors, he added.

    Emefiele remarked that naira was devalued from N305/$ to N360/$ and subsequently to N380/$.

    Nigeria’s foreign exchange reserves have come under intense pressure this year as a result of steep drop in dollar revenues, which has forced monetary revenues to devalue the naira by as much as 20 per cent.

    The foreign exchange reserves have dropped by about 4.5 per cent since May, when they advanced to $36.6 billion, after recovering from April lows, when they were hit by fall in oil prices and the coronavirus pandemic.

  • China ramps up efforts on business environment amid COVID-19 battle

    China ramps up efforts on business environment amid COVID-19 battle

    China is ramping up efforts in optimising business environment to stabilise development of enterprises and economy amid the fight against COVID-19, reports Economic Information Daily on Friday.

    Ren Rongfa, Deputy Commissioner of China’s State Taxation Administration, said by March, more than 100 reform measures had been introduced nationwide to improve the business environment, with 70-odd of them promoted across the country.

    According to the report, central China’s Henan Province started to solicit public opinions on its regulations to optimize business environment recently.

    The Chinese capital city Beijing has already approved its own business environment optimisation regulations which will be effective on April 28.

    A number of regions have also announced key tasks to improve business environment.

    East China’s Zhejiang Province would focus on helping enterprises with work and production resumption amid the epidemic while improving the business environment.

    Shenzhen of south China’s Guangdong Province has worked out 210 reform measures centering on 14 key areas like business registration, project approval, corporate financing and cross-border trade.

    Judging from the regulations and key tasks announced by all localities, reduction of enterprises’ burden and stimulation of market vitality had been further highlighted, said the report.

    For example, Zhejiang proposed to further advance the “10 + N” initiative to improve facilitation in starting a business, carrying out cross-border trade and getting credit.

    It also puts forward to cut taxes, fees, rent, interest and expenses for enterprises by about 150 billion yuan for the year, and to deepen the reform regarding electricity to ensure lower electricity price for industry and commerce.

    Improved business environment at this critical time is particularly crucial, which is helpful for enterprises to tidy over difficulties posed by the epidemic and socio-economic development back on track, noted experts. (Xinhua/NAN)

  • Rivers govt. pledges enabling environment for businesses to thrive

    Rivers govt. pledges enabling environment for businesses to thrive

    The Rivers Government has re-assured all residents of the state of its resolve to provide an enabling environment for legitimate businesses to thrive.

    The Secretary to the State Government (SSG), Dr Tammy Danagogo, gave the assurance when he received leaders of the Hausa Traditional Welfare Association of Port Harcourt on a courtesy visit to his office.

    Danagogo, who also restated that the state government would continually protect those carrying out legitimate business, urged the group to support Gov. Nyesom Wike-led administration to actualise this pledge.

    He also reiterated the need for members of the public to obey extant laws to ensure peace and development.

    Danagogo said the state government had set up the task force on Illegal Street Trading, Illegal Markets and Illegal Motor Parks to sanitise the streets of Port Harcourt and return it to its Garden City status.

    The SSG, who expressed his condolences to the group over the death of a member, called on the Hausa community to remain calm as the police were investigating the matter.

    He said the police would make public the outcome of the investigation, pledging that whoever was found culpable would face the wrath of the law.

    Danagogo also advised the leaders of the Hausa community to prevail on their members who always loiter around the Hotel Presidential precincts to refrain from doing so as they have become a public nuisance.

    He said that the state government would partner with the Hausa community to relocate them to a conducive and befitting place for their business.

    “I know that most Bureau de Change operators are responsible, but when some of their members always hang around the Hotel Presidential road, other miscreants now join them to deface the environment and commit atrocities,’’ he said.

    Earlier, Alhaji Isa Madaki, the Sarki Hausa, Port Harcourt, and Chairman, Arewa Council of Chiefs South-South and South-East, said that the visit was to draw the attention of the government to the incessant harassment of members by the task force.

    He alleged that such harassment resulted in the death of a 75-year-old man, Alhaji Yusuf Ladin. (NAN)

  • Gov. Sule assures mechanics, business operators of enabling environment

    Gov. Sule assures mechanics, business operators of enabling environment

    Gov. Abdullahi Sule of Nasarawa State has assured mechanics and other business operators in the state of his administration’s determination to provide  enabling environment for them to do their businesses.

    This, Sule said,  would enable them to contribute their quota to the development of the state and the country.

    He gave the assurance  on Tuesday when he visited the Mechanics Village in Azuba, along Lafia/Akwanga road.

    He said that providing a conducive environment would not only make business operators to contribute their quota to the development of the state but would also  enable them to excel in their business activities.

    “ Providing an enabling environment will go a long way in boosting your business activities thereby improving your income generation among others for the benefit of all, ” the Governor said.

    He commended the mechanics for adhering to the allocation plans of the State Government, while urging them to take their business activities with all seriousness in order to excel in life.

    “I want to use this medium to call on mechanics and other business operators in the state to be up and doing in their businesses in order to excel in their business activities.

    “ This is to enable them to take care of their families and to contribute their quota to the development of the state and the country.

    “On my part, my administration will continue to provide a conducive environment for the mechanics and other business operators to excel in the state,” he said.

    Sule urged business operators to support his administration’s policies and programmes to enable him to succeed.

    He called on the business operators and other people in the state to continue to be law abiding, respect constituted authorities and to live peacefully with one another for development to thrive.(NAN)