Commerce
Akwa Ibom governor, former Kaduna senator urges leaders to learn vision from communist party of China
Akwa Ibom State Governor, Mr. Udom Emmanuel, has commended the Communist Party of China (CPC) for a laudable administration that transformed China into the global second largest economy. Emmanuel made the commendation as Special Guest of Honour at a symposium to mark the centenary of China’s governing party, the Communist Party of China, CPC, with the theme: “Communist Party of China at 100: Trajectories, Achievements and Prospects,” held at the Chinese Cultural Centre, Abuja recently. Emmanuel who was represented by his Chief of Staff, Mr. Ephraim Inyangeyen, said, China emerged over the years as a leading country in industrialisation, science and technology and information communication revolution, even adding that she is a major player in world trade, finance, commerce, aviation and int...
Femi Falana charges Nigerian government to dialogue with agitators, secessionists
Nigeria’s foremost human rights lawyer, Mr Femi Falana (SAN) yesterday challenged the federal government to dialogue with various groups agitating for secession from the federation. Falana justified this demand on the premise that it “is on the roundtable the grievances can be sorted out” in the interest of peace, security and development He made this at the 25th anti-corruption situation room, which the Human and Environmental Development Agenda (HEDA) organised in Lagos yesterday. Speaking on the subject, “Assessing The Fight Against Corruption,” said it was the promise to fight corruption that made Nigerians vote for President Muhammadu Buhari. The human right lawyer said it was the corruption in the system that culminated in agitating for secession, noting that it “is better for the fe...
Nigeria orders broadcasters not to use Twitter to gather information
Nigerian television and radio stations should not use Twitter to gather information and have to de-activate their accounts, the broadcast authority said following the move to suspend the US social media giant in Africa’s most populous country. Nigeria’s government on Friday said it had suspended Twitter’s activities, two days after the platform removed a tweet by President Muhammadu Buhari that threatened to punish secessionists. Nigerian telecoms firms have since blocked access to Twitter. International diplomats responded with a joint statement in support of “free expression and access to information as a pillar of democracy in Nigeria”. Buhari, who was Nigeria’s military ruler in the 1980s, has previously been accused of cracking down on freedom of expression, though his government has ...
Analysts: Printing currency could hurt economy
Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it could heighten inflationary pressure with dire consequences for the country’s exchange rate and economy. The analysts, in separate interviews with newsmen, warned that a sustained policy of printing the currency, if not well managed, would hurt the economy. The concern came on the heels of recent revelation by Governor of Edo State, Mr. Godwin Obaseki, that due to the dwindling revenue in the face of declining oil revenue arising from the growing sources of alternative sustainable energy, the federal government had to print money to augment the amount available for sharing by the federal, state and lo...
NACC seeks quick visa facilitation for members
The Nigerian-American Chamber of Commerce (NACC) has urged the American Embassy in Nigeria to do everything possible to facilitate the Visa processing for members of the bilateral Chamber especially when it involves business trips for national growth and development. The National President of the Chamber, Otunba Toyin Akomolafe, who spoke at the NACC’s 60th Anniversary Public virtual Lecture in Lagos, said this is imperative given the enormous benefits inherent in the natural resources of both countries to be harnessed by mutual benefit. “Given the wobbling economy all over the world occasioned by the global pandemic, it’s expedient for embassies especially the American Embassy in Nigeria to fastrack VISAs and other protocol involved for trade experts going to America for the sole purpose ...
Abia governor promises delivery of more road projects
Gov. Okezie Ikpeazu of Abia on Tuesday expressed the readiness of his administration to facilitate the delivery of more road projects in Aba and the state. Ikpeazu said this while inspecting the ongoing reconstruction of Port Harcourt Road, as part of the resumption of a statewide-project-inspection programme, tagged “Kinetic Abia Project Tour” in Aba. He said that the government would deliver high quality roads as part of its efforts to rebuild Aba and improve the wellbeing of its residents. He appealed to the residents to support the government to achieve its goal of transforming Aba by assisting the contractors handling the projects and protecting the infrastructure. The governor said that he would remain irrevocably committed to changing the narratives of Aba in the area of infrastruct...
Nigerian government announces additional economic zones for agric, textile
The federal government has approved the expansion of the existing Free Trade Zones (FTZs), as well as the activation of existing ones to respond to the demands of the African Continental Free Trade Area Agreement (AfCFTA) and the COVID-19 pandemic. The Managing Director, Nigerian Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, who disclosed this Wednesday, further identified the new economic zones to include Funtua FTZ Katsina for textile and cotton, Lagos FTZ for medical, as well as Kwara for agriculture. Speaking while receiving the leadership of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), led by Hajiya Saratu Iya Aliyu in his office, Adesugba said the move seeks to boost the industrialisation agenda of the present admi...
WTO: We need to build capacity for international competitiveness – LCCI
Lagos Chamber of Commerce & Industry The Lagos Chamber of Commerce and Industry (LCCI) has posited that for Nigeria to take advantage of opportunities offered by the World Trade Organisation (WTO) under the leadership of Dr. Ngozi Okonjo-Iweala, it was important to build capacity for international competitiveness of our products and services. The Chamber also emphasised the need to address trade facilitation issues, especially around port processes, ports infrastructures, international trade documentation, foreign exchange policies, trade policies and industrial policies. The Director General of the chamber, Muda Yusuf, made the disclosure following the appointment of Okonjo-Iweala as the DG of the WTO, saying her emergence comes at a time when the global trading system is faced with n...
Lagos chamber projects positive economic recovery by Q2
The Lagos Chamber of Commerce and Industry (LCCI) has projected a return to positive growth path for the Nigerian economy in the second quarter of 2021. Mrs Toki Mabogunje, President, LCCI, addressing journalists at the first edition of the chamber’s quarterly news conference, said the projection was subject to the absence of major economic shocks. Mabogunje, however, said that the projected recovery was expected to be subdued within the region of one per cent. “Projections by the World Bank and the International Monetary Fund put Nigeria’s annual average growth for year 2021 at 1.1 per cent and 1.5 per cent, respectively. “Expectation of slow growth momentum reflects the lingering effects of the pandemic on the Nigerian economy and prospects of stricter containment measures considering th...
Ogun APC mourns Senator Martins Kuye
The All Progressives Congress, Ogun State Chapter, has expressed “deep sadness” over the demise of former Minister of Commerce and industries who was also a former distinguished Senator who represented the Ogun East Senatorial District, Senator Jubril Martins Kuye; describing his death as “the passing away of one of Ogun’s finest politicians.” In a statement in Abeokuta on Sunday and signed by the Publicity Secretary of Ogun APC Caretaker Committee, Tunde Oladunjoye, the late politician was described as an “uncommon bridge builder, patriot and a very humane, courteous and humble politician whose model was politics without bitterness”. “Either as a federal minister or as a Senator of the Federal Republic, Pa Martins Kuye gave a very good account of himself as an accessible community leader,...
Abuja chamber welcomes FCT tax harmonisation
Abuja Chamber of Commerce and Industry (ACCI) has welcomed the plan by the Minister of the Federal Capital Territory (FCT), Alhaji Muhammad Bello to harmonise tax policies within the territory in order end multiple taxations on by businesses in the territory. The President of ACCI, Alhaji Abubakar, in a statement yesterday, commended the minister for acknowledging the challenges faced by businesses within the territory due to series of levies, charges and taxes from Federal, FCTA and Area Councils. “Multiple taxations within the FCT and the larger national economy has imposed crippling consequences on businesses. “The fallout has been many failed businesses, the rising level of inflation, the non-thriving of existing ones and the lack of capacity to engage many unemployed youths. “We want ...
CBN: Naira to fall further in January
Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...
