Economy
FG has Implemented 150 Ease of Doing Business Reforms—Minister
By Aduragbemi Omiyale
More than 150 ease of doing business reforms have been implemented by the federal government, the Minister of Information and Culture, Mr Lai Mohammed, has claimed.
He said one of the reforms include the signing of the Companies and Allied Matters Act, 2020 (CAMA 2020) by President Muhammadu Buhari, which introduced at least 15 new provisions that promote ease of doing business and reduce regulatory hurdles in Nigeria.
Mr Mohammed, while speaking during a visit to the IshK Tolaram Foundation in Lagos on Monday, stated that these reforms were the brainchild of the Presidential Enabling Business Environment Council (PEBEC).
According to him, the initiatives of the government have helped to move the country up 39 places on the now-rested World Bank Doing Business index since 2016.
“To understand the significance of Nigeria moving up in the World Bank Doing Business Index, we have to recall that between 2007 and 2015, Nigeria lost 64 places in the World Bank ease of doing business ranking,’” he said
The Minister further stated that as a result of the reforms, the 2018 Subnational Doing Business report on Nigeria recorded unprecedented improvement, and the World Economic Forum (WEF), in its 2018 Global Competitive Report, recognised Nigeria’s business environment as one of the most entrepreneurial in the world, and highlighted Nigeria’s improved competitiveness in the enabling business environment.
Mr Mohammed said PEBEC also collaborated with the National Assembly on the Secured Transaction in Movable Asset Act (STMA), 2017 and the Credit Reporting Act, 2017, which provides a legal framework for collateralisation of moveable assets with the creation of the National Collateral Registry, while CRA 2017 enhances credit reporting in Nigeria.
“The Creation of a National Collateral Registry (NCR) of movable assets by the Central Bank of Nigeria, with the support of the International Financial Corporation (IFC), in May 2016 ensures that functional equivalents of collaterals can be registered. To date, over N1 trillion assets have been uploaded on the Registry,” he said.
Other reforms listed by the Minister include visa on arrival for business people, reduction in the time it takes to register a company at the Corporate Affairs Commission (CAC) – through the Company Registration Portal (CRP) – from about two weeks to just a few days – and the introduction of the electronic filing and payment of federal taxes.
Mr Mohammed commended the IshK Tolaram Foundation for its programmes in Nigeria, especially in the areas of healthcare as well as entrepreneurial and vocational training, saying the artificial limbs provided free of charge has inspired hope for the beneficiaries.
“I am reliably informed that the Foundation, through its IshK Limb Centres in Lagos and Port Harcourt, and mobile camps, has provided more than 19,000 free prosthetic limbs. I am also aware that 242 students have graduated from the foundation’s vocational skills training programme while 157 have started earning their livelihood through jobs and start-ups. This is quite impressive and I congratulate the IshK Foundation for this feat,” he said.
The Programme Director of ISHK Foundation, Ms Neha Mehra, who conducted the Minister round the Lagos centre, said the foundation, which is funded with 25 per cent of the profit from the Tolaram Group, was set up as the next step in a 100-year history of philanthropy at Tolaram.
She said the foundation partners with churches, mosques, hospitals and NGOs to identify and support people requiring artificial limbs free of charge.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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