Economy
FG Lauds Lagos’s Friendly Business Environment
By Dipo Olowookere
Federal Government on Thursday described Lagos State as a true model of the vision of improving on the ease of doing business and turning Nigeria into one of the easiest and most attractive places for investors in the world.
Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, who stated this in Lagos after a meeting with Governor Akinwunmi Ambode, said the state, as the commercial capital of the country, stands in a vantage position to drive the goal of government to improve World Bank ranking of Nigeria on the ease of doing business.
Speaking with Government House correspondents after the meeting, Mr Enelemah said both the Federal Government and the State Government were willing to collaborate on strategic areas to achieve the overall goal of growing the economy.
He said, “We basically have been talking about creating enabling environment for investments and ease of doing business and the area where we have strong convergence between Lagos State and the Federal Government.
“Governor Ambode and I have been discussing how to collaborate very strongly to make Lagos State a true role model in line with our vision of making Nigeria one of the easiest and most attractive places to do business and you will agree with me that there is no better place to start than Lagos State, particularly when you have a Governor who is committed to it and as he puts it to us, it is like preaching to the converted.
“So, what we have done today is to agree on modalities on working together to achieve the targets that we have set for ourselves both in ease of doing business ranking of the World Bank, in terms of some of the areas where we know that we should improve upon like tourism for instance, by making sure that people who want to visit Nigeria come in seamlessly; in terms of making it easy for people in Lagos State who are, as the Governor puts it, paying the taxes by making life easier and better for them.”
Giving details, the Minister said his office would be collaborating with the Office of Transformation under the Governor’s office, as well as the Presidential Enabling Business Environment Council, to achieve the overall objectives.
He also assured that the Federal Government would not hesitate to impose import restrictions where necessary to avoid Nigeria from being a dumping ground, while concerted efforts would be put in place to check negative trade practices, especially for the benefit of the Small and Medium Enterprises (SMEs).
Also speaking, Governor Ambode recalled that in the last few months, the State Government had been engaging the business community on ease of doing business, saying that the meeting with officials of the Federal Government was in sync with the vision of his administration to achieve the very best in driving investment.
“What has been happening in the last two years is that on our part, we have tried as much as possible to provide an enabling environment for businesses to thrive in Lagos but again the indices that indicate that we are improving on ease of doing business is not really looking too good and we believe strongly that if 70 per cent of businesses or these indicators are actually coming from Lagos State, there is a need for us to quickly create a convergence between the efforts of the Federal Government and the State Government to make sure that we improve the business environment and that is what we have been discussing in the last few weeks as well as today.
“Moving forward, we have also engaged the office of the Vice President to see that there is a convergence in all our efforts to make sure that if possible, people should come to Lagos and start their business the same day.
“We want a situation whereby construction permit is given to people within the shortest possible time; we want to ensure that people who pay their taxes actually have the benefit of what they are paying for and in doing that, if we get in right in Lagos, it is very clear that Nigeria has gotten it right and that is why we are meeting,” Governor Ambode said.
The Governor expressed optimism that the current efforts would bring about major improvements on the business environment, adding that such would go a long way in growing the Gross Domestic Product (GDP) of Nigeria.
By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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