Economy
Fix Electricity, Economy Will Grow—Dangote Tells FG
By Modupe Gbadeyanka
Africa’s richest man and Nigerian billionaire businessman, Mr Aliko Dangote, has advised the Federal Government to concentrate on fixing the electricity problem in the country so as to spur economic growth.
Mr Dangote poor electricity supply in the country remains one of the problems hindering industrialisation in Nigeria.
The business mogul made this observation during the inauguration of the National Industrial Policy and Competitiveness Advisory Council in Abuja this week by the Acting President, Mr Yemi Osinbajo.
According to Mr Dangote, government should remove the constraints hindering industrialisation such as power, transportation, inconsistencies in policies, and challenges in land acquisition and communal violence.
He said the council was a welcome development which if well utilised could ensure diversification of the economy.
At the ceremony, Mr Dangote was announced as the Vice-Chairman, Private Sector team of the council chaired by the Acting President.
The Acting President charged members of council to create the chance for Nigeria to be competitive in international trade.
Mr Osinbajo said the council’s duty was not just patriotic but one to enable Nigerians to create livelihoods for themselves.
“It is not just a patriotic duty but I believe that it is what will rescue and save our country and give our country a real chance to be competitive in global business and commerce.
“And to give our people a fair chance of being able to create livelihood for themselves, jobs and all of those things that will make for a nation of people who are happy and satisfied,” he said.
The Acting President observed that the council members represented the crème de la crème of industry and business in Nigeria as a group and working with the public sector.
According to him, if the council cannot get it right then it is unlikely that the country can never get it right.
He said the council was important because generally speaking the public sector was not known to be good in business and could not deliver on any industrialisation effort.
Mr Osinbajo said that everywhere the government drove industrialisation, it always ended up in stagnation.
“Even the most successful experiments ended up in stagnation because government simply does not make the best business men or women.
“Government simply is not motivated enough,” he said.
He said it was the entrepreneurs’ drive for profit that saved the industry adding that such drives were initially personal.
He said that many of the council members had come to a point where it was not just enough to be wealthy of successful especially in a country with enormous potential.
Mr Osinbajo added that even to make more profits the environment needed to improve.
“I am really excited that that we are starting something today which I strongly believe that if we do it right we have a chance to turn things around permanently in the country,” the Acting President said.
He acknowledged that the key thing was implementation adding that while the private sector had the smartest people in the world, the public sector had the technocrats and urged for the collaboration of both sectors to solve many of the problems confronting the industrial sector, including creating good industrial hubs and solving power problems.
He also urged the council to hold the government accountable and make the government to act more effectively.
“I think that what we have tried to do by creating this council is to be able to put policy to test and policy to examination.
“So that there is a process by which the private sector is able to contribute to policy implementation but more importantly also to developing those policies,” he said.
On his part, the Minister of Industry, Trade and Investment, Mr Enelamah said the council represented what the government was working out in furtherance of the partnership between the public and private sector with respect to industrialisation.
He said he was confident that the council would provide the formula that would work and produce results.
By Adedapo Adesanya
The federal government is offering two new savings bonds with interest rates between 17 and 18 per cent through the Debt Management Office (DMO).
In a statement by the agency, the country said retail investors can purchase the two-year bond maturing in January 2027 at 17.23 per cent interest, while the three-year paper maturing in January 2028 at a coupon rate of 18.23 per cent.
Bonds are very safe financial instrument that serve as investments because they are backed by the federal government, which promises to pay back the money.
According to the DMO, people can buy these bonds starting January 13, 2025, until January 17, 2025, with allotment expected on January 22, 2025, and the interest to be paid to investors every three months – in April, July, October, and January.
These bonds have some special features. They are tax-free under both company and personal tax laws.
Big investors like pension funds and trustees are allowed to buy them and each bond costs N1,000 each.
However, interested investor can only buy at least N5,000 worth, and can’t buy more than N50 million.
This comes after the Ms Patience Oniha-led debt office said the Nigerian government was offering three bonds worth N150 billion in September 2024.
By Aduragbemi Omiyale
The House of Representatives has said it would make efforts to pass the controversial tax reform bills forwarded to the National Assembly by President Bola Tinubu last year.
Mr Tinubu, in a bid to improve revenue of the government, asked the parliament to pass the bills, but this has been resisted mostly by northern lawmakers and others.
At the resumption of plenary session on Tuesday in Abuja, the Speaker of the House of Representatives, Mr Abbas Tajudeen, assured that the green chamber of the legislative arm of government would prioritise the tax reform bills.
“The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable,” Mr Abbas said through the Deputy Speaker, Mr Ben Kalu, who presided over the session.
He also expressed grief over the loss of lives in stampedes in Ibadan, Abuja and Anambra State last month due to hardship in the country.
Several Nigerians died in the stampedes while trying to receive palliatives given to alleviate their sufferings.
“Tragic events, such as the stampedes in Ibadan, Abuja and Okija, during the distribution of palliative aid, underline the urgent need for improved planning and safety protocols in humanitarian efforts. On behalf of the House, I extend our deepest sympathies to the families and communities affected.
“These incidents serve as a stark reminder of the socio-economic hardships facing our citizens and the imperative for policies that tackle hunger and poverty at their roots.
“Turning to the economy, 2024 presented both difficulties and opportunities. While inflation remains a pressing concern, progress in GDP growth and the positive trajectory of economic reforms provide hope for a more stable and prosperous 2025,” the Speaker said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.69 per cent appreciation on Monday, January 13, as investors showed renewed interests in unlisted securities.
During the trading session, the NASD Unlisted Security Index (NSI) increased by 21.07 points to wrap the session at 3,095.00 points compared with the 3,073.93 points recorded in the previous session.
In the same vein, the value of the local alternative stock exchange went up by N7.22 billion to close at N1.061 trillion compared with last Friday’s N1.051 trillion.
Yesterday, FrieslandCampina Wamco Nigeria Plc recorded a growth of N3.78 to close at N42.00 per share versus N38.22 per share, Mixta Real Estate Plc improved by 20 Kobo to end at N2.35 per unit versus the preceding closing rate of N2.15 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to finish at 25 Kobo per share compared with the previous session’s 24 Kobo per share.
Conversely, Geo-Fluids Plc lost 29 Kobo to quote at N4.56 per unit compared with the preceding day’s N4.85 per unit, and Afriland Properties Plc slid by 75 kobo to end the session at N15.50 per share versus the preceding closing rate of N16.25 per share.
During the session, the volume of securities traded decreased by 27.2 per cent to 3.1 million units from 4.3 million units, the value of securities slumped by 81.5 per cent to N3.2 million from N17.2 million, and the number of deals expanded by 57.9 per cent to 30 deals from 19 deals.
At the close of trades, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and IGI Plc with 10.7 million units sold for N2.1 million.
Also, IGI Plc remained the most traded stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN