Economy
Focus Labs: Nigeria Ready to do Business—Osinbajo Assures Investors
By Dipo Olowookere
Vice President, Professor Yemi Osinbajo, has informed both local and foreign investors that “Nigeria is ready to do business,” assuring them that they no longer have to worry about “additional burden of bureaucratic delays and problems of various kinds” that used to scare them away in the past.
Mr Osinbajo made this assurance at the mid-lab syndication for the Economic Recovery and Growth Plan (ERGP) Focus Labs held at the Sheraton Hotels, Abuja, on Thursday, April 5, 2018.
The Vice President, who described the lab as “very unique”, said he was “thoroughly impressed” with what he had seen.
According to him, the scheme has made it possible for investors to “see the regulators face-to-face, to meet and talk about what the problems are.”
The number two citizen of the country stated that he was particularly impressed by the level of engagement, the enthusiasm and the interest that had been shown by participants in a bid to partner with government to fast track the growth and development of the nation.
He assured investors that President Muhammadu Buhari was committed to the initiative and wants to make doing business in Nigeria better.
“We have all identified jointly, especially with Mr President, that all of the problems can be resolved if the private sector and the public sector sit together and identify what the problems are.
“This is why I think the Honourable Minister mentioned that the President, of course, is very keenly interested in the outcome of these Labs, and he has given his full support to this.”
The Vice President said he has “listened to the various comments, the challenges articulated by Lab participants on what is required, what the solutions are.
“I’m also aware that all of the ministers, the sector ministers, have been personally present and that they have discussed most of the issues with you, and they have received feedbacks that relate to their particular portfolios.
“I believe that they would continue to do so because this is a continuous process of engagement, especially as we go towards the end of the Labs.”
“So, we intend to move very quickly once we are able to identify all of the problems. As the Honourable Minister has said, a meeting will be held this coming week, where we are going to sit with the regulatory authorities and look at what it is that the government needs to do, and what it is that, from our side, we need to input into this process.
“Some of the processes are more complicated than others, and some are quite straightforward. But again, we are going to keep talking to you and trying to elicit some of the solutions that you think are possible,” he said.
“We are completely committed to this process and we want to make sure that we see the projects done,” Mr Osinbajo assured, noting that, “All of the projects that have been identified are projects that will definitely make a huge difference, not just in terms of job creation, but also in terms of proving to other investors, local and international investors, that Nigeria is ready to do business; that we are prepared for all that it takes to make sure that things are done well and properly, and that those who want to invest don’t have the additional burden of bureaucratic delays and problems of various kinds.”
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.
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