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Economy

Lagos Targets 4% GDP Growth in 2019

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Lagos Targets 4% GDP Growth in 2019

**Dedicates 2019 Budget to Capital Projects
By Modupe Gbadeyanka

Governor Akinwunmi Ambode of Lagos State has said his administration hopes to achieve a 4 percent growth in its Gross Domestic Product (GDP) in 2019.

Speaking separately on Monday evening at the Christmas Eve Dance of Yoruba Tennis Club and Island Club, two foremost social clubs in the country, Mr Ambode said next year’s budget would be dedicated towards the completion of ongoing infrastructural projects, creation of more jobs, supporting businesses to thrive, as well as strengthening the security architecture of the state.

The Governor said while it was gratifying that a lot of provisions had been made for capital projects in the 2019 federal budget, the state government would also concentrate on scaling up infrastructure, among other programmes to enhance growth and development.

“The economic outlook for 2019 is quite positive. A lot of provision has been made for capital projects in the 2019 federal budget, some of which will directly impact the economy of our state and will support our growth plans. On our part, we will concentrate on completing existing infrastructural projects, creating more jobs, supporting our businesses to thrive and strengthening our security infrastructure.

“According to IMF, the Nigeria GDP will grow from 1.9% in 2018 to 2.8% in 2019. Lagos on a stand-alone basis will achieve over 4% growth in GDP and this could be more if the congestion at the port and the negative effect this has on the economy is addressed. We expect that the high rate of unemployment will reduce with various social intervention programmes of the state and federal governments geared towards financial inclusion and liquidity support to micro, small and medium enterprises,” the Governor said.

While recalling the activities of his administration in the last three and half years, Governor Ambode said it was particularly fulfilling that the state had made tremendous progress in all sectors of the economy and had become more globally competitive and strategically positioned among the major city-states worldwide.

“Three and a half years down the line, our state has progressed in all sectors of the economy. We have charted a clear path to the destination we have all dreamt about and desired. Today, our Lagos has become more globally competitive and strategically positioned among the major city-states of the world. Our state has become a top destination for business and tourism and it can only get better.

“One of the key promises I made at my inauguration on May 29th, 2015 was to make our state work for all; to spread development from the already congested city centre to other parts of the state with massive infrastructural development. The thinking has been to make every part of the state economically liveable.

“We have undertaken projects in all sectors of the economy with the sole intention of making life better for our people. All of these and similar initiatives were made possible by the personal taxes of high net worth residents of our state represented at this gathering which account for a significant percentage of our IGR and I want to use this opportunity to thank you so much for providing the resources, which have empowered us to make a positive difference in the lives of all citizens of our state,” he said.

Besides, Governor Ambode said it was obvious that the State could not afford a break in trajectory of progressive governance at this point in time, and urged the people to continue to support the ruling party in the state.

He cited the recently launched Lagos Health Insurance Scheme designed to guarantee access to quality healthcare delivery for all Lagosians, saying it was instructive that the bill for the scheme was signed into law by his predecessor, Mr Babatunde Fashola, while the process for its implementation was kick-started by his administration.

“This is the beauty in continuity and we have the assurances of Mr Babajide Sanwo-Olu, governorship candidate of All Progressives Congress (APC) in the state that the initiative will be sustained.

“Lagos State cannot afford the risk of a break in the trajectory of progressive governance at this crucial stage of development. The future is bright and assured. We must maintain continuity of progress in the state,” he said.

Governor Ambode also commended the clubs for their immense contributions to the development of the atate, and charged them to continue to play key part in taking Lagos into a brighter and more prosperous future.

In their respective addresses, Chairman of Island Club, Mr Olabanji Oladapo and his counterpart in Yoruba Tennis Club, Professor Adetokunbo Fabamwo commended Governor Ambode for the various infrastructural projects executed in the clubs, saying it was laudable that the Governor kept his promise.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

Achieve Greater Control of Your Assets with a Living Trust

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Living Trust

By FBNQuest

Estate Planning is more about gaining control of your assets while you are alive than about one’s passing. A Living Trust (an Estate Planning tool) is one way by which individuals maintain control over their assets whilst alive and also have their wishes carried out when they pass on. It is called a Living Trust because it takes effect during the lifetime of the individual who set it up.

Indeed, the power of a Trust is in the control. A Trust left for a beneficiary will be held and managed by a Trust organisation and the assets could then be distributed to the beneficiary in a predetermined way.

The design of the Trust will ensure that other interested parties are unable to change the instruction of the creator of the Trust. With this arrangement, you are able to achieve greater control over what happens to your assets, providing greater security for the beneficiaries of the Trust.

A Trust also allows you to control how the assets in the Trust are managed, ensuring that only those that you specify can stake a claim to them.

A Living Trust can be revocable or irrevocable. A Revocable Trust can be revoked or amended, but an Irrevocable Trust cannot be changed once it is executed. The assets placed into a properly drafted Irrevocable Trust are permanently removed from the Estate of the individual. They are therefore not considered part of the Estate and will not be subject to estate taxes in the event of the creator’s demise.

In addition to estate tax savings, a Living Trust can offer you tremendous flexibility and efficiency. It can hold the money for your minor children until they are responsible enough to manage the money themselves. If you cannot trust your children or any other beneficiary with the responsibility of managing your assets after your demise, the Trust can address this concern. The trustee can do so by holding the assets in trust for the Settlor’s lifetime and only distribute it to the beneficiary as stated in the Trust.

Placing your assets in the Trust during your lifetime instead of a Will also helps you avoid probate. A Will that is probated as well as other information relating to the assets listed in the Will becomes a public record when you pass on. In contrast, a Living Trust is a private document and the assets listed in it will not be exposed to the general public.

The added benefit of a Living Trust is its usefulness during your lifetime in the event that you become incapacitated. You can arrange for a Trustee to manage the Trust assets on your behalf in the event that you are unable to make decisions for yourself.

Does a Living Trust sound like a good fit for you to gain control of your assets while preparing to gift these assets to a beneficiary? If so, consider reaching out to FBNQuest Trustees. We can help you create a Living Trust agreement that outlines how the Trust assets are to be managed and distributed.

Our team will also walk you through the process of transferring assets to the Trust. The process may take less time than you think.

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Economy

C&I Leasing Drops Centurion Registrars Limited

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Centurion Registrars Limited

By Aduragbemi Omiyale

Centurion Registrars Limited has been dropped as the registrar of C&I Leasing Plc, a statement from the company has confirmed.

Centurion Registrars was replaced by C&I Leasing with Cordros Registrars Limited, a notice signed by the company secretary, Mbanugo Udenze & Co, stated.

It was disclosed that the appointment of the new registrar became effective from January 1, 2022.

“C&I Leasing Plc hereby notifies Nigerian Exchange Limited (NGX), its shareholders and the investing public of the appointment of Cordros Registrars Limited as its Registrars, share registration and data management service provider.

“Cordros Registrars Limited replaces Centurion Registrars Limited and takes over the register of members of C & I Leasing Plc effective January 1, 2022,” the disclosure stated.

C&I Leasing is one of the companies trading its shares on the Nigerian stock exchange. It provides both operating and finance leases and other services.

Its principal activities include the extension of structured operating and finance leases to the productive and other sectors of the economy.

The company was established in 1990 as a private organisation but was converted into a public company listed at the Nigerian stock exchange in 1997.

The Ghanaian subsidiary of the group; Leasafric Ghana Plc is the largest provider of fleet management services in Ghana.

The fleet management, which is managed along with the Hertz car rental franchise in Nigeria, is adequately supported by C&I leasing’s own service centre and their Citracks Telematics solutions making the fleet management business a one-stop brand for fleet management services.

Over the weekend, in a chat with newsmen, its chief executive, Mr Ugoji Ugoji, said the firm was planning to explore opportunities in the digital space to grow its revenue on a sustainable basis despite the pandemic.

He also stated that C&I Leasing will retool its fleet business and focus on vehicle fleets due to increased opportunity in the space.

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Economy

Nigeria’s December 2021 Inflation Jumps to 15.63%

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Nigeria's inflation

By Dipo Olowookere

For the first time in nine months, the inflation rate in Nigeria increased to 15.63 per cent year-on-year in December 2021, data released by the National Bureau of Statistics (NBS) on Monday stated.

In the previous eight months, the inflation rate in Nigeria had slowed, declining to 15.40 per cent in November 2021, according to the stats office.

In the report released today, the NBS said when compared with the corresponding period of 2020, inflation, which is a measure of the consumer price index (CPI), moderated by 0.13 per cent as it stood at 15.75 per cent a year ago.

The stats office further disclosed that increases were recorded in all COICOP divisions that yielded the headline index and on a month-on-month basis, it rose by 1.82 per cent last month, 0.74 per cent higher than the 1.08 per cent recorded in November 2021.

In addition, the percentage change in the average composite CPI for the 12-month period ending December 2021 increased by 16.95 per cent from 16.98 per cent over the average of the CPI for the previous 12-month period recorded in November 2021 down by 0.03 per cent points.

As for urban inflation, it increased by 16.17 per cent (year-on-year) in December 2021 from 16.33 per cent in December 2020, while rural inflation jumped by 15.11 per cent in December 2021 from 15.20 per cent in December 2020.

On a month-on-month basis, the urban index rose by 1.87 per cent in December 2021, up by 0.75 the rate recorded in November 2021, which stood at 1.12 per cent, while the rural index also rose by 1.77 per cent in December 2021, up by 0.73 the rate that was recorded in November 2021, which was 1.04 per cent.

Business Post reports that in the period under review, the composite food sub-index rose by 17.37 per cent compared with 19.56 per cent a year ago, indicating a decline by 2.19 per cent.

The NBS attributed this to moderation in the prices of bread and cereals, food product, meat, fish, potatoes, yam and other tuber, soft drinks and fruit.

On a month-on-month basis, the food sub-index increased by 2.19 per cent in December 2021, up by 1.12

Per cent from 1.07 per cent recorded in November 2021.

It said the average annual rate of change of the food sub-index for the 12-month period ending December 2021 over the previous twelve-month average was 20.40 per cent, 0.22 per cent lower than the average annual rate of change recorded in November 2021, which stood at 20.62 per cent.

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