Economy
PEBEC Introduces App to Improve Ease of Doing Business in Nigeria
By Dipo Olowookere
The Presidential Enabling Business Environment Council (PEBEC) has launched an official public service feedback and complaints platform called the REPORTGOV.NG App.
This mobile application was designed to support business climate reforms implemented by the Council since 2016.
The platform, which is also a website, will facilitate the escalation and resolution of issues encountered with Ministries Departments and Agencies (MDAs) towards ensuring a more business-friendly environment.
Nigeria is currently placed at 146 among 190 economies in the ease of doing business index according to the latest World Bank annual rankings. However, as implementation of EO1 progresses and reforms are institutionalized, the aspiration is to place Nigeria in the top 100 and top 50 on the Index by year 2020 and 2025 respectively.
The REPORTGOV.NG mobile app is available on the Google Play store, and is coming soon to the iOS store to enable users give feedback or complaint that will drive continuous improvement in service delivery and public protection efforts.
The app was co-launched by the Minister, Industry, Trade and Investment, Mr Okey Enelamah; Chairman, Financial Reporting Council of Nigeria, Mr Adedotun Sulaiman; and SSA to the President on Industry, Trade and Investment, Dr Jumoke Oduwole, at the Regulatory Conversations (RC3.0) event themed “Improving Transparency and Ease of Doing Business in Nigeria.”
This event was hosted by The Convention on Business Integrity/The Integrity Organisation in collaboration with ActionAid, Nigerian Economic Summit Group, Lagos Chamber of Commerce & Industry and BusinessDay Newspapers, in partnership with the Enabling Business Environment Secretariat (EBES) of the Council.
The programme featured a panel of discussants and stakeholders from the public, private sector and civil society, with a focus on issues bordering on transparency and efficiency of service delivery in Nigeria.
PEBEC was established in July 2016 to remove delays and restrictions that come with doing business in Nigeria, and make the country an easier place to start and grow a business.
Supported by Executive Order 001 (EO1) signed in 2017 to promote transparency and efficiency in the business environment, PEBEC has undertaken to drive EO1’s six directives, which aim to address specific limitations identified in the civil and public service systems.
So far, a high level of success across several areas has been recorded, and MDAs have made significant improvements.
Many have taken up the challenge to deliver more transparent and efficient services to their customers in alignment with EO1, with a number of notable milestones achieved, such as an increase in the number of MDAs that have functional websites containing detailed information about their services or statutory functions, as well as improved collaboration among MDAs.
EO1 has been acknowledged as one of the FGN’s most innovative strategic initiatives to deliver quick, pragmatic changes in the doing business environment. It seeks to drive domestic and foreign investment that creates employment and stimulates the economy, by aspiring to overcome the lack of trust in public systems.
When fully implemented, EO1 will transform the way the FGN and its MDAs serve the business community and the public at large, as it is a blueprint for fundamental government reform in Nigeria.
Economy
Chinese Demand, Europe, Syria Development Buoy Oil Prices
By Adedapo Adesanya
Oil prices rose on Tuesday, influenced by increasing demand in China, the world’s largest buyer, as well as developments in Europe and Syria, with Brent crude futures closing at $72.19 per barrel after chalking up 5 cents or 0.07 per cent while the US West Texas Intermediate finished at $68.59 a barrel after it gained 22 cents or 0.32 per cent.
China will adopt an “appropriately loose” monetary policy in 2025 as the world’s largest oil importer tries to spur economic growth. This would be the first easing of its stance in 14 years.
Chinese crude imports also grew annually for the first time in seven months, jumping in November on a year-on-year basis.
Speculation about winter demand in Europe also contributed to the rise in prices as the period has been known for high demand.
In Syria, rebels were working to form a government and restore order after the ousting of President Bashar al-Assad, with the country’s banks and oil sector set to resume work on Tuesday.
Although Syria itself is not a major oil producer, it is strategically located and has strong ties with Russia and Iran – two of the world’s largest oil producers.
Market analysts noted that the tensions in the Middle East seem contained, which led market participants to price for potentially low risks of a wider regional spillover leading to significant oil supply disruption.
The market is also looking forward to the US Federal Reserve, which is expected to make a 25 basis point cut to interest rates at the end of its December 17-18 meeting.
This move could improve oil demand in the world’s biggest economy, though traders are waiting to see if this week’s inflation data derails the cut.
Crude oil inventories in the US rose by 499,000 barrels for the week ending November 29, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.30 million barrels.
For the week prior, the API reported a 1.232-million barrel build in crude inventories.
So far this year, crude oil inventories have fallen by roughly 3.4 million barrels since the beginning of the year, according to API data.
Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
Also, the market is getting relief from the recent decision of selected members of the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ to delay the rollback of 2.2 million barrels per day of oil production cuts to April from January. Another 3.6 million barrels per day in output reductions across the OPEC+ group has been extended to the end of 2026 from the end of 2025.
Economy
Stock Market Rises 0.10% as Golden Guinea Breweries Tops Gainers’ Chart
By Dipo Olowookere
The local stock market bounced back from the danger zone it fund itself on Monday as it appreciated by 0.10 per cent on Tuesday, with the year-to-date return closing at 31.34 per cent.
The Nigerian Exchange (NGX) Limited stood tall yesterday despite a pocket of profit-taking in the industrial goods and banking indices, which closed lower by 0.84 per cent and 0.20 per cent, respectively.
During the trading session, the insurance counter appreciated by 1.98 per cent, the energy sector improved by 1.64 per cent, and the consumer goods space gained 0.17 per cent.
Consequently, the All-Share Index (ASI) rose by 98.45 points to 98,206.97 points from 98,107.52 points and the market capitalisation increased by N60 billion to settle at N59.532 trillion compared with the preceding day’s N59.472 trillion.
According to data obtained from the bourse, Golden Guinea Breweries topped the gainers’ chart on Tuesday after it chalked up 9.93 per cent to trade at N6.53, Guinea Insurance jumped by 9.80 per cent to 56 Kobo, Tantalizers expanded by 9.77 per cent to N1.46, Africa Prudential soared by 9.70 per cent to N13.00, and ABC Transport accelerated by 9.65 per cent to N1.25.
On the flip side, John Holt led the losers’ table after it slumped by 9.96 per cent to N7.23, Haldane McCall shrank by 9.91 per cent to N5.27, Morison Industries moderated by 9.89 per cent to N4.01, Lafarge Africa tumbled by 7.80 per cent to N65.00, and UPDC REIT crashed by 5.83 per cent to N4.85.
At the close of transactions, Customs Street recorded 37 appreciating equities and 21 depreciating equities, representing a positive market breadth index and strong investor sentiment.
Business Post reports that Coronation Insurance was the most traded stock for the trading day with 457.6 million units sold for N503.8 million, Sterling Holdings exchanged 138.4 million units worth N677.5 million, Japual transacted 30.4 million units valued at N66.9 million, UBA traded 28.7 million units worth N962.6 million, and MTN Nigeria sold 24.7 million units valued at N4.3 billion.
A total of 939.4 million shares valued at N12.8 billion exchanged hands in 9,098 deals yesterday compared with the 436.0 million shares worth N12.9 billion traded in 9,489 deals a day earlier, implying a growth in the volume of transactions by 115.46 per cent and a fall in the value of trades and the number of deals by 0.78 per cent and 4.12 per cent, respectively.
Economy
AfDB to Give Nigerian SMEs $50m Loan Through BoI
By Adedapo Adesanya
The African Development Bank Group (AfDB) through its Affirmative Finance Action for Women in Africa (AFAWA) programme has pledged support towards a new $50 million financing agreement to provide financial and business support to women-led enterprises in Nigeria.
The African Guarantee Fund, which implements the AFAWA Guarantee for Growth programme, and the Bank of Industry (BoI) signed the $50 million loan portfolio guarantee framework at the Africa Investment Forum in Rabat recently.
Through the AfDB AFAWA has approved more than $2.4 billion in lending for Africa’s women-led small and medium enterprises, as well as partnered with 185 financial institutions responsible for disbursing the funds across 44 African countries.
The initiative has unlocked financing for more than 18,600 women-led small and medium enterprises. AFAWA is supported by the African Development Bank’s partners and donors: the Women’s Entrepreneurs Finance Initiative (We-Fi), G7 participating countries Canada, France, Germany and Italy as well as the Netherlands and Sweden.
The transaction will be phased out in three tranches over ten years and will significantly scale up lending from the BoI to small and medium enterprises in the country.
The new deal will support women-led businesses via the AFAWA Guarantee for Growth programme, which makes financing available for women entrepreneurs through de-risking and technical assistance measures.
“This strategic partnership illustrates the commitment of the African Development Bank, especially the Affirmative Finance Action for Women in Africa initiative, to empower women entrepreneurs and foster economic growth in Nigeria,” Mrs Beth Dunford, African Development Bank’s Vice President for Agriculture, Human and Social Development, told signing ceremony attendees.
“This is not just a financial transaction aimed at supporting and catalysing the growth of small and medium enterprises in Nigeria – it is a beacon of hope and progress for African businesses, particularly for those led and owned by women,” she added.
The partnership includes a comprehensive risk-sharing mechanism that focuses on supporting micro, small and medium enterprises, women-owned enterprises and “green businesses” that promote environmental sustainability and gender equity.
African Guarantee Fund Group Chief Executive Officer, Mr Jules Ngankam said, “This transaction with the leading development finance institution in Nigeria is a great milestone that will significantly impact Nigeria’s economy by unlocking up to $100 million in financing for small and medium enterprises. African Guarantee Fund will also provide tailored guarantees and technical assistance towards the special small and medium enterprise products offered by Bank of Industry that target women, youth and green businesses.”
“Bank of Industry is excited to leverage the guarantee framework of the African Guarantee Fund in promoting sustainable growth, gender equity, innovation and advancing more credit to small and medium enterprises in Nigeria in line with [Nigeria] President Bola Tinubu’s government’s Renewed Hope agenda,” said Mr Olasupo Olusi, Bank of Industry’s Managing Director and CEO.
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