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Category: Economy

  • Free zones remit N11.11trn to FG in 2023 -NEPZA

    L-R the Chairman, Senate Committee on Trade and Investment, Sen. Sadiq Umar and the the Managing Director, NEPZA, Olufemi Ogunyemi during a visit to NEPZA on Tuesday in Abuja.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Remittance

    By Lucy Ogalue

    Abuja, June 11, 2024 (NAN) The Nigeria Export Processing Zones Authority (NEPZA), said the country’s Free Zones as of October 2023, remitted N11.11 trillion to the Federation Account.

    The Managing Director, NEPZA, Olufemi Ogunyemi, said this during an oversight visit of the members of the Senate Committee on Industry, Trade and Investment on Tuesday in Abuja.

    According to Ogunyemi, this achievement underscores the importance of special economic zones (SEZs) in Nigeria’s economic landscape.

    The News Agency of Nigeria (NAN) reports that the Nigerian SEZ scheme, governed by the NEPZA Act, allows for public, private, or public-private operations in these zones.

    The managing director said the zones had facilitated wealth and revenue generation for various states and agencies.

    “In 2023 alone, the Nigeria Customs Service (NCS) generated N59.38 billion, Immigration Services received N828.7 million, the Nigerian Ports Authority (NPA) garnered N8.738 billion, and states collected N998 million in PAYEE.

    “Foreign Direct Investments (FDIs) and Local Direct Investments (LDIs) from 2019 to 2023 have reached 491.8 million dollars and N1.15 trillion respectively.

    “The Free Zones have also significantly contributed to import substitution, with more than N1.62 trillion worth of cargo imported from these zones between 2019 and 2023, saving scarce foreign exchange,” he said.

    According to Ogunyemi, the direct employment generated by the zones stands at 38,429 jobs, with an additional 172,930 indirect jobs created by the end of 2023.

    He said the scheme had also fostered skills development, with many semi-trained artisans gaining the expertise to start their ventures.

    The NEPZA boss said that in spite of these successes, the authority was being faced with challenges such as an obsolete legal framework.

    He said they faced regulatory incursions, numerous invitations from the National Assembly, and conflicting legislation, such as the Finance Act and Customs Act.

    Ogunyemi, therefore, urged the support of the Senate Committee on Industries, Trade and Investment to address these challenges and enhance the SEZ scheme’s effectiveness.

    While reiterating the transformative potential of SEZs, he highlighted the economic successes of nations like China and the UAE, advocating continued and strengthened implementation in Nigeria.

    The NEPZA boss also restated the authority’s commitment to boosting the country’s economy.

    Responding, the Chairman of the Senate Committee on Trade and Investment, Sen. Sadiq Umar, reiterated the NASS’s commitment to driving the mandate of NEPZA.

    On the legal framework, he said,” if it is brought as an executive bill, I will be happy to sponsor it as my bill, but it has to conform with what I believe a bill should be.”

    On the numerous invitations, Umar said the national assembly was empowered to invite whomever it desired but urged the authority to ensure it operated according to its set goals.

    “What I can help you with is ensuring you are doing the right thing and that your books are clean.

    ” And if they invite you, you can confidently go there and answer  questions,” he said.

    The chairman decried some zones’ inability to meet their set goals and urged NEPZA to ensure this was addressed.

    The chairman said much more still needed to be done in the agency.

    ” The committee is going to take it up to ensure that the agency is well positioned to achieve the real reasons why they are established,” Umar said. (NAN) (www.nannews.ng)

    LCN/CHOM/EEE

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    Edited by Chioma Ugboma/Ese E. Eniola Williams

     

     

     

  • Indebtedness: EEDC decries disruption of its operations by Enugu Govt agency

    Disruption

    By Stanley Nwanosike
    Enugu, June 11, 2024 (NAN) The Enugu Electricity Distribution Company (EEDC) has decried disruption of its operations by an Enugu State Government agency after it announced a massive disconnection of heavily indebted state governments offices in the South-East.

    This is contained in a statement issued on Tuesday by the EEDC Head of Corporate Communication, Mr Emeka Ezeh, in Enugu.

    Ezeh noted that on arriving for work this morning, the entire staff were surprised to meet the EEDC Corporate Head Office sealed by the Enugu Capital Territory Development Authority (ECTDA).

    According to him, this development is strange because there was no notice of any sort by the agency to our organisation.

    “We were informed by the security men on duty that in the early hours of Tuesday at about 1:53a.m., a group of men came and locked up the gates, claiming that the state government directed the action.

    “Our Abakpa, Awkunanaw, and Ogui District offices were not spared as their gates were equally sealed and locked.

    “As at now, there has not been any clear information/communication from ECTDA explaining their action.

    “We, however, suspect that this action might not be unconnected to the notice of disconnection published by EEDC informing indebted customers of intention to commence disconnection today, Tuesday, June 11, 2024,” he said.

    The EEDC spokesman said that the Enugu State Government happened to be one of the indebted customers with over N1 Billion owed to EEDC.

    “It is important to state that majority of the state government’s facilities are metered, so, it is not a case of estimated billing.

    “EEDC has about N180 Billion as debt owed the company in the entire South-East and has concluded plans to commence disconnection of indebted customers,” he said. (NAN) (www.nannews.ng)

    KSN/MNA

    Edited by Maureen Atuonwu
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  • Naira appreciates further by 0.67% against dollar at official market

     

    Naira

    By Grace Alegba

    Lagos, June 11, 2024 (NAN) The Naira on Tuesday further appreciated at the official market trading at N1,473.66 to the dollar.

    Data from the official trading platform of the FMDQ Exchange showed that the Naira gained N9.96.

    This represents a 0.67 per cent gain when compared to the previous trading date on Monday when it traded at N1,483.62 to the dollar.

    However, the volume of currency traded increased to $385.91 million on Tuesday up from $161.69 million recorded on Monday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,495 and N1,415 against the dollar. (NAN)

    GA/AWA

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    Edited by Olawunmi Ashafa

  • 6 Vessels to berth at Lagos ports

     

    Vessels

    By Aisha Cole

    Lagos, June 11, 2024 (NAN) The Nigerian Ports Authority (NPA), on Friday, said six ships were waiting to berth at the Lagos ports.

    NPA, in its ”Daily Shipping Position”, said two of the expected vessels would berth with diesel.

    It said that the remaining expected vessel would berth with container, fuel oil, aviation fuel and crude oil.

    “A ship presently eating to berth with cargo. Two other ships waiting to discharge petrol and crude oil,” NPA said.

    It also said that four ships waiting to berth at Lekki Deep Sea Port with bulk clinker, fuel oil, container and aviation fuel.(NAN)

    AIC/OIF/AWA

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    Edited by Ifeyinwa Okonkwo/Olawunmi Ashafa

     

  • Investors on NGX lose N93bn

    Loss
    By Rukayat Adeyemi

    Lagos, June 11, 2024 (NAN) Bearish sentiment dominated the equity market on Tuesday, making investors lose N93 billion or 0.16 per cent.

     
    Loses in MTN Nigeria, Transnational Corporation, Ecobank Transnational Incorporated(ETI), Royal Exchange, Oando Plc, among other declined stocks drove the market performance down.
    Specifically, the Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N56.452 trillion, shed N93 billion or 0.16 per cent to close at N56.359 trillion.

    The All-Share Index also went down by 0.16 or 163 points to settle at 99,630.51, in contrast to 99,793.71 recorded on Monday.

    Consequently, the Year-To-Date (YTD) return fell to 33.24 per cent.
    However, market breadth closed positive with 29 leaders and 19 laggards.
    On the gainers’ chart, Total Energies led by N35.30 to close at N388.90, Presco Plc followed closely by N29.30 to close at N323.20 per share.
    UPDC Real Estate Investment Trust gained 12k to close at N1.33, FTN Cocoa Processors added 11k to close at N1.25, while Chams rose by 16k to close at N1.85 per share.
    Conversely, National Salt Company of Nigeria(NASCON) led the losers’ chart by N4.05 to close at N36.80, Thomas Wyatt declined by 17k to close at N1.59 per share.
    May & Baker dropped 43k to close at N5.60, C&I Leasing Plc trailed by 20k to close at N2.80 and Consolidated Hallmark Holdings shed 6k to close at N1.38 per share.
    Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 22.62 per cent.
    A total of 848.97 million shares valued at N16.55 billion were exchanged in 8,064 deals, as against 963.54 million shares valued at N13.50 billion exchanged in 8,657 deals traded in the previous session.
    Fidelity Bank led the volume and value chart with 293.18 million shares worth N2.93 billion, followed by Nigerian Breweries with 101.58 million shares valued at N2.91 billion.
    Zenith Bank sold 74.28 million shares valued at N2.57 billion, ETI traded 62.46 million shares worth N1.48 million.
    Access Corporation also transacted 51.90 million shares valued at one billion Naira.(NAN)(www.nannews.ng)
    RUKY/AWA
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    Edited by Olawunmi Ashafa

  • Group trains 460 youths, women on digital skills in Niger

     

    Training

    By Mohammed Baba Busu

    Suleja (Niger), June 11, 2024 (NAN) A group, Ubelle/Neo Cloud Consortium, has trained 450 indigent youths and women on digital skills in Niger.

    Dr Ali Johnson-Onoja, Managing Director of the firm stated this at the graduation ceremony for the Digital Skill training and inauguration of an internship business pitching programme in Suleja on Tuesday.

    Johnson-Onoja said that the training, which included digital marketing, data analysis and cyber security was done in collaboration with the Federal Ministry of Education under its Innovation Development and Effectiveness in the Acquisition of Skills (IDEAS) project.

    He explained that the beneficiaries were selected from amongst the more than 900 young people who indicated interest when the programme began in December 2023.

    Johnson-Onoja said that the graduands have been equipped with the tools and knowledge necessary to thrive in the digital age.

    The managing director said that the Federal Government, through the Federal Ministry of Education, had launched the World Bank-supported IDEAS project to enhance the country’s Technical and Vocational Education and Training (TVET) system.

    He said: “this initiative aims to improve skills acquisition by involving industry stakeholders and attracting private sector resources to the formal training system.

    “The programme focuses on inclusivity, welcoming individuals of all genders, backgrounds, and physical abilities.

    “It aims to provide participants with holistic preparation for entry-level job opportunities through hands-on training and internships aligned with industry standards.

    “Ubelle Nigeria Limited and Neo Cloud Technologies Consortium were among the 14 private sector organisations selected as grantees of the Innovation Grant Funding (IGF) under the IDEAS Project to pioneer implementation of the project in November 2023.

    “Our is currently being implemented at the Fabsi Institute of Entrepreneurship in Suleja “.

    Johnson-Onoja said that the aim was to equip the eligible youths, especially women, the physically-challenged and the vulnerable, with digital skills training and certification.

    “We believe that this is an important project that needs national and international attention to expand its scope, empower our youths and entrepreneurship,” he said.

    He explained that the trainers have obtained various certificates in the basic, intermediary and advance categories from internationally recognised certification bodies.

    Johnson-Onoja said that the graduands would be mentored into getting jobs in the evolving digital market place and as well make many of them self-employed individuals, business owners and entrepreneurs

    “We live in a time where digital literacy is not just an advantage but a necessity. This is in line with the Renewed Hope Agenda of the President Bola Tinubu’s administration, ” he added.

    In his remarks, Mallam Muhammad Awwal- Ibrahim, the Emir of Suleja, represented by Alh. Dalhatu Adamu, Makama Zazzau, Suleja, and District Head of Magajiya, commended the organisers for bringing the programme to his domain.

    He appealed to other NGOs and philanthropists to bring more of  such programmes to his Emirate.

    The emir urged the beneficiaries to  judiciously use the skills acquired for themselves and for the benefit of others in the society.

     

    He warned them against deploying the skills for criminal activities in the cyber space that would endanger their lives.

    Mr Olarinoye Shedrack, one of the graduands, commended the organisers for the opportunity.

    He promised that they would use the skills to improve their lives and support  the socioeconomic development of Niger and the country in general.(NAN)

    BAB/IU

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    Edited by Isaac Ukpoju

  • APC accepts Vice-Chair resignation, says it remains focused

    Resignation

    By Nefishetu Yakubu

     

    Benin, June 11, 2024 (NAN) The All Progressives Congress (APC) in Edo says it has accepted the resignation of Chief Francis Inegbeniki from his position as the state Vice-Chairman, Edo Central.

    In a statement issued in Benin on Tuesday by the state party chairman, Jarrett Tenebe, APC respected his decision and wished him well in his future political endeavours.

    Tenebe noted that Inegbeniki had been a loyal and dedicated member of APC since its inception.

    The News Agency of Nigeria (NAN) recalls that Inegbeniki resigned from his vice-chairmanship and membership positions on Friday.

    He cited the recent developments in the local and state chapters of the party as conflicting with his principles and values.

    Meanwhile, Tenebe added that Inegbeniki worked tirelessly to promote the ideals of the APC and advance the interests of members and supporters across the state.

    “His contributions to the growth and development of the party cannot be overstated, and we are grateful for the time he spent with us,” he said.

    He, however, said APC must now look forward to the future by focusing efforts on liberating the state from the Peoples Democratic Party (PDP) government.

    According to him, the people of Edo and the APC are ready for change.

    The chairman said that APC remained the only party committed to delivering the change desperately needed by the state.

    “Our party’s candidate, Sen. Monday Okpebholo, and his running mate, Hon. Dennis Idahosa, will lead the joint push to rescue and return the state to Edo people.

    “Both federal legislators come with a bold and ambitious five-point agenda that will prioritize infrastructure development and the empowerment of our people that the PDP has since neglected.

    “The determination to build a better future for our state, one that will guarantee prosperity, security, and opportunity for all, has whet APC’s desire to liberate Edo State,” he said.

    He, therefore, called on all APC members and supporters in and outside Edo to remain steadfast and committed to the party.

    “We must work together to mobilize our communities, engage with our fellow citizens, and spread the message of hope and change that the APC represents,” he said. (NAN) (www.nannews.ng)

    NY/MAS

    Edited by Moses Solanke

  • 5, 000 traders to lose shops following Kano govt quit notice

    5, 000 traders to lose shops following Kano govt quit notice

    Traders

    By Aminu Garko

    Kano, June 11,2024( NAN) No fewer than 5,000 traders around Idi mosque area of Kano would lose their shops following quit notice served them by Kano State Urban Planning and Development Authority (KNUPDA).

    The chairman of the traders association, Yakubu Muhammad, said this on Tuesday during a news conference.

    KNUPDA had issued a 48-hour ultimatum to the traders at the mosque located on IBB Way in the Kano metropolis to vacate the area or face the wrath of the law.

    Muhammad recalled that the place was allocated to them over 18 years ago by the late Galadima of Kano, Alhaji Tijjani Hashim, through the Emirate Council.

    “The place was allocated to our members to check the various criminal activities such phone snatching and other immortal activities being perpetrated at the places’’, he said.

    He said previous administrations in the state had found it necessary to allow the traders to continue to operate in the area.

    “We are many here, mostly youths, how can you attempt to separate these guys from their businesses, you know this will portend danger for the state,” he said.

    Muhammad said traders did not understand why the government was sending packing even has they were law abiding and contributed to the state’s internally generated revenue.

    “We are still trying to come to terms with the exact offense we committed that prompted KNUPDA to chase us from where we run our lawful businesses to fend for our family.

    “We supported this government. We voted for it during the 2023 election. The best empowerment this government can give us is to allow us to continue with our businesses at the Masallacin Idi,” he said.

    He urged Governor Abba Yusuf to intervene and save their businesses from looming ruins.

    When contacted a source at the KNUPDA who pleaded anonymity confirmed that the agency has ordered the traders to vacate the place because they were illegally occupying the space.

    “KNUPDA feels that the traders did not seek permission from it before starting business there. That is why the authority issued the quit notice. They are illegally operating at the place.” said the source. (NAN)(www.nannews.ng)

    AAG/KUA

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    Edited by Uche Anunne

  • Big data critical to boost solid minerals sector-Alake

    Big data critical to boost solid minerals sector-Alake

    Data

    By Martha Agas

    Abuja, June 11, 2024 (NAN) The Minister of Solid Minerals Development, Dr Dele Alake, says generating big data in the solid minerals sector is critical in attracting investors to the sector to boost Nigeria’s economic profile.

    Alake disclosed this in an interview with the News Agency of Nigeria (NAN), on Tuesday in Abuja.

    He underscored the importance of big data in guiding investors to make informed decisions on the sector, while helping Nigeria to markets its vast minerals.

    “You must know the type of minerals, the volume of these minerals and the longevity in terms of tenure. The combination of geophysical data, geo science data, geological is what we call big data.

    “We had a very low amount of big data, it covered only five per cent of our land area and five minerals out of 44, leaving 39 unexploited, unknown,’’ he said.

    He explained that the ministry proposed N200 billion to generate data to market its minerals, as the procedure required series of stages but eventually only N2billion was approved.

    “There is aero magnetic exploration, there is drilling-underground exploration and it is an expensive business.

    “When we came in, we found out that Nigeria has over a hundred minerals and out of it 44 are internationally sought after.

    “All previous efforts to explore to generate data on the minerals only amounted to data generated on five out of 44.

    “And even all the exploration efforts done in the past only covered about five per cent of the land of Nigeria,’’ he said.

    He said that for Nigeria to diversify its economy, it must invest in generating big data, as smaller countries with fewer mineral resources than Nigeria, were spending more on the exercise.

    “For example, Senegal has a land area of 71,000sqkm and spent about eight to nine million dollars on exploration annually.

    “Nigeria in contrast has about 93,000SqKm, more than about 12 times the size of Senegal, and last year we spent about N2.5billion on exploration.

    “In the same period, Ivory Coast spent about 146 million dollars on exploration, Congo spent 133 million dollars, and we have more minerals than these countries that are spending so much on exploration.

    “Because it is the data that will attract the investors, they will want to know the data in your sector so that they can make informed investment decision, ’’ he said.

    The News Agency of Nigeria (NAN) reports that the Federal Government on May 14, unveiled the Nigerian Minerals Resource Decision Support System software, aimed at helping investors make informed decision in the sector.

    The Minister at the unveiling, explained that the software serves as a one stop shop for investors seeking geoscience data and other credible information to make informed decisions.(NAN)(www.nannews.ng)

    MAA/AMM

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    Edited by Abiemwense Moru

     

  • Sallah: Badagry ram sellers lament low sales amid high prices

    A ram seller displaying ram in Agbalata ram market in Badagry

    Sallah
    By Raji Rasak
    Badagry (Lagos State), June 11, 2024 (NAN) Barely five days to Eid-El-Kabir festival, some ram sellers on Tuesday in Badagry, Lagos State, lamented  low sales, attributing it to the prevailing economic situation.
    A News Agency of Nigeria (NAN) correspondent who visited Alaba, Ajibade and Agbalata ram markets in Badagry reports that the cost of rams varies.
    NAN reports that at Alaba ram market a big ram is sold for N750,000, a medium-sized ram costs between N350,000 and N400,000 while a small ram is sold between N150,000 and N200,000.
    At Agbalata ram market, a big ram is sold for between N400,000 and N450,000, fairly big ram goes for between N300,000 and N250,000, while a small ram goes for N120,000 and N150,000.
    Alhaji Abdul-Salam Hassan, a ram seller in Alaba market, said he spent N1.5 million as cost of transporting his rams from Sokoto State.
    “I have to add the money to the price of the rams before selling them to make profit.
    “I came to Alaba market with 300 rams since  June 5, as at today I have not sold up to ten rams.
    “Buyers have been coming to ask for the price of  a ram, promising  that they will come, but I have not seen them.
    “In 2023, I thought that the prices of rams were expensive, but that of this year is just too much.
    “The prices wouldn’t have been this high if not for the removal of fuel subsidy that led to the high cost of transport,” he said.
    In Ajibade ram market, Aradagun, Mr Belawu Ajadi, said that the cost of feeding and transporting the rams to the market all added up to the high price.
    “Customers come here in trickles to buy their rams  for the Sallah, but compared to 2023, the sales is very dull.
    “In 2023, as at this time, I had sold over 50 rams, but now I have just sold 10.

    “The economic hardships in the country have affected the sales this year, but I still have hope that customers will still come to buy,” he said.

    Meanwhile, buyers lamented the increase in cost of the rams.

    Mr Yusuf Ajadi, a buyer at Alaba market, said the  prices of rams had doubled compared to how it was  sold last year.
    “In 2023, I bought two rams here for N280,000, one for N130,000, another for N150,000, but unfortunately today I brought one medium size for N400,000. I can’t afford to buy two this year.
    “If I have to buy two rams, I have to add another N100,000, making N500,000 to buy two this year, this is more than twice the amount I bought in 2023,” he said.
    Another buyer, Alhaji Taoreed Ajape, said that he came from Ikoga, Badagry, to buy, but was shocked to hear the prices of rams had doubled.
    “I have gone to Okoko, Alaba and and now I am in Agbalata, I thought it will be cheaper to buy here.
    “Surprisingly, the size of ram I bought for N100,000 in 2023, I’m begging to get it for N220,000 this year.
    “I cannot even afford to buy a ram for my mother now, maybe I will look for money and come back  before Sunday,” he said.  (NAN)(www.nannews.ng)
    ROR/EOB/FAA
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    Edited by Edith Bolokor/Folasade Adeniran