Category: Economy

Trader

By Uchenna Ugwu

Abakaliki, June 6, 2024 (NAN) Gov Francis Nwifuru of Ebonyi has inaugurated 23 new State Executive of Market Traders Association of Nigeria (MATAN) in the state.

Nwifuru inaugurated the executive on Thursday, during the Association’s first executive stakeholders meeting in Abakaliki.

He charged them on transparency and accountability for collection of quality data of all members.

The News Agency of Nigeria (NAN) gathered that the newly elected exco, comprised 10 members from the state level and 13 at the local governments and it is headed by Mr Godwin Okpoto as Chairman.

The governor, represented by Prof Nwogo Obasi, Commissioner for Market Development and Park, urged the group to take charge of the operation through collaboration with partners to achieve set goals.

He lauded the programme and expressed readiness of the state government to provide and support the group to succeed.

He expected that the function of the group goes beyond being member but work with human face.

“Be transparent and thorough for smooth exercise in collection of quality data because the state and federal governments will rely on the data to carry out equitable distribution of its plans to the informal sector,” Nwifuru said.

In his remarks, Okpoto, member of the new executive, promised to unite all members of the market, abide by the rules and regulation that guided the market to achieve the needed results and collection of data.

Okpoto described MATAN as an umbrella body for all trading associations in the country.

According to him, the project initated by the federal government, was aimed at enhancing living standards of the informal sector, rural dwellers and others involved in goods and services.

“The project will accommodate everyone and incentives that will pass through MATAN will reach the grassroots with records that will show inputs, palliatives, grants, loan and others were given to number of people.

“We will not default and promise not to disappoint the group,” Okpoto said.

Mr Okey Otielekwa, Assistant Manager, Federal Inland Revenue Service in the state, said collaboration with the group would make services and plans seemless.

Mr Greg Nwerem, the South East Zonal Project Coordinator, said that the body was founded in 1995 and largest player in the country’s market space with a membership of over 40 million traders across the country.

Nwerem explained that the focu was on market welfare to better lives, adding that some members had been profiled for employment which was a relief for state government.

Another participant and Chairman Stakeholders Forum, Mr Peter Oba, pledged to work with the organisers of the project to ensure the aims and objectives were achieved.

NAN reports that the event featured presentation of award of recognition to Nwifuru as the National patron of MATAN with certificates to exco members.

NAN also reports that the meeting featured lecture on “data collection for good budget. (NAN)(www.nannews.ng)

UVU/MNA

Edited by Maureen Atuonwu

Poverty 

By Okeoghene Akubuike

Abuja, June 6, 2024 (NAN) The Federal Government says it remains committed to supporting implementation  of the Multidimensional Poverty Index (MPI) 2022.

 Sen. Abubakar Bagudu, the Minister of Budget and Economic Planning, said this at a Stakeholders Technical Dialogue on the “Operationalisation of the Multidimensional Poverty Index as a Policy Tool in Nigeria” in Abuja on Thursday. 

 The News Agency of Nigeria (NAN) reports that the 2022 MPI report revealed that 63 per cent, that is  133 million Nigerians are multidimensionally poor out of an estimated population of 211 million.

Bagudu said the Federal Government would support the MPI implementation through the National Poverty Reduction with Growth Strategy (NPRGS) and the implementation of the eight -Priority Areas of the present administration. 

The minister, represented by Mrs Adeshola Oloyede, the Director overseeing office of the Permanent Secretary in the ministry,  said the MPI provided a nuanced understanding of poverty’s complexity. 

“By measuring factors such as access to clean water, electricity, schooling, and healthcare, we can identify specific areas where interventions are needed, ensuring that no one is left behind. 

“Remarkably, the MPI is in line with the Sustainable Development Goals (SDGs) 2030 Agenda, ‘leave no one behind’, as it shows the interlinkages of deprivations experienced by poor people. 

The minister said the operationalisation of the MPI in Nigeria was  a clarion call to action. 

“It is a call to embrace a holistic approach to poverty reduction, one that recognises the interlinked deprivations affecting millions of Nigerians.

“By leveraging the MPI, we can craft informed, targeted, and effective policies that address the root causes of poverty and promote sustainable development.

“Let us commit to this transformative journey with determination and unity.

“Together, we can create a Nigeria where every individual has the opportunity to thrive, where no one is left behind, and where the dream of prosperity and well-being becomes a reality for all.”

Mr Adeyemi Adeniran, the Statistician-General of the Federation and CEO, National Bureau of Statistics (NBS), said for the statistical System, operationalising the MPI was a welcome development and was well overdue.

Adeniran said there was a need to align the data from the MPI survey with interventions to tackle the issue of poverty in Nigeria in a sustainable way.  

“This means going beyond making the necessary data and evidence available to designing targeted  programmes and policies to address the issues identified within the data. 

“Only when these two things align (the data and the interventions) will we begin to see meaningful and sustainable changes in the lives of the citizens confronted with poverty.

“Therefore, we need to build on the success of the 2022 MPI survey by ensuring that the data is used for the benefit of the citizens.“

He said there was a need to invest in continuous training and technical capacity building of personnel to be able to produce data timely and in a sustainable manner. 

Adeniran said this would enable the government to have the appropriate tools to effectively monitor and track the impact of the interventions, and where necessary design new interventions to address any lapses. 

“While this means more resources from the government side, it also necessitates more donor support and assistance, both financially and technically.” 

Adejoke Orelope- Adefulire,  the Senior Special Assistant to the President on Sustainable Development Goals (SDGs),  said her office was working closely with both state and non-state actors.

Orelope- Adefulire, represented by Dr Bala Inusa, said it would guarantee an inclusive, participatory and collaborative implementation of the SDGs in Nigeria,  

“Such strategic partnerships demonstrate our collective commitment to the transformative promise of the 2030 Agenda for sustainable development  that is to Leave-no-one- behind.

“It is my hope that this dialogue will strengthen our commitment to work closely together as policymakers and development practitioners in support of the 2030 Agenda for sustainable development in Nigeria.“

Ms Elsie Attafuah, the Resident Representative, UNDP,  said multidimensional poverty in Nigeria was complex and multifaceted and would require several approaches.  

According to her, poverty in Nigeria goes beyond money but it is  about millions of people struggling with things we often take for granted. 

Attafuah , represented by Dr Jose Levy, the Deputy Resident Representative, said stakeholders must  focus on -energy poverty in Nigeria.  

“The right investment in energy can turn out to be a game changer in a bid to brighten the future for millions of people and remove them from energy poverty. 

“By focusing on targeted investment in clean energy , education, healthcare and social protection we can foster inclusive growth and create a more equitable society.”

She pledged UNDP’s continued support to Nigeria’s development journey. 

Beatrice Eyong, the  UN Women Country Representative, emphasised  the importance of incorporating a solid gender dimension into the MPI programming framework.

“By integrating gender-specific indicators and analysis, we can ensure that the MPI report highlights the disparities and drives targeted interventions that uplift and empower women and girls.”

Eyong, represented by Zapania Aura,   said the inclusivity of the MPI report was paramount, adding that it was essential to consider the voices and experiences of marginalised groups. 

“By making the MPI more inclusive, the Nigerian Government  commits to  developing comprehensive strategies that are integrated and aligned with the National Development Plan and leave no one behind, thereby, advancing an equitable and just society.” (NAN)(www.nannews.ng)

OKE/EEE

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Edited by Ese E. Eniola Williams

Infrastructure

By Lucy Ogalue

Abuja, June 6, 2024 (NAN) The Abuja Chamber of Commerce and Industry (ACCI), has commended the infrastructure initiatives and dedication of the FCT Minister, Nyesom Wike, in one year of President Bola Tinubu’s administration.

The ACCI President, Mr Emeka Obegolu, in a statement described the infrastructure development strides by the minister in the city centre as remarkable.

“The ACCI, representing the voice of the business community and the Organised Private Sector within the FCT, appreciates this move.

“We also want to take the opportunity to draw attention to the urgent need for development in the Idu Industrial District.”

According to Obegolu, the Idu district is recognised as a significant business hub in the FCT and the cornerstone of the region’s industrialisation vision.

The ACCI president akso emphasised the crucial role it played in fostering manufacturing, technology, employment, commerce, industry, and sustainable growth within the FCT.

He called for an urgent government attention and intervention to provide essential infrastructure amenities such as good roads, water, public transport, and electricity in the Idu Industrial District.

According to Obegolu, these improvements are vital to facilitating seamless commercial operations for businesses in the area.

“We anticipate a significant transformation of the Idu Industrial Park that aligns with the overarching vision for the FCT, promoting economic growth and prosperity for the city.

” We assure the minister of ACCI’s support and look forward to a continued collaboration in driving sustainable development and economic prosperity within the city centre,” Obegolu said.(NAN) (www.nannews.ng)

LCN/EEE

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Edited by Ese E. Eniola Williams

Power

By Yunus Yusuf

Lagos, June 6, 2024 (NAN) The Eko Electricity Distribution Company (EKEDC) says it is committed to providing massive metering services to its customers, following the deregulation of electricity meter prices under the Meter Asset Provider (MAP) scheme.

The Acting Chief Executive Officer of EKEDC, Mrs Rekhiat Momoh, gave the assurance during the company’s Customers Engagement Forum under the Mushin Business Unit on Thursday in Lagos.

The News Agency of Nigeria (NAN) reports that Mushin Business Unit comprises of Papa Ajao, Mushin, Idi Araba, Ilasamaja, Lawanson, Ijesha, Itire and Ishaga.

Momoh, who was represented by Mr Samuel Edoho, the General Manager of Commercial (Revenue Cycle) at EKEDC, highlighted that the initiative of the prepaid meter scheme aimed at streamlining the procurement and distribution process, thereby enhancing efficiency and reliability.

Momoh stressed the importance of new and existing MAP vendors in maintaining a substantial inventory of prepaid meters, subject to physical verification by EKEDC, before accepting payments from customers.

According to Momoh, EKEDC’s priority is ensuring accelerated installation of prepaid meters for customers, who have made payments but are yet to be metered.

She elaborated on the deregulation of smart meter prices by the Nigerian Electricity Regulatory Commission (NERC) under the MAP scheme which took effective May 1.

This, Momoh noted, would enable customers to procure meters from vendors of their choice at competitive market prices determined through transparent bidding frameworks.

The EKEDC’s boss appreciated the customers and assured them that the company would continue to make sure that communities under its purview enjoys power supply as much as possible.

“The essence of this gathering is to get feedback from you that will enable us continuously improve services we render to you as our valid customers.

“As a mean to ensure that we constantly improve our services, we have carried out major rehabilitation of structures within Mushin environment to make sure that you have constant power supply,” she said.

The company addressed issues bordering on prepaid meters, faulty transformers, bad feeders, pole replacement, among others.

She promised to address some of the issues identified on the spot within the shortest period of time.

The EKEDC’s boss assured that prepaid meters would be made available to those that had paid and were awaiting meters.

“Metering is the solution to dispute, in as much as there is no meter, we will continue to have dispute, but when there is meter, there will be an end to dispute.

“It is not your responsibility to repair any equipment when there is a break down, your responsibility is to meet up with your obligation of paying your bills.

“If bills are not paid, there will be consequences and this will lead us not being able to meet up with our side of providing light effectively,” she said.

Mr Kadiri Rasheed, a community leader, emphasised the necessity for the company to enhance the provision of electricity.

He also called upon EKEDC to expedite the process of installing prepaid meters.

Also, Mr Micheal Fawole, a resident of Iyanuolapo Command Development Council, urged the DisCo to effectively tackle the challenges relating to underground cables.

According to him, this will prevent disruptions in power supply to the region, particularly during the rainy season.

Fawole proposed that cables in flood-prone areas be repositioned overhead as a permanent solution to the recurring issue.

Another customer, Mrs Bola Ijaiya, from Lawanson, expressed concerns regarding the Ishaga feeder.

She urged the company to take necessary actions to enhance their feeder, thereby ensuring a more reliable supply of electricity to the community.

Mr Oluwaseun Ogunsola, the Manager of Cityway Shopping Complex in Yaba, highlighted the issue of estimated billing.

He urged the company to address this matter promptly and find a sustainable solution to billing discrepancies to prevent the disruption of operations for many businesses.

Ogunsola shared his dismay over a sudden increase in their bill from N400,000 to N1,849,000 last month.

Such a rise in billing, he described as unsustainable for businesses, and urged EKEDC to investigate and rectify the issue to prevent potential shutdowns and job losses.

The Chairman of Mushin CDC, Mr Femi Okunyemi, called on the Management of EKEDC to prioritise the resolution of customers’ complaints.

He emphasised the importance of fostering a positive relationship with customers by promptly addressing their concerns.

While acknowledging the efforts made by the company in providing electricity to the communities under its jurisdiction, Okunyemi underscored the need for continuous improvement.

According to him, there is room for enhancement and encouraged EKEDC to strive for better service delivery. (NAN)(www.nannews.ng)

OUU/YO/KOLE/AWA
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Edited by Remi Koleoso/Olawunmi Ashafa

Trade
By Martha Agas
Abuja, June 6, 2024(NAN) The Trade Modernisation Project (TMP) of the Nigeria Customs Service (NCS), will check the extortion of traders by facilitating the comprehensive tracking of their goods from the beginning of the trade process until delivery.

This is through its Unified Customs Management System(UCMS), a software that would be deployed to monitor all stages of the transactions by traders.

The News Agency of Nigeria(NAN) reports that the TMP is the automation of the business processes of the NCS, to simplify and enhance the experience of stakeholders in the trade value chain.

It is also aimed at making it easy to obtain export and import clearances, and in paying duties and obtaining release of goods.

NAN further reports that customs modernisation project, which has three phases, is a 20- year concession agreement.

It was signed on May 27, 2023 between the Federal Government of Nigeria, represented by NCS Board, and The Trade Modernisation Project Ltd.

Chief Superintendent of Customs, Usman Abba, Head, Business Analyst for the project, told NAN in an interview on Thursday in Abuja that  by using the software traders would be able to know when and where there were hitches in their transactions for redress.

Abba said the system would eliminate fraudulent intent and expose those who take advantage of clients who cannot properly track their goods with the current system to extort them.

“ This is the platform where the trader has access and is able to track all the stages of transactions, and know where the challenge or exactly the issue is untill the goods are delivered,“ he said.

He said that the service had received numerous reports of agents attempting to extract additional funds from their clients, by falsely claiming that their goods had not been cleared by customs when the process had already been completed.

According to him, the software, which will soon be inaugurated, is designed to have information on all transactions, including payments and goods clearance, to enable the trader to act as required.

“ So the trader can log in and see where exactly the goods are, also after he makes payment, he can see through the system that the payment has been done, and even how much has being paid.

“He can even see that the consignment have stepped out from the port, because we have the gate acknowledgement.

“ It means that when the truck is moving out, the system will update that the consignment has been gated out because the system allows integration with the terminal operator ,“ he explained.

He added that other agencies were also being integrated into the system to examine goods according to their constitutional mandates

On the current stage of the development of the software, Abba said that all internal systems had been completed, and final touches were being done on stakeholders integration.

“ What we are working on basically is the stakeholders integration. We are done with customs part and are just on the aspect of few stakeholders, just to show them the system and how to have them integrated.

“ We have engaged the Central Bank of Nigeria,National Agency for Food and Drug Administration Control,just a bit to finish up the system,“ he said.

NAN reports that the TMP is targeting generating more than 250 billion Dollars in revenue over the 20 year concession.

The project is aimed at bringing Nigeria at par with the rest of the world in the deployment of technology to facilitate international trade.

It would also assist the Federal Government in achieving economic diversification by facilitating easier cross-border trading.(NAN) (www.nannews.ng)
MAA/YGA

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Edited by Gabriel Yough