BY MARK ITSIBOR, Abuja The World Bank Group has denied that the Bank disagreed with the Minister of Finance, Kemi Adeosun, over the borrowings by the Nigerian government to stimulate the economy and finance infrastructure projects in the country. In a mail to the Minister by the Senior Communications Officer Rachid Benmessaoud, the Bank averred that the media misrepresented and quoted out of context, the comments made by its Senior Economist for Nigeria, Gloria Joseph-Raji, at an event in Abuja. Mr. Benmessaoud said, “On October 11th, during the launch of Africa’s Pulse, the World Bank’s biannual analysis of African economies, World Bank Senior Economist for Nigeria, Gloria Joseph-Raji, was asked by a reporter to share her views on the Federal Government’s plan to increase external borrowing. “At no point did she mention that the World Bank and the Federal Government of Nigeria (FGN) disagree on the need to rebalance the country’s debt portfolio....
By Mbakaan Kwen, Abuja The Nigeria Deposit Insurance Corporation (NDIC) has been conferred with the special recognition and commendation award for excellence in banking service at the Business Day banking awards 2017. In a statement by Mr. Bakare, a letter of commendation to the corporation from the awards committee anchored by Business Day Research and Intelligence Unit (BRIU) stated that the NDIC was adjudged as an outstanding public service provider with sterling performance which stood high above its peers in effective leadership and accomplishments. The award committee reviewed the pragmatic and tangible transformations which the corporation brought into management and execution of its core mandate including mitigation of corruption, insider abuse as well as containing non-performing loans in the nation’s financial system. “The NDIC has pursued the observance of corporate governance principles in the Nigeria’s financial system”, it stated. While commending the corporation on the feat, the organisers stated that the NDIC had implemented...
Micro, small and medium scale enterprises MSMEs are regarded as the future of the Nigerian economy according to business experts. SAMUEL ABULUDE looks at the role Diamond Bank is playing in supporting this category of entrepreneurs. In emerging economies such as ours, micro, small and medium scale enterprises MSMEs play a major role. According to World Bank Report, MSMEs contribute 45 percent of total employment and up to 33 percent of national Gross Domestic Product GDP in developing countries. There are over 37 million SMEs in Nigeria and more than ninety percent are Micro Small and Medium Enterprises MSMEs according to the National Bureau of Statistics NBS survey. These MSMEs are faced with challenges such as access to quality information that will boost their businesses, access to market, access to finances and a great number of them are unstructured. And if these challenges are not surmounted, the business dies in its...
BY AHURAKA ISAH and SOLOMON AYADO, Abuja Senate yesterday urged government at all levels to adopt Anchor Borrowers Programme of the Central Bank of Nigeria, CBN in order to address the problem of food security and poverty eradication in the country. It, however, mandated its Committee on Agriculture and Rural Development to investigate the circumstances surrounding the delay in extending this laudable intervention programme to other states and the FCT. Similarly, the upper legislative chamber directed the Federal Ministry of Agriculture and Rural Development, Presidential Committee on Rice Production and other agencies concerned to sustain the momentum in states where the programme is already launched. These were sequel to a motion, titled, “The Anchor Borrowers Programme and its benefits to farmers”, sponsored by Senator Mohammed Sha’aba Lafiagi (APC Kwara North). Senator Lafiagi said the senate was aware that “the CBN in line with its developmental function established the Anchor Borrowers Programme which is intended...
By Ejike Ejike, Abuja The minister of Transportation, Mr. Chibuike Rotimi Amaechi has inaugurated the committee for the flag-off of Transport short code *735# and Transport Social Media (TSM) Mobile Application, as a policy tool for the enhancement of passengers and motor parks’ safety as well as providing database for stakeholders. Inaugurating the committee on behalf of the Minister of Transportation, the Permanent Secretary of the Ministry, Sabiu Zakari stated that the Media App would curtail the menace of road transport related crimes such as kidnapping, “one chance” assault and touting in our motor parks. Amaechi noted that the road transport sub-sector which accounts for over 90 per cent of movements of persons, goods and services, remains unregulated leaving the sector with free entry and exit of stakeholders thereby resulting to entrance of unwanted elements in the operations of commercial activities on our roads. He disclosed that to authenticate the process, the company...
by Chibuzo Ukaibe, Abuja The Peoples Democratic Party (PDP) yesterday asked the federal government to heed the caution of the World Bank over plans to borrow $5.5bn loan. The party further urged the National Assembly to consider the plight of our unborn children and reject the request for the $5.5 billion loan by the administration. A statement by national publicity secretary, PDP, Prince Dayo Adeyeye, said the government owes the unborn children the duty not to cripple them before they are born. The party in statement said it “wishes to draw the attention of all Nigerians to the warning by the World Bank on the danger inherent in the continued unbridled borrowing by the President Muhammadu Buhari led Government under the guise of funding National expenditures instead of looking inwards and developing the Nation’s resources for a sustainable revenue flow. “As a Political Party that was in power for 16 years; that worked assiduously...
BY BAYO AMODU, Abuja - Women farmers are not getting the resources they need to feed their families and communities and adapt to climate change, findings by an international non-governmental organisation, Oxfam in Nigeria has shown. The findings was from analysis by Oxfam on policies and public investments in six countries. According to Oxfam, this exposes a sham in the rhetoric and commitments by countries and donors to shore up the agricultural sector and to focus support on women farmers. Oxfam looked at agricultural policies and public investments in Ethiopia, Ghana, Nigeria, Pakistan, the Philippines, and Tanzania and found two major problems. According to the report. ‘‘First, very little money is going to support small-scale farmers and helping them become more resilient to climate change. Second, it’s almost impossible to know how much is really reaching women farmers, a group especially threatened by climate change. “Climate change is not some far-off threat; it’s here...
The set-top boxes manufacturing plant, Gospell Digital Technology’s Ultra-Modern Surface Mount Technology (SMT), commissioned recently at the Free Zone Enterprise in Calabar is an initiative the federal government said is part of efforts to encourage private sector investments to grow the economy. In this interview with BAYO AMODU, Group Managing Director (GMD) of the digital technology firm, Sir Godfrey Ohuabunwa, speaks on the enormous opportunities for the country with the digital switchover You pioneered the digital switch over technology. What is new in the Surface Mount Technology (SMT), which was launched recently in Calabar? Gospell Digital Technology is an over-the-top manufacturing company. Basically the difference from what we are doing with others is that we are the first in Nigeria in the manufacturing of set-top boxes in Nigeria. The SMT is a computerised system through which robots or machineries place chips on top of printed circuit board. Printed circuit box...
By OLUSHOLA BELLO, Lagos Dangote Rice Limited said it has launched a novel multi-million naira Youth Farming Initiative that will engage teeming unemployed Nigerian graduates in rice farming in Kogi State. This is even as the Company prepares to hit the market with one million metric tons of Dangote rice in 2018. The Dangote Youth Rice Farm project, mainly an out-grower scheme for youths only was flagged off at the Lower Niger River Basin Authority, Kampe, Ejiba in Yagba West local government area of the state where youth have embarked on rice cultivation over 100 hectares of land. The rice farm project, which was preceded by a special training for the youth farmers on the dynamics of the rice farming, will see the youths cultivating the rice paddy on a 100 hectares of land, which will then be bought over by the company for processing. Under the scheme, the Dangote Rice company provides the...
BY OLUSHOLA BELLO, Lagos - Trading activities on the Nigerian stocks market ended the second consecutive week on a bullish note, with market capitalisation appreciating by N182 billion. All Share Index (ASI) rose 1.45 per cent week-on-week to close at 36,848.17 points, while year-to-date return advanced to 37.11 per cent. Similarly, market capitalisation increased by N182 billion to N12.684 trillion. Last week started off on a positive note on the first trading session but the market pulled back gains on Tuesday and Wednesday as investors booked profit. However, the sentiment rebounded on Thursday and Friday as investors positioned in previous decliners. Sector performance was largely bullish as all indices rose week-on-week. The Insurance index led gainers, up 7.9 per cent, due to strong rally in Mansard Insurance and Linkage Assurance. The Oil and Gas index followed suit, rising 1.8 per cent on the back of gains in Total and Oando. Similarly, the Banking...