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Nigeria to Boost Production Via Tax Breaks, Export Incentives- Enelamah

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Okechukwu Enelamah, minister of industry, trade and investment during a discussing with Oxford Business Group (OBG), highlighted government’s plan to boost economy.

A key trade facilitation agreement (TFA) signed by Nigeria and more than 100 other nations with the World Trade Organisation is expected to provide the country’s manufacturing industry with a major boost, Okechukwu E Enelamah, the minister of industry, trade and investment, told Oxford Business Group (OBG).

Commenting in a wide-ranging issues with the global research and consultancy firm, Enelamah said the “milestone” TFA should ease the overall cost of doing business in Nigeria, which he acknowledged was one of three main obstacles that manufacturers currently faced.

“The biggest challenge is definitely infrastructure, in one form or another. In addition, manufacturers need more access to sustainable, affordable and reliable power – that’s our first priority as a government and as a ministry,” he acknowledged. “Each of these areas represents an opportunity to take the country higher and to fulfil our potential.”

The full chat with Enelamah will appear in The Report: Nigeria 2017, OBG’s forthcoming publication on the country’s economy.

The Report: Nigeria 2017 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. The publication will contain a detailed, sector-by-sector guide for investors, alongside contributions from leading personalities. It will be available in print and online. 

Enelamah said that creating an attractive environment for manufacturers through measures such as tax breaks, export incentives and finance, was high on the government’s agenda in line with its broader aim of increasing local production.

“Producers need assurance that if they produce locally, their products will enter the local value chain, and we have created the conditions for that,” he told OBG. “We are also working to avoid dumping, as entrepreneurs that are producing high-quality products cannot compete with imports that are cheaper and of lower quality.”

Nigeria’s plans for boosting foreign direct investment levels are also outlined in the interview.  “We want to improve the supply of foreign currency through funding programmes that will bring billions of dollars into the economy,” Enelamah told OBG. “We are also reorganising and revamping the Nigerian Investment Promotion Commission. Ultimately, we are aiming to create the confidence that investors need to come to Nigeria.”

 

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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