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Economy

ONCCIMA tasks 9th Senate on legislative bite for ease of doing business

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ONCIMMA

Awka, June 11, 2019 The Onitsha Chambers of Commerce, Industry Mines and Agriculture (ONCIMMA) has called on the 9th Senate to make laws that would enhance the Ease of Doing Business (EoDB) in Nigeria for fast economic growth.

The Chairman of ONCIMMA, Mr Don Ebubeogu, made the call in an interview with the News Agency of Nigeria on Tuesday in Awka.

NAN reports that the 9th Senate was inaugurated on Tuesday with Sen. Ahmed Lawan and Sen. Ovie Omo-Agege as President and Vice-President respectively.

Ebubeogu said though the Federal Government through the Vice-President, Prof. Yemi Osinbajo, has been working to evolve better businsess environment, there was need to make pieces of legislation for its sustainability.

The chambers chairman identified poor maritime, multiple tax, internal custom checks and inefficient transport system as some of the challenges.

“Vice-President Yemi Osinbajo has been championing the EoDB mantra but it lacks sustainability and bite, so, I call on the Senate to look at those proposal and make laws to back them up,” he said.

The industrialist said that rather than develop more ports in Lagos, the Federal Government should work on Onne, Calabar and Warri ports to ease movement of good in and out of the country as well as circulation within the country.

Ebubeogu said the high landing cost of goods in Lagos ports and dumurage occasioned by delay in clearing and evacuation was contributing hugely to inflation.

According to him, the situation in Lagos ports has become unattractive that importers now prefer Republic of Benin and other neighbouring countries’ ports because of their cost effectiveness.

The ONCIMMA president said Customs officials should be restricted at the borders as their internal operations impede the flow and of transportation of goods.

“Building another port in Lagos is just postponing the evil day, the concentration of ports in Lagos is simply killing our nation’s economy, the government should just make sincere efforts to develop the ports in Onne, Uyo, Calabar, Warri and others to decentralise economic activities.

“The implication is that the cost of these inconvenience is transferred to end users and that is higher cost of goods,” he said.

The ONCIMMA chairman said there must be a legal template for Trade and Commerce and economic transformation of the country.

Economy

Customs in Niger generates N306m revenue in July – Official

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The Niger Area Command of the Nigeria Customs Service (NCS)  said it has  generated N306 million as Internally Generated Revenue (IGR) in the month of July.

Mr Benjamin Lambo, Public Relations Officer (PRO) of the command which covers Niger, Kwara and Kogi states, disclosed this in an interview with the Nigeria News Agency in Minna on Wednesday.

”In the month under review, the command seized 17 different second hand vehicles, and 1,254 bags of rice with Duty Paid Value of N26.6 million,” he said.

He explained that the command was putting various security measures at the border posts to curtail illegal transactions and prevent illegal items coming into the country.

” We are fully prepared to end smuggling through our various strategies that will pave way for arrest and prosecution of smugglers”, Lambo added.

He solicited the support of stakeholders, traditional and religious leaders in mobilising residents to volunteer information that would aid in apprehending all those involved in the illegal trade.

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Economy

Zimbabwe’s mth/mth inflation falls to 21.04 % in July

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Inflation

Harare, Aug. 21, 2019 Zimbabwe’s month-on-month inflation rate fell to 21.04 per cent in July compared to 32.96 per cent the previous month as prices of basic goods increased at a slower pace, statistical agency ZIMSTATS said on Wednesday.

Finance Minister Mthuli Ncube on Aug. 1 suspended the publication of year-on-year inflation figures until February 2020 because adoption of a new currency had impacted the base for calculating the consumer price index.

Annual inflation hit 175.66 per cent in June, the highest rate since runaway money-printing and associated hyperinflation forced the country to abandon its currency in 2009. (Reuters/NAN)

JI/WOJ

 

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Economy

NDIC signs MoU with Korean counterpart to strengthen deposit insurance

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The Nigeria Deposit Insurance Corporation (NDIC) has signed an agreement with the Korea Deposit Insurance Corporation (KDIC) to strengthen the Deposit Insurance System (DIS) in their respective jurisdictions.

In a statement on Wednesday, the spokesman of NDIC, Mr Mohammed Ibrahim, said the signing was done at the KDIC headquarters in Seoul, the South Korean capital.

Ibrahim said the Memorandum of Understanding (MOU) covered a wide range of issues intended to enhance the protection of banks’ depositors.

He listed some areas covered by the MoU as promotion of communication, enhancement of existing cooperation, provision of support and mutual understanding as well as collaboration.

These, according to him,  is necessitated by the “increasing globalisation and complexity of large financial institutions and the unique challenges they pose for regulatory authorities.”

“The MOU also provides for effective international working relationship between both agencies along with the enhancement of their roles in financial regulatory initiatives and policy deliberations.

“There will also be periodic exchange of staff between both institutions and bilateral meetings on regular basis.

“This is to enhance mutual understanding that promotes development of the DIS in both Nigeria and South Korea,” he said.

Ibrahim said the Chairman of KDIC, Mr WI Seongbak, and the Managing Director of NDIC, Mr Umaru Ibrahim, signed for their respective bodies.

 

 

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Economy

Monarch urges Nasarawa Govt on devt of his community

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Alhaji Usman Abdullahi, the Ohimege Opanda in Nasarawa State, has appealed to the state government to provide Toto Local Government area with basic infrastructure to boost socio-economic and agriculture in the area.

This, he said, would enhance the standard of living of residents and overall development of the country.

Abdullahi, a first class traditional ruler, made the call on Wednesday during an interview with the Nigeria News Agency in his palace in Umaisha in Toto Local Government area of the state.

He said that provision of infrastructure was key to the development of every society, hence the need for the state government to provide  roads, schools, electricity and other amenities in  the area.

The Igbura traditional ruler said that the provision of basic amenities would also attract investments to the area, thereby creating jobs opportunities and boosting their revenue base.

“I want to use this medium to appeal to the state government to link our area with Kogi State with road to improve on our standard of living and to boost our socio-economic activities.

“Look at Toto Local Government, we are not developed; no electricity, no good portable water, no good roads, among other social amenities.

“We also want the government to establish a higher institution in this area in the interest of the education of our children and other Nigerians considering the importance of education to the development of the society.

“If these are done,it will go a long way in bringing in development, boosting agricultural activities, thereby improving on our standard of living,”  Abdullahi said.

Abdullahi also called on his subjects and other Nigerians to pray and support leaders at all levels to enable them succeed in the tasks ahead of them.

“I want my people and Nigerians at large to pray for leaders at all levels as prayer is key to success. Our leaders need our prayers and support to succeed while discharging their duties.

“So, I want my people to give their maximum support and cooperation to President Muhammadu Buhari, Engr.Abdullahi Sule and other leaders to succeed so that they will bring us more dividends of democracy, “he said .

The first class traditional ruler  enjoined his subjects and Nigerians to live in peace, be law abiding and respect constituted authorities for the overall development of the country.

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Economy

Gov. Ishaku disburses N500m for devt. projects in 50 communities

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