NIA reiterates commitment to eradicate fake insurance certificates
Lagos, April 23, 2019 The Nigerian Insurers Association (NIA) on Tuesday reiterated its commitment to eradicate fake insurance certificates in the market and thereby bring insurance to the public.
Mrs Yetunde Ilori, Director-General of NIA, gave the assurance at a media briefing in Lagos.
She said that the association initiated the Nigerian Insurance Industry Database (NIID) to assist motoring public verify the genuineness of their insurance certificates.
Ilori said that to deepen the impact of the platform, the association in collaboration with Nigeria Inter-Bank Settlement System (NIBSS) launched the “USSD *565*11#’’ code and allow easy access regardless of internet connection.
According to her, the platform is considered an important step in the fight against insurance fraud and economic sabotage.
“Prior to the establishment of the platform, cloning and faking of insurance certificates were thriving business in the country, but now, it has reduced,’’ she said.
Ilori said that platform would further protect the image of the industry and also ensure that only insured vehicles were driven on Nigerian roads.
She noted that the association would continue to evolve technology to solve challenges confronting the industry and to deepen insurance penetration in the country.
Expert urges Nigerians to imbibe savings culture
Mr Bayonle Omoyele, the Executive Director, Reliance Thrift and Credit Cooperative Society, has advised Nigerians to imbibe savings culture in order to contribute to the nation’s economic development.
Omoyele gave the advice at the first Annual General Meeting of the cooperative on Saturday in Abuja, with the theme, “Cooperative: A tool for Economic Development”.
He said that investment and savings play important role in the growth and development of any nation.
“For this nation to grow we need to save and that is where cooperative society becomes useful.
“Nigerians should be encouraged to save for the rainy day so that it becomes an integral part of our culture.
“It will also improve our level of investments and, in turn, we will be able to employ more people, thereby improving the economy of our country.”
Omoyele also urged Nigerians to save their money with credible and registered cooperative societies in order not to be duped by criminals.
He said that the society, on its part, would introduce a digital system, where customers would receive alert immediately they drop their money for savings.
Mr Olugbesan Idris, the Executive Director, Regent Microfinance Bank, underscored the importance of cooperatives in the country.
Idris said that cooperatives would help to raise the living standards of Nigerians.
He further said that cooperatives help to create better opportunities for all along with the platform that helps to reduce inequality between the rich and poor.
Nigeria News Agency reports that highpoint of the event was the distribution of gift items to customers, award presentations and raffle draw.
(Edited by: Sam Oditah)
FG reiterates commitment to give priority to development of textile industry
The Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, said that the Federal Government would give priority to development of the textile industry.
The minister said this in a statement issued on Friday in Abuja by Mrs Oluwakemi Ogunmakinwa, the Assistant Director of Press in the ministry.
The minister of state said that it was essential to make Nigeria an exporter of finished products.
Katagum spoke when a delegation of investors from China led by the Treasurer of Kano State Chamber of Commerce, Industry, Mines and Agriculture, Alhaji Umar Ibrahim visited her in Abuja.
She expressed delight with the Chinese investors who indicated interest to develop the textile industry in Kano.
According to her, Kano is known to be a historic centre for the textile industry, particularly the traditional dying art technology that has been there for many decades.
Katagum further assured of the Federal Government’s commitment to support the Kano State Government and the Chinese investors for the development of the textile industry.
She added that the support was in line with the current administration’s Economic Growth and Recovery Plan (ERGP) policy.
Earlier, Ibrahim said the purpose of the visit was to seek collaboration with the ministry for the development of the country’s textile industry.
He explained that Kano State Government in partnership with Dantata Group of Companies was working assiduously to ensure that Nigeria’s textile industry was developed to support the country’s economic diversification plan.
Edited by: Ese E. Ekama
Maintenance: AEDC notifies power interruption in parts of Abuja, Kano
The Abuja Electricity Distribution Company (AEDC), says customers in parts of Central Area, Abuja will experience power interruption on Dec. 14 and 15 due to maintenance of its facility. .
AEDC’s General Manager, Coporate Communication, Mr 0yebode Fadipe said this in a statement in Abuja on Friday.
Fadipe said that the areas to be affected by the interruption which would commence from 9 a.m. to 6 p.m. include Wuse Zone 1-7, Maitama and some parts of Kano.
He said that the interruption was to enable the Abuja Region of the Transmission Company of Nigeria (TCN) maintenance team in conjunction with AEDC undertake the replacement of a punctured 132 kilo Volt XLPE cable on the Katampe – Central Area 132kV Line 1.
Fadipe said that the scope of work had been planned to last for three weekends in order to minimise the period of interruption of power supply to customers within the affected areas.
“The decision to embark on the replacement of the cable is gratifying as it will engender improved service to customers.
“Our customers who had hitherto been experiencing loadshedding can now look forward to longer hours of power supply after the replacement of the cable, which is situated at the back of the IBB Golf Course
“We appeal for patience and understanding of the affected customers as the replacement of the cable is expected to be completed on Dec. 29,” he said.
Edited by: Ese E. Ekama
AfDB approves $124.2m loan for water sector reforms in Akure
The Board of Directors of the African Development Bank (AfDB) has approved a 124.2 million dollars loan to finance the urban water sector reform and Akure water supply and sanitation projects in Nigeria.
the bank’s active portfolio in Nigeria comprised 61 operations, of which 54 were national and seven were regional.
“The total commitment to these projects is 4.8 billion dollars and includes water and sanitation projects worth 606.0 million dollars.
Edited by: Donald Ugwu
2019 Q3: MAN pegs CEOs Confidence Index at 51.7 per cent
The Manufacturers Association of Nigeria (MAN) on Friday pegged the composite Manufacturers CEO’s Confidence Index (MCCI) for the third quarter of 2019 at 51.7 per cent.
The percentage was given in a statistics report made available to newsmen in Lagos.
According to the report, the value presents a marginal increase of 0.8 index point over 50.9 index points as recorded in the second quarter of the year.
It also indicates some level of improvement in the nation’s ports operations following some ongoing government reforms.
Notwithstanding, the CEOs said that poor access, heavy traffic and undue congestion at the ports still prevalent were recorded.
Additonally, local sourcing of raw materials gained traction due to the backward integration policy and import substitution strategies of the government.
The CEOs urged government to sustain the implementation of the backward integration policy by properly funding relevant institutions, initiating policies that would prioritise development of local raw materials in commercial quantities.
“The slight increase is a welcome development as it depicts upstick in the performance of the manufacturing sector and shows that manufacturers confidence in the economy improved in the third quarter.
“Nevertheless, the slight improvement in performance was attributed to doggedness of manufacturers as the operating environment remains very challenging,” the report reads in part.
It also states that the indexes of the current business conditions dropped to 41.5 per cent from 43 per cent recorded in the second quarter.
In addition, current employment conditions which stood at 35 per cent in the second quarter also improved to 42.3 per cent in the third quarter, while production expectations for the next three months increased marginally from 64 per cent to 66.4 per cent.
The CEOs, in the report, however, urged the government to make conscious efforts at addressing the challenges currently rocking the manufacturing sector.
They identified and ranked poor electricity and gas supplies first; multiple taxation and frivolous demands by government agencies second; high interest rates and difficulty accessing loans, poor accessibility to ports and high demurages ranked third; and poor economic infrastructure fourth.
Difficulty in sourcing forex, low patronage, counterfeiting and inflation, high cost of spare parts, high government bureaucracy, lack of skilled labour, insecurity, high cost of production, poor environmental management systems ranked fifth to twelfth respectively.
The CEOs recommended urgent resolution of the Nigeria-Benin border disputes, resuscitation of domestic refining to conserve forex for industry needs, and proper implementation, monitoring of government laws, regulations and Executive orders.
They also callee for deliberate channeling of economic infrastructure to strategic economic hubs across the nation.
The CEOs urged government to address the observed port-related challenges, dilapidated infrastructure, inadequate space, weak trade facilitation infrastructure, poor road network and the associated gridlock to enhance competitiveness.
The Nigeria News Agency reports that the MCCI was created to gauge the pulse of the economy on a quarterly basis.
The data presented in the report was generated from the responses of over 200 CEOs of MAN member-companies across the country focusing on their positions on macroeconomic and business operating environments as well as perception on the earlier mentioned diffusion factors.
The MCCI report took into account manufacturers’ perception on a set of diffusion factors including current business condition and business condition for the next three months.
Additionally, the current employment condition, rate of employment, employment condition for the next three months and production level for the next three months were also measured.
It also considered the general macroeconomic condition inclusive of foreign exchange, business operating environment, lending rate, credit to the manufacturing sector and capital expenditure of the government in the analysis.
Edited by: Oluwole Sogunle
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