NEWS
We’ll provide Regulatory Support for SMEs to Access Capital – SEC
The Securities and Exchange Commission (SEC) on Wednesday said that it was committed to creating a regulatory environment that supported easier access to capital for Small and Medium-scale Enterprises (SMEs).
Dr Emomotimi Agama, Director-General of SEC, represented by Mr Tunde Kamali, Director, Office of the director-general, SEC, said this at the World Stage Economic Summit 2024.
The summit had the theme, “Nigeria: Setting A Stage For Business And Economic Recovery.
”Agama said initiatives like the Growth Board of the Nigerian Exchange Ltd.(NGX) enabled smaller companies to list, gain visibility and access to much-needed funding.
He noted that SMEs are crucial to Nigeria’s economy, representing over 90 per cent of businesses and providing employment for millions.
“Access to finance remains a major barrier to their growth and sustainability.
“By helping SMEs scale and innovate, we can diversify our economy, reduce unemployment and promote inclusive growth,” he said.
According to the director-general, SEC is working to streamline regulatory processes to facilitate capital raising for infrastructure projects, while ensuring robust investor protection.
He said the goal of the commission was to establish Nigeria’s capital market as the premier destination for infrastructure financing in Africa.
Agama noted that financing of critical infrastructure was a top priority for Nigeria’s economic recovery.
He said that the capital market offered an ideal mechanism for funding large-scale projects, as demonstrated by successful infrastructure bonds and public-private partnerships (PPPs).
According to him, Nigeria faces a significant infrastructure deficit, estimated at three trillion dollars by the World Bank.
Agama added that bridging this gap requires a coordinated effort between the public and private sectors.
He said, in the primary market, as at August, the commission had approved a total of nine new issuances, with a combined value of N1.228 trillion.
Agama said these approvals included four rights issues totalling N508.933 billion, one private placement valued at N10.05 billion, and four public offers amounting to N709.944 billion.
“These figures reflect the growing confidence in our capital market and underscores a reinvigorated commission that is committed to facilitating orderly capital formation in Nigeria.
“SEC is committed to positioning the capital market as a catalyst for Nigeria’s development goals.
“By fostering innovation and ensuring that the market meets the evolving needs of investors and the economy, we are creating an environment that supports sustainable growth and financial inclusion.
“Through strategic public-private partnerships, financial literacy initiatives, and fintech advancements, we are deepening the capital market’s reach.
“Also, ensuring that it serves as a platform for job creation, infrastructure financing and broader economic resilience,” he said.
Agama called for collaboration across all sectors to unlock the full potential of Nigeria’s capital market, and set the stage for a stronger, more resilient economy.
He noted that government patronage of the capital market could significantly benefit both the market and the broader economy.
The director-general said that by issuing bonds or long-term securities, the government enhanced market depth and liquidity, attracting institutional investors seeking stable returns.
He noted that this established a benchmark for pricing private-sector debt, boosting investor confidence and making the capital market more predictable.
In his welcome address, Mr Segun Adeleye, President, World Stage Ltd., said amid daunting challenges confronting the nation, government and businesses had no choice than to align strategies for the common good in economic recovery.
Adeleye posited that this could be achieved through stable power supply, job creation, exchange rate management, inflation control, banking recapitalisation, fiscal and debt management.
He also suggested structural reforms, human capital development and economic diversification.
According to him, irrespective of diverse views that many may share about Nigeria, the country has enormous potential and opportunities to overcome its challenges and achieve sustainable and inclusive growth.
“Many have been advocating economic diversification and structural transformation for government to reduce dependence on oil exports and diversify into other sectors, such as agriculture, manufacturing and services.
“The government is also being advised to support the development of value chains and clusters, and enhance the linkages between the oil and non-oil sectors.
“This is while, the government also fosters regional integration and trade and takes advantage of the opportunities offered by the African Continental Free Trade Area (AfCFTA),” he said. (NAN)
NEWS
Yuletide: Bode George Urges Tinubu to Reduce Petrol Price
Chief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to reduce the price of petrol to N300 per litre ,to make things easy for Nigerians during the festive season.
George, the Atona Oodua of Yorubaland, made this plea at an interactive session with newsmen on Wednesday in Lagos.
The price of Premium Motor Spirit, popularly known as petrol, is currently above N1,000 per litre.
According to the elder statesman,Nigerians are going through hardship, the President should give an order to reduce fuel price, specifying time frame the people will enjoy such window of relief.
He said that the federal government as well as well- meaning individuals and businesses could bear the cost of such price slash , to bring happiness to all Nigerians.
The PDP leader, who noted that December and January are special months , said that such gesture could start from the middle of December and run through January.
“I have been thinking, as a Nigerian, what can we do because the anger and the hunger are almost equal on the streets of Nigeria.
“What am I suggesting is that Mr President should sit down with his managers and give an order that from the middle of December to the end of January, the cost of petrol will be N300 per litre.
“The government can absorb the losses in the interest of the suffering people.
“If they (government) want others to contribute, let us know how much that is going to cost and ask people to donate, to bear the cost.
“We will be sending a lot of messages of happiness across the tribes and homes.
“Everybody in Nigeria will be happy because it will positively impact on this period of the year. It is a challenge and he (Tinubu) can do it.
“We need this in this December and January to put smiles on the faces of Nigerians, ” George, a PDP Board of Trustees (BOT) life member, said.
Advising the President to take further measures to bring relief to the people, he said that the gesture would crash prices of essential commodities and services for the benefit of all .
He said that government’s efforts should be concentrated on reducing high inflation rate, unemployment, poverty and youth restlessness in order to create a better future for Nigerians
Speaking on the recent presidential election in Ghana, George noted that Nigeria’s electoral system needed reforms to guard against electoral frauds and manipulations.
According to him, the nation will continue to grope for development if the system fails to encourage best candidates to emerge.
Stating that election must reflect the wishes of the people and be devoid of religious and tribal sentiments, George said that Ghana election should be a wake up call for Nigeria.
“INEC performance must improve. The commission must make sure that the voice of the people is heard in elections.
“Electoral offenders should be made to face the music and sent to jail. We must be very firm about due process, credibility and transparency in elections,” he said.
Urging the President to revisit resolutions in the 2014 Constitutional Conference, George said that the current constitution was not federal in principle and practice.
“We should not deceive ourselves, the constitution is a problem. It is a military constitution, it is not democratic,” he said.
George called on the National Assembly to ensure devolution of powers and electoral reforms that would do away with manual collation of election results and mandate electronic transmission of election results from polling units.
George disagreed with political watchers saying no vacancy in presidency in 2027.
On the dwindling strength of the former ruling party, George, who noted that all organisations had its ups and downs, said that selfish interests and disregard for party rules remained PDP’s major challenge.
He said that PDP could bounce back and win presidential election if the leadership decided to elevate national interest above selfish interests and adhere to the party’s constitution.
“We will tell ourselves some serious old truth. We messed ourselves up. ” he said.
Stating, however, that the PDP was not dead, George said that lack of justice, equity, fairness and the inability to adhere to the party’s zoning and rotational principle cost the party victory in 2023.
Calling on the party’s founding fathers alive to wake up and rescue the party, George said that Nigerians were still waiting for the former ruling party to take over power and put things right. (NAN)
NEWS
Tinubu Set for Groundbreaking of Renewed Hope City in Lagos
President Bola Tinubu, is set to perform the groundbreaking of 2,000 housing units of the Renewed Hope City in Ibeju Lekki, Lagos, in the next few weeks.
Mr Ahmed Dangiwa, Minister of Housing and Urban Development, announced this during an official assessment visit, on Wednesday in Lagos
Dangiwa said Lagos would represent the South-west, while the president would do that of the North-West in Kano, before doing that of the four other regions.
“Arrangements is already on ground, we have gotten sites, and work has commenced for 2000 houses in the Renewed Hope City that we intend to build in Ibeju-Lekki,” he said.
Towards achieving the set goal, the minister said the visiting team also paid a courtesy visit to Gov.
Babajide Sanwo-Olu to discuss area of collaboration between the federal and state governments.He disclosed that the federal and Lagos state governments had agreed to set up a Tripartite committee and ensure all the issues of concerns between the parties were resolved amicably for the benefit of all.
Earlier, the Minister embarked on an assessment visit of deplorable Federal Government buildings and assets across Lagos state in a bid to commence rehabilitation on them in a few months.
Dangiwa said the rehabilitation was necessary as the deplorable buildings posed a challenge and security concerns to the Lagos state government. (NAN)
NEWS
Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly
Gov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House of Assembly for consideration and passage into law.
Alia told the lawmakers that out of the total budget size, N175.4 billion is for recurrent expenditure while the N374.
7 billion is for capital expenditure.The governor said that the total estimate represented a 47.
5 per cent increment over the 2024 revised and approved figure of N373 billion.He stated that the appropriation bill tagged “Budget of Human Capital Development, Food Security, and Digital Economy” was to consolidate the gains made in 2024.
Alia further explained that the proposed recurrent expenditure of N175.
4 billion was 13.55 per cent higher than the previous year.According to him, budgeted capital expenditure of N374.7 billion represents a 71.5 per cent increment on the 2024 revised capital expenditure.
“The budget breakdown indicated that the sum of N212.2 billion, representing 38.52 per cent is for administration; N196.6 billion, representing 35.68 per cent is for the economy; law and justice will take N26.6 billion, representing 4.84 per cent while social welfare will gulp N115.5 billion, representing 20.96 per cent.
“We have the vision. We have the will. And most importantly, we have the people ready to work alongside us to turn this vision into reality.
“Together, we will build a state where every citizen has the opportunity to succeed, where food is plentiful, and where the digital economy opens new frontiers of opportunity for all,” he said.
The governor said the intention of the government was to stay within the limits of its recurring revenue to build the state without accruing unnecessary debts for generations unborn.
He, however, said that since the 2025 budget was a deficit one, it proposed a borrowing plan of a conservative sum of N26bn, representing a modest 4.7 per cent of the proposed aggregate expenditure for 2025.
“This is lower than the state’s debt-to-GDP ratio of 8.2 per cent which is within the benchmark of the 25 per cent debt sustainability threshold.
“Despite these favourable debt ratios, I want to reiterate that borrowing will only be considered as a last resort and for regenerative investment purposes,” he added.
Alia stated that the problem of Internally Displaced Persons (IDPs) remained a challenge, adding that they have reasonably improved their living conditions.
He said the Bureau of International Cooperation and Development has elicited substantial grants from donors, totalling N85bn. (NAN)