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Tinubu’s Economic Reforms, Diplomatic Alliances ‘ll Attract Investments, Partnership – Shettima

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Vice President, Kashim Shettima, says President Bola Tinubu’s economic reforms and diplomatic alliances are intended to attract investments and partnerships to the country.

Mr Olusola Abiola, Director, Information, Office of the Vice President, in a statement, said Shettima stated this in his address to world leaders at the third BRICS-Africa Outreach and BRICS Plus Dialogue on the sidelines of the ongoing 15th BRICS Summit at the Sandton Convention Centre, Johannesburg, South Africa.

Shettima spoke to a large audience which includes Presidents of China, India, Brazil, South Africa and Russia’s Foreign Minister on the theme, ‘BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism’.

According to him, the new Nigerian government, which began less than three months ago, is examining the variables and evaluating the scope and level of regional and global cooperation to pursue in order to establish Nigeria as the desired friend and partner.

Shettima said the theme “underscores the profound realisation that the cornerstone of stability within our intricate multipolar landscape lies in fostering developmental partnerships”.

He commended the efforts of the organisers for focusing on the agenda items which centers on “BRICS and Africa”.

The vice president stated that the agenda aligns with “the aspiration of the people we represent, the future citizens of a world that can ensure our collective prosperity”.

He extended Nigeria’s gratitude to the Government and people of the Republic of South Africa for convening the 15th BRICS Summit.

“The BRICS-Africa Outreach and BRICS-Plus Dialogue provide a unique platform for deliberation, note comparison, and exploration of a mutually beneficial partnership that could evolve into a novel driving force for development.

“The international global governance structure to which we currently adhere was established prior to the independence of the African continent and many countries in the global south.

“So, it’s indeed imperative to reform global governance to align with the realities of today’s world and to acknowledge the necessity for partnerships that ensure shared prosperity, inclusivity and sustainable development.”

Shettima assured that Nigeria, under President Tinubu, was committed to shaping and fortifying the global framework and governance concerning all major international issues.

“These are particularly in the fields of finance, climate change, bridging the digital divide, adopting a comprehensive strategy towards debt alleviation, addressing food and energy insecurities, instituting post-pandemic recovery measures, and fostering financial inclusion within developing countries.”

He stressed the need for a revitalised international cooperation that is effective, representative, and inclusive to tackle the challenges facing the world.

Shettima opined that Nigeria is ready for collaboration and partnership that guarantee a world governed by acceptable rules and norms.

“We seek partnership that provides opportunities for all to engage in trade, prosperity, and shared progress with no marginalisation based on geography, race and legitimate sovereign affiliations,” he affirmed.

On the 2030 Agenda for the Sustainable Development Goals (SDGs), he observed that the reality of achieving the SDGs remains bleak for many developing countries.

“These nations confront historical developmental vulnerabilities and challenges that are beyond their control. Thus, it is imperative for us to unite within regional groups and forge a novel form of international cooperation.

“This endeavor aims to foster global economic governance reform while enhancing the representation and voice of emerging market economies or developing countries.”

Shettima, while emphasising partnership as a major key for addressing current global challenges, seeks formidable global partnerships through harnessing the agricultural potentials of nations.

He also underscored the need for harnessing renewable energy to revolutionise Africa; fostering technology, innovation, and job prospects for holistic and equitable progress; collaborative efforts on climate change and nature-centered approaches to development.

“Others include strengthening vibrant private-sector participation among the countries of the global south; nurturing youth employment and skill building as a deterrent against terrorism, organized crime, related challenges; proactive crisis prevention and heightened resilience as well as promoting proactive involvement of business leadership in shaping an improved and ideal landscape for trade and economic exchanges in the Global South.”

Earlier, in his address on the third day of the Summit, the Chair of BRICS and President of South Africa, Cyril Ramaphosa, expressed the commitment of South Africa to advance the interests of the global south.

He announced the admission of six new full members – Argentina, Egypt, Iran, Saudi Arabia, Ethiopia and United Arab Emirates – as part of the outcomes of the Summit to expand its objectives.In the delegation of the Vice President to the Summit were Nigeria’s High Commissioner to South Africa, Amb. Mohammed Mantra, the Consul-General, Amb. Andrew Idi, and other senior government officials. (NAN

Economy

Infrastructure Devt.: ICRC to Issue Approval Certificates Within 7 Days – DG

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By Tony Obiechina, Abuja

The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.This follows the charge by President Bola Ahmed Tinubu to the Director General of the Commission, Dr Jobson Oseodion Ewalefoh “to accelerate investment in National Infrastructure through innovative mobilization of private-sector funding”.

President Tinubu also charged him to work assiduously to boost infrastructure development in Nigeria as part of the renewed hope agenda of the current administration.In view of the above, Dr Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days.
This will accelerate the turnaround time for approvals by the Commission.“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.“By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.In a statement by Ifeanyi NwokoActing Head, Media and Publicity on Monday the ICRC DG in August rolled out a six-point policy direction which among others, focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.

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Economy

VAT revenue increases by 9% to N1.56 trillion in Q2 2024

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By Tony Obiechina, Abuja 

The federal government in the second quarter of 2024 generated a total of N1.56 trillion from Value Added Tax. This is a 9.11 percent increase from the N1.43 trillion in Q1 2024.

According to the National Bureau of Statistics report, local payments recorded were N792.

58 billion, foreign VAT payments were N395.
74 billion, while import VAT contributed N372.
95 billion in Q2 2024.

“On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 98.44%, followed by agriculture, forestry and fishing with 70.26%, and water supply, sewerage, waste management and remediation activities with 59.

75%,” NBS reported.

“On the other hand, activities of households as employers, undifferentiated goods and services producing activities of households for own use had the lowest growth rate with 46.84%, followed by Real estate activities with 42.59%.

“In terms of sectoral contributions, the top three largest shares in Q2 2024 were

manufacturing with 11.78%; information and communication with 9.02%; and Mining and quarrying with 8.79%.

“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by activities of extraterritorial organisations and bodies with 0.01%; and Water supply, sewerage, waste management and remediation activities with and real estate services 0.04% each. 

“However, on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82% from Q2 2023.”

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Economy

Stock Market Sustains Bullish Momentum, Gains N270bn

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Investors’ sustained interest in MTN Nigeria, Zenith Bank, and FBN Holdings, among other key stocks, drove the Nigerian Exchange Ltd. (NGX) market capitalisation to a gain of N270 billion or 0.48 per cent.

Specifically, the market capitalisation, which opened at N55.708 trillion, closed at N55.

978 trillion.

The All-Share Index also advanced by 0.

48 per cent, or 476 points, to settle at 98,592.
12, compared to 98,116.27 recorded on Thursday.

As a result, the Year-To-Date (YTD) return rose to 31.87 per cent.

Market breadth closed positive with 38 gainers and 18 losers.

On the gainers table, ABC Transport, Eterna Plc, Julius Berger, and United Capital led by 10 per cent each to close at 77k, N19.

80, N110 and N15.95 per share respectively.

Mecure followed closely with 9.94 per cent to close at N8.52 per share.

On the other hand, Union Dicon Salt led the losers’ table by 9.88 per cent to close at N7.30, UPL trailed by 8.97 per cent to close at N2.18 per share.

Custodian dropped 8.59 per cent to close at N11.70, Omatek lost 7.14 per cent to close at 65k and Axa Mansard declined by 6.85 per cent to close at N5.03 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46 per cent.

A total of 477.44 million shares valued at N8.17 billion were exchanged in 9,529 deals, against 791.78 million shares valued at N15.13 billion exchanged in 9,059 deals posted in the previous session.

Veritas Kapital led the activity table in volume with 103.24 million shares valued at N125.59 million, while Oando led the table in value with 52.39 million shares worth N2.13 billion. (NAN)

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