Connect with us

BUSINESS

Ahmed, Yuguda Harp on Need for National Saving Scheme

Published

on

Share

By Tony Obiechina, Abuja

Mobilization of domestic savings for capital formation and investment has been identified as a critical success factor for harnessing the true growth potential of the Nigerian economy.

This was stated by the Minister of Finance, Budget and National Planning, Mrs.

Zainab Ahmed during the submission of report of the Working Group on National Savings Scheme in Abuja, Tuesday.

The Minister stated that the just launched Medium-Term National Development Plan 2021-2025 recognizes the role of a deep financial market in supporting the high and sustainable growth the plan aims to attain.

I hope the proposals made in this report will guide government in taking actionable steps to actualize the objectives outlined.

She assured that she would review the report and work with the Securities and Exchange Commission and other stakeholders to ensure that the country fully realizes the potential benefits of the Scheme to the country.

Ahmed said, “We understand that this initiative will involve several other agencies such as the CBN, FIRS, NAICOM and other important stakeholders. We will leverage on our collaborative working environment within the government to ensure we get necessary buy-in and commitment from relevant stakeholders.

“On behalf of the federal government and the Ministry of Finance, Budget & National Planning, I extend my sincere appreciation for your selflessness in giving your time and skill in this painstaking work in support of government. I trust that we will count on your patriotic spirit when we call on you for further support in this or other laudable endeavours for our dear country”.

Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda explained that the need to establish a National Savings Strategy was outlined in the 10 Years Capital Market Master Plan “as one of the key strategies to enhance capital formation by mobilizing domestic funds for investment to drive rapid economic growth.

 “It envisaged the deliberate provision of risk capital as venture capital and private equity that are naira based and more committed to the long-term prosperity of Nigeria as well as create a buffer to the instability created by foreign investors. The CAMMIC commissioned a white paper on a National Savings Strategy and recommended to the Minister of Finance, Budget and National Planning the formation of a Working Group to explore the feasibility of the report findings”, he added.

Yuguda thanked the Honourable Minister for Finance, Budget and National Planning for graciously embracing this initiative and constituting this National Working Group and expressed the hope that the Finance Minister will accept the recommendations of Working Group and facilitate the adoption of the National Savings Scheme in the Nation’s Development programe.

While presenting the report, Dr. Ore Sofekun member of the Committee and CEO of Foothold Advisors Limited who presented the report on behalf of the Committee Chairman, Mr. Fola Adeola, said the scheme will be open-ended and considering its medium-term to long-term objective, participants will have the opportunity to decide how their contributions will be invested and will be able to make periodic re-allocations.

To allow for product diversification and provide savers flexibility and choice, she stated that multiple investor risk/return profiles have been designed with corresponding savings products. These products will allow service providers offer an array of diversified product options tailored to match customer needs. New Government issued savings instruments that have features to protect savers from rising inflation have been recommended and a number of special products have also been proposed with the needs of Nigerians in mind.

On implementation Roadmap, Sofekun said the Scheme will be subject to the overall supervision of the Securities and Exchange Commission, and structured, to start, as a Department within the SEC adding that with the Investment and Securities Act (ISA) of 2007 currently being reviewed, a new section should be introduced in the proposed Investments and Securities Bill (ISB) to provide for the establishment of the National Savings Scheme as a mandatory scheme and other related matters.

The SEC launched a 10-year Capital Market Masterplan in 2015. The Commission at that time believed that having just emerged from a bubble that negatively impacted the performance and confidence in the Nigerian capital market, it was expedient to come up with a market wide strategic blueprint that had the buy-in of all stakeholders aimed at making our market deeper, vibrant and more effective.

The implementation of the initiatives in the 10-year master plan will transform the Nigerian market, facilitate the diversification of our economy, encourage savings and create wealth.  This will no doubt grow investor confidence, improve the depth and breadth of the market in terms of product offerings, engender market integrity, and contribute to the country’s economic growth.

BUSINESS

Local Content: NCDMB Holds Knowledge-Sharing Session with Mozambique

Published

on

Share

From Mike Tayese, Yenagoa

In keeping with Nigeria’s leadership role in the development of Local Content in Africa, the Nigerian Content Development and Monitoring Board (NCDMB) has concluded a two-day Local Content development experience-sharing session with a delegation from Mozambique’s national oil company, Empresa Nacional de Hidrocarbonetos (ENH).

The engagement was held on the sidelines of the 8th Sub-Saharan Africa International Petroleum Exhibition & Conference, in Lagos.

NCDMB’s delegation was led by the Executive Secretary, Engr.

Felix Omatsola Ogbe, while Mozambique’s team was led by the Chairman of Empresa Nacional de Hidrocarbonetos, Mr.
Estevao Rafeal Pale.

The experience-sharing session was facilitated by Aberdeen Global Strategies & Solutions, under the leadership of Dr. Mark Osa Igiehon, who consults for ENH Mozambique.

In his introductory comments, the Executive Secretary conveyed NCDMB’s commitment to supporting African oil-producing nations in developing and implementing local content policies as a strategy for improving indigenous participation and value optimization from hydrocarbons and mineral resources.

He lauded the giant strides recorded by Mozambique in its gas sector and advised against repeating the mistakes made by Nigeria in the early years of its oil and gas industry.

Represented by the Director of Monitoring and Evaluation, NCDMB, Mr. Abdulmalik Halilu, the Executive Secretary explained that every oil and gas-producing nation must choose to either focus on optimizing revenue generation or maximizing in-country value from the activities of the industry.

He stated that the revenue generation option encourages oil and gas operators to seek the cheapest and fastest route to first oil, while the Government collects maximum revenue in the form of taxes and royalties for development and pays little attention to value addition from industry operations.

He explained that the alternative option focuses on maximizing in-country value and promoting the development and use of local capacities. This model obligates operators in the industry to consider long-term value, while the Government takes lower revenue in exchange for higher in-country value and pays greater attention to life-cycle support for operators.

Speaking further, the NCDMB boss listed key parameters that are critical to in-country value addition and growth of the oil and gas sector on a sustainable basis. These factors are Regulatory Framework, Gap Analysis, Capacity Building, Funding and Incentives, Research and Development, and Access to Market.

He hinted that a Local Content policy backed with appropriate legislation is very fundamental in local content practice, adding that baseline and periodic gap analyses are essential to determine gaps that need to be closed in the areas of skills, facilities and infrastructure.

He also stressed the need to develop in-country capacities and capabilities and utilise them through oil and gas projects.

The knowledge-sharing programme also featured a presentation on Funds and Funding of NCDMB, delivered by the Director of Finance and Personnel Management, NCDMB, Dr. Obinna Ofili.

The Director was represented by the Head, Credit Analysis and Risk Management, Mrs. Chika Enwerem–Okidi, and underlined the need for dedicated funding that would be applied to developing local content in the oil sector.

The Director mentioned that the Nigerian Content Development Fund (NCDF) is provided for in section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and is contributed by 1% of every contract awarded in the upstream section of the oil and gas industry.

He added that the NCDF has been deployed in several successful projects, including the building of human and material capacities, the $350 million Nigerian Content Intervention Fund, the ongoing development of the Nigerian Oil and Gas Parks Scheme (NOGAPS), the construction of the NCDMB 17-story corporate headquarters, and 3rd party investments, many of which created jobs for Nigerians and yield interest for the Board.

The second day of the knowledge-sharing programme featured presentations on the operating framework for planning, research and statistics, capacity building, projects certification and authorization and monitoring and evaluation.

The Director of Projects Certification and Authorization, Engr. Abayomi Bamidele highlighted NCDMB’s role in the award of contracts for oil and gas projects and how opportunities are captured for the local economy, using the Nigerian Content Plan and the Contracting Strategy submitted by operating companies for the Board’s review and approval.

He underlined that local content should be promoted as a national agenda for every country and the right data must be collected to establish current realities and gaps to the target.

He emphasised the need for in-country capacity building based on areas of strengths and weaknesses as well as continuous projects to keep the developed capacities engaged.

The knowledge-sharing programme was very interactive and the Mozambican officials sought clarifications on the Board’s model of enforcing Local Content Compliance, monitoring projects, supervising third-party investments, and many other areas.

The programme was convened in line with the Sectorial and Regional Market Linkage Pillar of the Nigerian Content 10-year strategic roadmap. The roadmap requires NCDMB to support other African oil-producing countries and to develop new markets and partnership opportunities for the benefit of competent Nigerian operating and oil service companies.

NCDMB has provided similar guidance to numerous African nations, including Senegal, Tanzania, and Uganda.

Continue Reading

BUSINESS

NAICOM, Ministry Collaborate on Youth Career Development, Entrepreneurship

Published

on

Share

Tony Obiechina, Abuja

The Minister of State, Federal Ministry of Youth Development Mr. Ayodele Olawande paid a courtesy visit to the Commissioner for Insurance Mr. Olorundare Sunday at NAICOM’s headquarters in Abuja.

The purpose of the visit was to discuss potential collaboration opportunities between the Ministry and NAICOM in advancing youth development initiatives, particularly in the areas of financial literacy, entrepreneurship, and career development.

The Commissioner for Insurance in his remarks welcomed the Minister and gave a brief history and overview of the Nigerian insurance industry, the administrative structure of the Commission as well as its achievements in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.

The Minister for State in his remarks thanked the NAICOM Management for the warm reception. He expressed his desire for the Ministry to collaborate with NAICOM in engaging the Nigerian youth formally and informally to develop their skills.

He noted that the Ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youth could learn vocational and digital skills.

He requested to collaborate with NAICOM in the building of insurance educational module to be uploaded on the NIYA platform as this will go a long way in training the youths and improve their level of financial literacy, help in entrepreneurship and job creation, career development and sensitise youth on the benefits of insurances.

The CFI promised to convey the Minister’s request to relevant parties (The Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management) within the Nigerian Insurance Industry.

NAICOM Boss Olorundare Sunday (r) with the Minister of State for Youth Development, Mr. Ayodele Olawande during a courtesy visit

Continue Reading

Economy

We Currently have $30bn Investment Commitments – FG

Published

on

Share

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, says Nigeria currently has about 30 billion dollars investment committment from various investors.

Uzoka-Anite said this at the ongoing Ministerial Media briefing in Abuja on Friday.

According to her, the commitments will be redeemed over the course of five to eight years.

She said investments, commitments, and pledges were also received from our oil and gas free zone, adding that last week, some of them committed an additional 10 billion dollars in investments.

“I hosted the managing director of SHELL who explained to me about the investment plans of shell.

“ I know a lot of us are aware that shell is leaving; he came to explain to me what they mean by that.

And I can tell you that they are not leaving.

“Rather, they are expanding and increasing their investments in Nigeria; they are selling their onshore assets and increasing their investment in gas and offshore assets.” she said.

Uzoka-Anite, who envisaged more investments into the country, said  it would not have been possible without the commitment of President Bola Tinubu led administration.

She said that with increased investments comes job opportunities and economic growth, which wss part of the priority of the government. (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS7 hours ago

Public Disturbance: Court Orders Kano TikToker to Undergo Mental Evaluation

Share A Kano State Shari’a Court on Tuesday, ordered that a Kano Tiktoker Murja Kunya, be taken to a Government...

NEWS7 hours ago

NAF Nabs Alleged Notorious Kidnapper in Kano

Share Troops of the Nigerian Air Force (NAF) deployed at Durbunde in Takai Local Government Area  of Kano State have...

Foreign News7 hours ago

Palestinian Death Toll in Gaza Rises to 29,195 Amid Israeli Attacks

Share The death toll in the Gaza Strip has risen to 29,195 with 69,170 others wounded as the Israeli attacks...

JUDICIARY7 hours ago

Surety Faces N500,000 Bail Bond Forfeiture Charge

Share A 47-year-old man, Ogbonna Anoka, who allegedly stood surety for a church member, but failed to produce him in...

NEWS7 hours ago

Flood Overruns Bridge in Lagos Community

ShareThe early morning downpour which caused heavy flood on Tuesday in Lagos, overran the Command Bridge in Ipaja, Alimosho Local...

NEWS7 hours ago

Major Oil Marketers Rally Tanker Drivers for Smooth Operations

ShareFuel marketers under the aegis of Major Energies Marketers Association of Nigeria (MEMAN) have assured tanker owners of a cordial...

NEWS7 hours ago

Fintiri Announces N10,000 Monthly Allowance for Corps Members in Adamawa

Share Gov. Ahmadu Fintiri of Adamawa has reiterated his administration’s commitment to the payment of N10,000 monthly allowance for corps...

NEWS7 hours ago

Most Wanted Serial Kidnapper in Rivers Feared Dead – Police

Share A joint operation involving the military, paramilitary and  Police, may have killed  Gift Okpara, alias 2Baba, a suspected serial...

NEWS10 hours ago

Attacks: FCTA Pledges Maximum Security for Contractors Handling Projects in Abuja

Share Federal Capital Territory Administration (FCTA) has promised to provide maximum security for the contractors handling various projects in the...

NEWS10 hours ago

9 die, 7 Injured in Lagos-Abeokuta Expressway Accident

Share No fewer than nine persons were confirmed dead while seven others sustained injuries in an accident involving a truck...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc