The Presidency has described as untrue, the Peoples Democratic Party’s assertion that the Nigerian economy is in trouble.
A presidential spokesman, Malam Garba Shehu, who debunked the PDP assertion in a statement in Abuja on Wednesday, lectured the party on the Buhari administration’s economic score card.
Shehu noted that in keeping with historical trends, there was less economic activity during the electoral cycle.
He, however, said that the economy grew by 2.35 per cent in second quarter of 2015 and 3.
He said: ”While foreign direct investment can help, it is not the only source of investment in the economy.There is also domestic investment which is either undertaken by the government or by the private sector.
”It is also noteworthy that capital importation into Nigeria grew by 216 per cent in the first quarter of 2019 as compared to the last quarter of 2018.”
He further noted that the foreign portfolio investment, which is still foreign investment, was 7.14 billion dollars in the first quarter of the year.
”A look at business pages in newspapers shows that there is a lot of business activity going on in the country.
”Two stories in today’s paper point to increasing economic activity.
”First is that the profit of UACN grew in the first half of this year by 61 per cent.
”Second is that Business Day (pg1) states that cargo imports jumped by 21 per cent in the first half of 2019. Increasing imports is a pointer to greater economic activity and the availability of foreign exchange with which to conduct business.
The presidential aide observed that a major constraint to business was the Apapa gridlock which a number of companies had listed as the major impediment to doing business.
He, however, noted that this situation had been improved tremendously.
Shehu revealed that, in his first four years, Buhari improved relations with China, the U.S. and Europe and had won their support for the administration’s development agenda.
He also disclosed that the President had channeled unprecedented sums of money into infrastructure development, saying that capital spending had been kept at about 30 per cent of annual budgets.
”Construction of roads, highways, public transport and airports have sharply increased. Government is spending heavily on power.
”This, combined with private sector investment has grown generation capacity to 13 megawatts.
”All said and done, President Buhari remains the best hope for the Nigerian economy. The country needs change and this remains the person with the will and determination to deliver,” he added. (NAN)
We Currently have $30bn Investment Commitments – FG
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)
Nigerian Breweries Records N106bn Loss in 2023
Nigerian Breweries Plc has recorded a net loss of N106 billion for the year ended 2023, as against N13.93 billion posted in its 2022 financials, indicating 860 per cent loss.
Mr Uaboi Agbebaku, Company Secretary, Nigerian Breweries stated this in the audited financial result of the company for the year ended 2023 sent to the Nigerian Exchange Ltd.
Agbebaku said the gross profit of the company for the year under review also fell by 0.3 percent to N212.5 billion, compared to N213.20 billion posted in the previous year.
He stated that the operating profit of the company declined by 15.
The company secretary said that the firm recorded loss in its operating profit due to higher input cost and one-off reorganisation cost despite strong and aggressive cost savings and other efficiency measures.
According to him, the company however was able to grow its revenue by nine per cent to N599 billion, compared to N551 billion posted in the previous year, which was aided by positive price mix.
Agbebaku stated that the Nigeria business landscape experienced significant shifts in 2023, with substantial impact on businesses and livelihoods nationwide.
He explained that the Naira notes redesign which resulted in cash shortage that severely hampered social and economic activities nationwide set the tone for a turbulent year.
Agbebaku said: “High double-digit inflation rates with food inflation at more than 30 per cent and removal of subsidy on fuel.
“Coupled with the impact of the devaluation of the naira which resulted in a foreign exchange loss of N153 billion further exacerbated the already difficult environment for the populace and businesses.
“In a difficult operating environment, the Board will ensure that the company builds on its more than 77 years’ experience of operating in Nigeria to cope with current realities.
He said the company would continue to be resilient and forward-thinking, leveraging on its broad portfolio, strong supply chain footprint and passionate workforce to drive long-term value creation for its shareholders and other stakeholders.(NAN)
NDLEA Tincan Command Intercepted 876.453kg Illicit Drugs, others in 2023-Commander
The National Drug Law Enforcement Agency (NDLEA) Tincan Special Area Command, says 876.453 kilograms of various illicit drugs and controlled substances were intercepted in 2023.
Commander Mohammed Abubakar of the command said this in a statement in Lagos on Thursday.
He listed the drugs as cocaine worth 24kg; Canabis – 852.
According to Abubakar, a total of 15 individuals were arrested and prosecuted during the period, out of which 10 were convicted.
He added that the feat was achieved through relentless efforts and meticulous investigation, which led to the dismantling of several drug trafficking networks and the subsequent prosecution of individuals involved.
“The Tincan special area command has been at the forefront of strategic operations in the area, targeting illicit drug smuggling activities and apprehending those responsible.
“In recent months, the efforts have culminated in multiple successful seizures and arrests, emphasising the agency’s commitment to eradicating drug-related crimes within our society.
“In one operation carried out at the Tincan port, a notable seizure of illicit drugs (Cannabis Indica also called Colorado) totalling 161.5kg was made, along with sum of 22,900 dollars offered as bribe to officers.
“The intercepted drugs, were concealed within cargo shipments of used vehicles from Montreal Canada, indicating the ingenuity of the involved drug traffickers,” he said.
Abubakar said that several investigations were conducted in collaboration with national and international law enforcement agencies, leading to the identification and apprehension of some of the key players in these drug networks.
The NDLEA boss noted that the combined efforts proved fruitful, resulting in the arrest of some of the persons directly involved in the importation, distribution, and sales of illicit drugs.
He said that throughout 2023, the command embarked on various sensitisation and enlightenment activities within and around the Tincan island port.
He listed them to include advocacy visit to all stakeholders in and around the port, public enlightenment and lectures, rallies and engagement of traditional rulers and non-governmental organisations around the port environment.
“All the activities were carried out under aegis of ‘War Against Drug Abuse’ (WADA) and was designed to reduce demand and abuse of illicit drugs and psychotropic substances in Nigeria.
The NDLEA Tincan special area commander appreciated stakeholders in the maritime industry, and other relevant government agencies for their unwavering support and collaborative effort in these operations.
He added that their dedication and joint action had played a crucial role in the successes achieved thus far.
He also urged all licensed Customs clearing agents to stop the practice of authorising third party individuals to clear cargo under their company stamp.
He pointed out that the practice, automatically made the company liable to any cargo cleared, using its name and stamp.
“This may become a real problem when illicit drugs are discovered and the company cannot provide any tangible information or whereabout of the owners of the cargo.
“Clearing agents have the responsibilities to not only adhere to laws but to cooperate with law enforcement agents undertaking an investigation.
“The NDLEA Tincan special area command sends a strong message to all those involved in drug trafficking and other illicit activities, we intend to use every available resource to bring them to justice and put an end to their illegal operations,” he said.
He said the command would continue to enhance their intelligence capabilities, invest in modern equipment, and provide training for its officers to combat drug trafficking effectively.
“The agency urges the public to remain vigilant and report any suspicious activities related to drug trafficking to the NDLEA or relevant law enforcement agencies. Together, we can create a safer and drug-free environment for all Nigerians,” he said. (NAN)
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