BUSINESS
CBN to Support for Investment, Special Economic Zones
By Tony Obiechina
The Central Bank of Nigeria (CBN) has said it will continue to support the Federal Government to implement an investment promotion strategy to facilitate investment flow into the economy,
The CBN Governor, Olayemi Cardoso said this at a two-day Special Economic Zones (SEZs) Annual Meeting on Wednesday in Lagos.
The theme of the meeting was: “Unlocking Opportunities: Harnessing the Power of Nigeria’s Special Economic Zones Scheme.
”Cardoso said the special economic zones were significant to the actualisation of President Bola Tinubu’s economic vision of a $1 trillion economy by 2026.
He said CBN’s mission of ensuring monetary policy and financial system stability was a catalyst for inclusive growth and sustainable economic development critical in ensuring the continued success of the zones.
According to him, the recent efforts geared towards stabilising the exchange rate will assist to attract foreign direct investment necessary to enhance development of the country’s Special Economic Zones.
Cardoso, represented by Dr Kalu Oji, the Deputy Director, Trade and Exchange Department, CBN, said the bank was aware of the challenges faced by the SEZs.
He pledged to tackle the challenges in order to enable them to attract more funds and job opportunities for Nigerians.
Also, Alhaji Bamanga Jada, Managing Director, Oil and Gas Free Zones Authority, described the Economic Zones Scheme as globally recognised instruments used by policy makers to facilitate, attract and scale-up long-term domestic and cross-border investments.
Jada added that it was used to promote and enhance industrialisation, export-oriented investment, diversification, and job creation in most fast-growing economies around the world.
“There is convincing evidence in Nigeria today that the scheme has recorded remarkable progress despite the relatively negative economic climate and the enormous challenges that confront the operators and licensees.
“In specific terms, the Oil and Gas Free Zones Authority, despite the challenges mentioned, has attracted over $24 billion investment.
“The Authority has currently more than 100 efficient licensed companies in the oil and gas free zones under the Authority’s regulation,” he said.
He noted that the result was achieved through the combined efforts and collaboration of the Federal Ministry of Industry, Trade and Investment; Nigeria Custom Service (NCS); Federal Inland Revenue Service, and other stakeholders.
Also, Mr Nabil Saleh, Chairman, Nigeria Economic Zones Association, said globally, economic free trade zones have helped many countries such as Morocco, China, Singapore to boost their manufacturing firms and other sectors.
“In Nigeria, the Special Economic Zones have not done badly. It has generated many direct and indirect jobs to the country, despite the challenges we are going through.
“The Nigeria Free Trade Zones, despite their potential, are still not in the standards we expect yet,” Saleh said.
Commenting, Dr Olufemi Ogunyemi, the Chief Executive Officer, Nigeria Export Processing Zones Authority, said the meeting serves as an opportunity to gain an in-depth understanding of the challenges faced by operators in the various free zones.
Ogunyemi said the event would address the challenges and chart a way forward to ensure that the scheme continues to serve as a tool for sustainable economic growth.
“As the theme of the meeting suggests, it has become imperative that our SEZs be re-engineered, bearing in mind the unfolding of the fourth industrial revolution, the heightened focus on sustainable development, and the new wave of global value chains,” he said.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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