BUSINESS
Investments in Economic Zones Hits $20bn in 30 Years- Minister
By Joseph Amah, Abuja
The Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo, has said total cumulative investments in the country’s Free Economic Zones (FEZs) was about $20 billion over its 30 years of operations. Speaking at the inauguration of the new NEPZA Lagos Office, over the weekend, the minister said the generous fiscal incentives associated with the free zone scheme remained a veritable source of economic development.
Adebayo pointed out that the free zone scheme generated N250 billion in both foreign and local direct investments in 2021 and N35 billion in customs duty payments as well as N65 billion in local import/backward linkage.
He added that the scheme generated N500 million in Pay as You Earn (PAYE); 25,000 in new employment and 5,000 transfer of skills.The minister said, “I must commend you all for what you have been able to achieve within a short period of time, as it goes to show that with dedication and the right mix of human capital, of which NEPZA is sufficiently blessed, there are no limits to what can be achieved. “Our mission is to formulate and implement policies and programmes to attract investments, boost industrialisation, increase trade and exports and develop enterprises. “The Free Zone Scheme is one of the prime initiatives of the Federal Government, for diversification of Nigeria’s economic base, in order to achieve our vision of growing the economy, creating jobs and generating wealth. I urge you not to relent in giving it your best in your service to promote the economic development of our great country, Nigeria.”
Also speaking at the occasion, Managing Director/Chief Executive, NEPZA, Prof. Adesoji Adesugba said that the choice of Lagos as its liaison office was based on pure economic considerations. He said, “Remember that 80 per cent of the special economic zones is located in Lagos and within 100 kilometers of its radius, making the city as the country’s most potent economic gateway. “Accordingly, this is our way of bringing NEPZA closer to our investors for sustained customer service, to continually attract and retain investors. In addition, today’s events are a landmark as we are also commissioning the Special economic zones security unit. “This was created to provide guard duties and enforcement services in all the zones ensuring the sanctity of economic activities therein.” Chairman, NEPZA Board, Alhaji Adamu Fanda, said the authority remained committed to repositioning the country in the next few years as the number one free trade zone destination in Africa.
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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