Economy
Investments: NIPC Boss Urges Media to Promote Nigeria Positively
The Nigerian Investment Promotion Commission (NIPC), has urged the media to be good ambassadors and promote Nigeria positively to enable the country to attract more investments.
The NIPC Executive Secretary/Chief Executive Officer (CEO), Aisha Rimi, said this at a media “Meet and Greet” organised by the Commission on Friday in Abuja.
Rimi said Nigerians had a role to play in driving President Bola Tinubu’s Renewed Hope Agenda and ensuring the growth and development of the country, adding that the media was not left out.
“So it is essential that we make Nigeria work in whatever shape or forms we can. We are all stakeholders in this, and at every level, everybody has a role to play.
“There are countries where you never hear the press talking wrong about their country, no matter how the story goes, they spin it to their benefit.
“So let us try to do that. Let us be ambassadors. Let us promote Nigeria and promote the good things about Nigeria,” she said.
The CEO acknowledged that there might be instances where we get it wrong and things were not done as they should, but it was up to us to act as ambassadors.
Rimi said, “everybody is an ambassador of this country, and we must ensure that Nigeria is seen positively worldwide.
” Let us highlight the good stories; let us learn to support each other so that investors will be attracted to the country, and we will be able to grow the economy.”
While reiterating the mandate of the Commission, Rimi said NIPC was set up to facilitate and promote access to investors in the country and retain the ones already in existence.
She said,” if nobody traps these people and gives them the support they need, other countries are competing with Nigeria, so we must be very intentional.
” So our job is to bridge that gap between the private sector and government.
“To ensure that our investors, be they foreign or domestic, incoming or already here, that we ensure their experience and economic activities in Nigeria are fruitful and beneficial.
“This is because if they do well, we do well; we know the resultant effects, the multiplier effects that a successful investment will have on our economy, job creation, diversification of the economy, and all of that.”
According to her, the commission is realigning its focus and efforts to key into the new administration and Mr President’s eight-point agenda.
She thanked the media for the support the commission had enjoyed in the past and expressed optimism that such supportive cooperation would continue.
Rimi said,” as I settle down, I will continue to depend on your support to promote the commission’s activities.
“As we go into the next year (2024), by God’s grace, we will keep you abreast of the developments as they occur.
” Please look at us as an open agency. Our doors and ears are open; we will listen to constructive criticism and information, verify what we can, and provide you with what we can.
” But it is a partnership that we all exist in the same ecosystem, and so we must coexist harmoniously, cordially, and respectfully.”
The NIPC boss then pledged a stronger partnership with the media in the coming year while wishing everyone God’s continued blessings, guidance protection, good health, and all prosperity in 2024.
Also speaking, Mr Ifeanyi Onuba, the President of the Commerce and Industry Correspondent Association of Nigeria (CICAN), pledged the members’ commitment to showcase the commission in good light.
Onuba also called on the commission to carry every member of the association along in all its activities.
He said this would enable them to contribute their quota in disseminating the right news/information in a manner that would benefit NIPC and the country’s interest. (NAN)
Economy
Naira Ends Week Stronger Against Dollar, Gaining N11.17
The Naira further appreciated in the official market on Friday, trading at N1,474.
78 to the Dollar.Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.
This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.
95 to the Dollar.Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.
01 and a low of N1,447.50.The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).
The reforms aimed at ensuring transparency in the foreign exchange (FX) market.
CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.
Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)
Economy
CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed
The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.
Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.
Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.
She said that the currency was one of the currencies to be received as export proceeds by the bankers.
“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.
“We will be working with CBN and the banks to ensure full implementation.
“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.
Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.
She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.
She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.
The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.
According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.
“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.
“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.
She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.
Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.
She said that the effort would increase foreign exchange earnings and help to capture export data for the country.
“Interactive sessions were held with several trade associations operating within some borders”.
According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.
“We will build on this,” she assured. (NAN)
Economy
Ecobank Promotes Savings Culture, Rewards N42m to Customers
Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers.
Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos.
She said that the initiative is part of bank’s strategy to deepen financial inclusion for all classes of Nigerians and to reward customers’ loyalty.
“It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.
Ogunyemi also noted the increasing awareness of savings amid economic challenges.
“With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.
“This has led to a steady rise in deposits across the banking sector,” she said.
Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.
“Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.
“This initiative is about showing our customers that every amount saved adds up over time,” she said.
Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.
“A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.
“Month after month, deposits have increased, which is very encouraging,” she added.
She further emphasised that savings, beyond just winning rewards, provide financial security.
Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.
“With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.
“Across the banking industry and within Ecobank, savings deposits have consistently grown.
“We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.
She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.
Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.
“It is important to note that what gave them the opportunity to win was their commitment to saving.
“We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.
“The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.
He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.
“I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.
Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.
A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.
Similarly, four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively. (NAN)