Connect with us

Economy

Kagame, AfDB President Adesina, Other Leaders for Tony Elumelu Foundation Forum in Abuja

Published

on

Rwanda President Paul Kagame
Share

The leaders of three African countries and the President of African Development Bank (AfDB), Dr Akinwumi Adesina, are expected to participate in the on-going Tony Elumelu Foundation Entrepreneurship Forum in Abuja.

The Communication and External Relations Department of AfDB on Friday said  Rwanda’s President, Mr Paul Kagame, Senegal’s Macky Sall and Felix Tshisekedi of the Democratic Republic of the Congo would be expected on Saturday.

Tony Elumelu Foundation was inaugurated in 2010 to unlock the obstacles that Africa’s entrepreneurs face as they grow their start-ups into small to medium enterprises (SMEs) and their SMEs into national growth companies, and their national growth companies into African multinationals.

The bank said the African leaders would be in Abuja to chart a course for the youth on the continent.

“The Tony Elumelu Foundation Entrepreneurship Forum is a global flagship event that has attracted world business leaders and renowned entrepreneurs to the Nigerian political capital, Abuja. This is the fifth edition.

“African Development Bank President Akinwumi Adesina is participating in a panel discussion at the event alongside Rwandan President Paul Kagame, Senegal’s Macky Sall and Felix Tshisekedi of the Democratic Republic of the Congo.

“Tony O. Elumelu is an entrepreneur, investor and philanthropist, who, like Adesina, is passionate about entrepreneurship and Africa’s economic development.

“Since 2015 the foundation has committed 100 million dollars to identify, train, mentor and fund 10,000 African entrepreneurs more than 10 years,” it explained.

The bank stated that the entrepreneurship programme aligned with the goals of AfDB, whose Jobs for Youth in Africa Strategy aimed to support African countries to create 25 million jobs and empower 50 million young people by 2025.

It quoted Adesina as saying, “we are increasingly working with initiatives that boost entrepreneurship on the continent.

‘The Tony Elumelu Foundation Entrepreneurship Programme is one of the key entrepreneurship initiatives on the continent, which the bank seeks to collaborate with.

“The bank’s board approved a facility to boost enterprise support organisations, such as incubators, accelerators, financial institutions, early stage investors and foundations to achieve this vision.”

It said the project had benefited many, including Esther Ayuba, from Nigeria’s Gombe State University, who received ICT training and now able to code and design.  (NAN)

Economy

Domestic Securities Market a Major Source of Funding for FG – DMO

Published

on

Share

The Debt Management Office (DMO), says the Nigerian domestic securities market remains a major source of funding for the Federal Government.

The Director-General of the DMO, Patience Oniha, said this on Monday in Lagos at an interactive session with primary dealers in the Federal Government securities market.

According to Oniha, during COVID-19, when the international markets were closed, we were able to raise the full amount needed to fund the budget.

“Last year, we raised seven trillion Naira as new domestic borrowing. It speaks to the size of the domestic market, its resilience, and its sophistication, unlike we have in many African markets,’’ she said.

Oniha said that the 2024 budget had a deficit of six trillion Naira to be financed through new domestic borrowing.

She said that the National Assembly also approved N7.3 trillion Ways and Means for securitisation.

“Out of the new domestic borrowing of six trillion Naira, we have raised N4.5 trillion. For the Ways and Means, out of seven trillion approved for securitisation, we have raised N4.905 trillion.

“The financial sector has come a long way, and this is another strategic meeting to chart a way forward,’’ Oniha said.

Mrs Nadia Zakari, the President, Financial Market Dealers Association (FMDA), said that the Nigerian business environment was evolving and unique, necessitating such interactive sessions.

According to Zakari, such sessions are critical for both market operators and the Federal Government for them to be able to make decisions as they plan for the rest of the year.

“We stand as financial intermediaries, and we are in a very important position of interacting with other market operators, the end investors and the DMO,’’ she said. (NAN)

Continue Reading

Business News

CBN Unveils Strategy to Boost Remittances, Grants AIP To 14 New IMTOs

Published

on

dailyasset-greetings
Share

By Tony Obiechina, Abuja 

The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP).

This was disclosed in Abuja on Wednesday, by the Bank’s Acting Director of Corporate Communications, Mrs.

Hakama Sidi Ali, who stated that the initiative will help increase the sustained supply of foreign exchange in the official market by promoting greater competition and innovation amongst IMTOs to lower the cost of remittance transactions and boost financial inclusion.
 

She said, “This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira.

“It will be recalled that the CBN Governor, Mr. Olayemi Cardoso, had recently declared: “We’ve set ourselves a target to double remittance flows into Nigeria within a year, a goal I firmly believe is within reach. 

“We are wasting no time driving progress to remove any bottlenecks hindering flows through formal channels permanently. We have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with key stakeholders in the remittance industry,” she stated.

Continuing, Sidi Ali, said that the CBN viewed increasing formal remittance flows—one of the major sources of foreign exchange, accounting for over 6% of GDP—as a means of reducing the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.

The increase in the number of IMTOs is one of the primary actions initiated by the CBN’s remittance task force, overseen by Governor Cardoso as a collaborative unit pulling together specialists to work closely with the private sector and market operators to facilitate the ease of doing business in the remittance ecosystem in Nigeria. 

The task force was established as a direct result of an executive learning session with IMTOs during the World Bank/IMF Spring Meetings held in Washington DC, United States of America, in April 2024. The task force will meet regularly to implement strategy and monitor the impact of its measures on remittance inflows.

Continue Reading

Economy

FG Vows To Ensure Continuous Flow of Tax Revenue – Madein

Published

on

Share

By Tony Obiechina, Abuja 

The Federal government is committed a tax culture that will ensure the continuous flow of revenues into government coffers, the Accountant General of the Federation, Dr Oluwatoyin Madein has said.

Madein stated this at the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, with the theme: “Sustainable Tax Culture and Economic Roadmap for Nation Building”.

Madein said, “Like the CITN, the Office of the Accountant-General of the Federation is committed to a sustainable tax culture that will ensure the continuous flow of revenues even at an improved level.

“Tax revenue as at today is the highest source of revenue accruing to the federation.

Therefore at the Federation Account Allocation Committee meetings we eagerly await the numbers coming from the FIRS because the performance keeps on increasing and brings succour to all tiers of government.”

She charged tax practitioners to work harder in getting more revenue from taxes, stressing that tax revenue is currently the highest income source for the federation.

The government noted that based on the current high revenue from taxes, members of the Federation Accounts Allocation Committee were always looking forward to the figures from the Federal Inland Revenue Service every month, in order to have funds to share to the three tiers of government.

“Tax revenue as at today is the highest source of revenue accruing to the federation. Therefore at the Federation Account Allocation Committee meetings we eagerly await the numbers coming from the FIRS because the performance keeps on increasing and brings succour to all tiers of government”, she added. 

FIRS exceeded its 2023 revenue target by N816bn, as its total actual revenue collection for last year stood at N12.37tn, outperforming the N11.56tn target.

This is contained in a presentation by Amina Ado, Coordinating Director of Special Tax Operations Group at the FIRS.

The accountant-general tasked tax practitioners to step up efforts in collecting taxes, so as to shore up more revenue for the government to provide infrastructure and other amenities.

Madein said, “Let us remain steadfast in our commitment to building a better future for all. Together we can harness the transformative power of taxation to create a more prosperous, equitable and sustainable world.

“Like I said earlier, at FAAC we eagerly look forward to tax numbers because at the moment revenue from non-oil has been a great revenue source to the federation.

“Therefore, to tax practitioners, you are doing so well, but we need more of this to be able to deliver on all the areas that the citizens are looking forward to, because for even infrastructure development, it is only through funds that we can get it done.”

She further stated that it was her strong belief that “the conference will go a long way to deepen the collaboration between our organisations in building capacity for all the professionals, experts and tax payers for better understanding of the tax laws, rules and regulations.”

In his remarks, the President/Chairman of Council, CITN, Samuel Agbeluyi, pointed out that the withdrawal of subsidies on fuel and electricity had reduced the purchasing power of the masses.

He noted that raising electricity tariff for a selected band after fuel subsidy was withdrawn “is going to reduce the purchasing power of the masses. So we urge govt to consider these actions on the masses.

He, however, stated that the institute was happy to know that President Bola Tinubu had asked the Central Bank of Nigeria to slow down on the recent cybersecurity levy that was approved by the apex bank.

“We will continue to advise the govt on its policies, considering how these polices affect the citizens,” Agbeluyi stated.

Continue Reading

Read Our ePaper

Top Stories

CRIME16 hours ago

Emirship: Kano Police Command Assures Adequate Security

Share The Police Command in Kano State on Monday assured the people of Kano State of adequate security in the...

Education24 hours ago

UniAbuja Internal Council Voices Concern Over VC’s Election Plans

ShareThe University of Abuja’s internal governing council has expressed concern over an alleged plan by the Vice Chancellor, Prof. Rasheed...

NEWS1 day ago

FG Postpones Inauguration of Vasities’ Governing Council 

ShareThe Federal Governmanet has  announced the postponement of the inauguration and retreat for Pro-Chancellors, Chairmen and Members of Governing Councils...

NEWS1 day ago

Binance Executive, Gambaryan, May Die of Malaria in Kuje Correctional Centre-Lawyer

Share Aluko & Oyebode, the law firm handling the case of Binance Holdings Limited, says Mr Tigran Gambaryan, the cryptocurrency...

Nigeria Army Nigeria Army
NEWS1 day ago

Kano Emirship Tussle: Soldiers not Involved – Army

Share The Nigerian Army has dismissed as “false”, the claim by the Kano chapter of the Nigerian Bar Association, that...

Education1 day ago

1.2m Students to Benefit from First Phase of Education Loan – First Lady

Share The First Lady, Sen. Oluremi Tinubu says no fewer than 1.2 million students will benefit from the first phase...

NEWS1 day ago

3 Dead, 7 Casualties at Collapsed Papa Ajao Mosque — LASEMA

Share A total of three persons lost their lives and seven persons with various degrees of injuries were rescued at...

NEWS1 day ago

Access Bank Ranked Nigeria’s Most Valuable Brand

ShareAccess Bank Plc.  has again been ranked Nigeria’s most valuable brand by Brand Finance, a leading brand valuation consultancy. Mr...

NEWS1 day ago

Bandits kill 11 in Katsina Communities – Police

Share The Police Command in Katsina State has confirmed the killing of 11 persons by bandits that invaded three villages...

OPINION1 day ago

Oronsaye Report and Tinubu`s Bold Step in Belling the Cat

ShareAnalysis by Okon Okon  The trajectory of implementing the Stephen Oronsaye-led committee report on federal civil service reform on learner...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc