Connect with us

Economy

Sanwo-Olu Tasks new NBCC President on Innovation, Collaboration

Published

on

Share

Governor of Lagos State, Mr Babajide Sanwo-Olu, has urged the new President, Nigerian-British Chamber of Commerce (NBCC), Mr Ray Atelly, to enhance innovation and collaboration in the face of the ever evolving landscape of global commerce.

Sanwo-Olu, represented by Mrs Folashade Ambrose-Medem, Commissioner, Commerce, Industry and Cooperatives, Lagos, gave the charge at the NBCC Inauguration Dinner of the 18th President on Friday night in Lagos.

He noted that Atelly’s emergence as president spelt new beginnings for the chamber and new affirmations of enduring ties between Nigeria and Britain.

The governor said that moving forward economically required guidance by the spirit of collaboration, particularly as the chamber had a pivotal role to play in shaping the business landscape.

He charged businesses to remain committed to ethical practices, corporate social responsibility and sustainability practices to benefit the society.

Sanwo-Olu assured that Lagos was always open for business and investment and was counting on the chamber’s support to make the state the most preferred destination for business and commerce.

“The world is ever more interconnected and it’s our responsibility to harness this connectivity for the greater good.

“Lagos state is proud of the launch of the Women and Youth Entrepreneurship Development Center (WYEDC) and the Micro, Small and Medium Enterprises (MSME) Ideathon.

“These initiatives align perfectly with my administration’s agenda, particularly with our renewed focus on gender equality and women empowerment,” he said.

Dr Doris Uzoka-Anite, Minister of Industry, Trade and Investment, called for renewed commitment to excellence and urged the new president to be a pioneer of innovation.

Uzoka-Anite, represented by Mr Charles Odii, Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), assured the business community of unwavering commitment to creating an enabling environment.

“We are committed to an environment that supports entrepreneurship, attracts foreign direct investment to propel Nigeria into a place of global competitiveness.

“I urge the new president to continue to foster goodwill and increase trade and investment between Nigeria and Great Britain,” she said.

In his acceptance speech, Atelly said in awareness of all the responsibilities accompanying the position of leadership, he was ready to take on the mantle and deliver on the expectations of members.

Atelly said his administration would take steps to protect the interest of members to facilitate their growth.

He said as partners in progress with the Nigerian government, the chamber would continue to engage respectfully to protect business interests locally and internationally, to attract tangible investments based on areas of comparative advantage.

“When economy thrives, this translates to more revenue for government.

“Via our Women and Youth Entrepreneurship Development Center (WYEDC) and Micro, Small and Medium Enterprises (MSME) Ideathon, we are committed to giving women and youths the requisite skills and acquisitions training,” he said.

Atelly promised to significantly increase influence of members, facilitate business opportunities for members, implement sustainability projects and improve relations with government agencies. (NAN)

Economy

Naira Gains as CBN Reforms Show Impact

Published

on

Share

The Naira appreciated in the official market on Friday, trading at N1,492.

49 against the Dollar. Data from the Central Bank of Nigeria (CBN) website showed the Naira gained N6.57. This marks a 0.44 per cent increase compared to Thursday, Feb. 27, when it closed at N1,499.07 to the Dollar.
The local currency ended Wednesday’s trading at N1,499.
11 against the Dollar. The Naira has remained relatively stable following CBN reforms aimed at ensuring transparency in the Foreign Exchange (FX) market.
Analysts have praised the CBN for the steady progress of the Naira since December 2024. However, Prof. Jonathan Aremu, a retired CBN Director, has warned that it is too soon to celebrate. Aremu, a Professor of International Economic Relations at Covenant University, is also a Regional Expert on Trade and Investment for ECOWAS.
Speaking to newsmen on Friday, Aremu called for increased production to sustain the Naira’s gains. He described the currency’s steady appreciation against the Dollar as a positive development. “But it may not be time to celebrate yet because, within this period, we have also seen moments when the Naira depreciated,” he said. He urged the CBN to focus on boosting productive activity in the economy to maintain stability. According to him, the apex bank should look beyond interest rates and consider other factors influencing production and liquidity. “The quantity theory of money states that money supply and population value must equal price and transaction volume in the economy. “If policy only targets money supply without increasing transactions, the expected appreciation of the Naira will not materialise. “The economy needs a higher volume of goods and services. Many goods are available, but their prices depend on supply and demand. “Focusing only on monetary policy is insufficient. More emphasis should be placed on increasing production,” he said. He added that expanding production will further reduce the value of foreign currencies, strengthening the Naira. Aremu noted that foreign exchange is depreciating partly because people cannot afford to buy due to economic conditions. “The CBN should not only focus on reducing money supply but also support the availability of quality goods and services,” he said. Also, Cordros Securities, in its weekly economic update on Friday, attributed the Naira’s appreciation to reduced demand pressure in spite of declining foreign exchange (FX) reserves. The report noted that FX reserves fell by $241.50 million week-on-week to $38.46 billion as of Feb. 27, marking the seventh consecutive week of decline. “We expect FX liquidity to remain strong as a more efficient market and improved confidence continue to support inflows from autonomous sources,” the report stated. “The CBN is also expected to intervene during periods of high volatility, ensuring the Naira remains stable in the near term,” it added. (NAN)

Continue Reading

Economy

Naira Ends Week Stronger Against Dollar, Gaining N11.17 

Published

on

Share

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)

Continue Reading

Economy

CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed

Published

on

dailyasset-greetings
Share

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)

Continue Reading

Read Our ePaper

Top Stories

NEWS1 hour ago

APC Adopts Indirect Primary to Pick candidate for Anambra Governorship Election 

Share The All Progressives Congress National Working Committee (APCNWC) has adopted indirect primary mode to pick its governorship candidate for...

NEWS1 hour ago

I-G Links Security of Schools to Nation’s Security 

ShareThe Inspector General (IG) of Police, Mr Kayode Egbetokun, stated that the safety of Nigerian educational institutions determines the nation’s...

NEWS2 hours ago

Be Proud of National Theatre, Defend it – CBN Governor

Share Governor, Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on Nigerians to take ownership of the revitalised National...

NEWS2 hours ago

FG Employs 774 Health Fellows 

Share President Bola Tinubu has approved the employment of 774 National Health Fellows, an initiative led by the Federal Ministry...

NEWS2 hours ago

Fubara Assures Adequate Response to Fire Outbreak in Rivers 

SharePort Harcourt, Gov. Siminalayi Fubara of River has reaffirmed his administration’s commitment to quick response to fire outbreak and emergencies...

NEWS2 hours ago

Jigawa Govt. Spent N342m on Safe School Coordination Centre Project – Namadi

Share The Jigawa government has expended N342 million on the establishment of Safe School Rapid Response Coordination Centre in the...

NEWS15 hours ago

el-Rufai – Not Your Accidental Critic.

ShareBy Simon Imobo-Tswam Mallam Nasir el-Rufai, the immediate-past governor of Kaduna state, is in the news, again. Your browser does...

Ikorodu Building Collapse Ikorodu Building Collapse
NEWS16 hours ago

2 killed, 6 Injured as Lagos Building Under Construction Collapses

ShareThe Lagos State Emergency Management Agency (LASEMA) has extricated two adult males, with six injured persons from a building under...

POLITICS16 hours ago

Lawmaker Blames Opposition Crisis for Defections

Share A member of the House of Representatives, Cyriacus Umeha, has blamed the wave of defections from opposition parties to...

NEWS16 hours ago

PDP Leaders Urge Adediran to Rejoin Party

ShareThe People’s Democratic Party (PDP) National Secretary, Mr Ude Okoye, has led other party chieftains to visit the party’s 2023...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc