National News
Nation’s Record of Ease of Doing Business Responsible for Economic Woes- Lawmakers
Nation’s Record of Ease of Doing Business Responsible for Economic Woes- Lawmakers
By: Michael Mike
Nigerian lawmakers have complained about the nation’s economic situation, insisting that Nigeria’s record of Ease of Doing Business (EoDB) has not been stable and was responsible for the ongoing challenging confronting the country.
This was one of the positions of the Nigerian lawmakers at the Economic Community of West African States (ECOWAS) Parliament during the Presentation of Country Report of Nigeria at the 2023 First Ordinary Session of the Assembly in Abuja on Tuesday.
The lawmaker in the report said: “Nigeria’s record of EoDB is not stable and it is reflective of the ongoing challenges confronting our economy. To improve the situation on 14 February, 2023 the Federal Government under the leadership of His Excellency, President Muhammadu Buhari, signed into law the Busimrss Facilitation (Miscellaneous Provisions) Act 2023, a legislation that fosters an enabling environment for micro, small, and medium-sized enterprises (MSMEs) in Nigeria.”
They explained that the Act among other things would promote accountability and transparency for government agencies and business operations as well as boost technology use in Ministries, Departments and Agencies (MDGs). It would also encourage government to have legally binding agreement with the public, essentially detailing processes, documentation, and timeliness while providing amendments to some Acts such as Companies and Allied Matters Act, The Foreign Exchange (Monitoring and miscellaneous provisions) Act, Nigeria Export Promotion Council Act, National Housing Fund Act and the Nigerian Investment Promotion Commission Acts.”
They however said with the implementation of the law and consolidation of the reforms, there would be result in seamless public and private sector partnerships, thereby improving domestic businesses and attracting foreign investments while extensively impacting the economy.
They also said there are presently concerns over the smooth implementation of the 2023 national budget since the budget is largely funded by crude oil benchmarks and loan grants which are momentarily plummeting., lamenting that “this is as a result of inability of the country to find substantial buyers for its crude oil,” insisting that “this deplorable situation could be compounded by strikes in the French refining sector and maintenance at European plants where Nigeria refines her crude oil.”
The lawmakers equally expressed worries over the debt profile and its management by the Nigerian government. They said: “According to the World Bank, Nigeria used 96.3 percent of its revenue generated in 2022 to service debt and the constant fiscal deficit has aggravated the nation’s public debt stock.
“The fiscal deficit was estimated at 5.0 percent of GDP in 2022, breaching the stipulated limit for a federal fiscal deficit of 3 percent. This has kept the public debt stock at over 38 percent of GDP. As a result, the GDP is projected to be negatively impacted by the trade and financial flow repercussions of the anticipated global economic slowdown in 2023.”
They however expressed optimism, insisting that “the federal government of Nigeria is leveraging on the country’s international partnerships to stabilize the economy.
“In this regard, Nigeria and China have deepened bilateral trade relations in agriculture and agro-allied industries, mining, and investments in gas development as well as the digital economy.”
Nation’s Record of Ease of Doing Business Responsible for Economic Woes- Lawmakers
Police arrest MOPOL, security guards over warehouse burglary in Ogun
By: Zagazola Makama
The Police in Ogun have arrested a mobile policeman and several security guards for alleged conspiracy, burglary and theft from a warehouse belonging to H.K Printing & Packaging Limited, Agbara.
Security sources told Zagazola Makama that the incident occurred on Aug. 9 at about 11:00 p.m., when a truck drove into the company premises and proceeded to the warehouse, allegedly aided by security operatives on duty.
According to the sources, Insp. Ibrahim James, attached to PMF 16 Abeokuta, was captured on CCTV moving around and allegedly leading the operation.
Another officer, Insp. Olabamipe Olaiya, posted to the same beat, was said to be absent from duty at the time.
The company’s security guards and the implicated police personnel allegedly conspired with others still at large to break into the warehouse and cart away goods whose total value is yet to be ascertained.
Police detectives led by CSP Phillips Abayomi, Acting ACP, Agbara Division, visited the scene and arrested the mobile policeman along with the private security guards on duty during the incident.
The suspects are being interrogated, while efforts are ongoing to track down fleeing accomplices and recover the stolen items.
Police arrest MOPOL, security guards over warehouse burglary in Ogun
Police launch manhunt for herbalist over alleged ritual killing in Nasarawa
By: Zagazola Makama
The Nasarawa State Police Command says it is searching for a herbalist, simply identified as Alfa, over alleged involvement in a ritual killing and attempted murder in Mararaba.
It was gathered that the case was reported by one Jamilu Abubakar, a vigilante member.
Abubakar allegedly accompanied two young men to Alfa’s residence on Aug. 12 to seek spiritual assistance purportedly to make more money through internet fraud.
“It was gathered that Alfa prepared a concoction and meat for the victims to eat. Shortly after consuming the meal, both developed severe stomach pain and were rushed to the Federal Medical Centre (FMC), Mararaba.
“Sadly, one of the victims, Ani Sunday, aged 21, was confirmed dead by the doctor on duty, while the second, Tosin Akurunor, is responding to treatment,” said the sources.
He said Abubakar had been arrested for his role in taking the victims to the herbalist, while the main suspect, Alfa, was at large.
Efforts are ongoing to apprehend Alfa and conclude investigations, he added.
Police launch manhunt for herbalist over alleged ritual killing in Nasarawa
National News
Investments in circular economy have the potential to increase forex earnings- NESREA DG
Investments in circular economy have the potential to increase forex earnings- NESREA DG
By: Michael Mike
The Director General of National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Innocent Barikor has affirmed that investments in the circular economy value chain have the potential to increase the country’s foreign exchange earnings.
Barikor made this statement recently during a meeting with the management of a plastic packaging recycling (rPET) company, Sonnex in Lagos.
He assured the team that the Nigerian government prioritizes circular economy, noting that the draft National Environmental (Plastic Waste Control) Regulations soon to be gazetted is one of the efforts to strengthen the legal framework for circular economy implementation in Nigeria.
He said: “Circular Economy falls under the Presidential priorities for the Federal Ministry of Environment, and the Minister is very keen on the success. Apart from tackling the problem of waste, green jobs have been created .
“The pellets and flakes you produce and export also generate foreign exchange. The Plastic Waste Control Regulations are awaiting official gazette and once gazetted, we would have connected the dots of the framework to implement circular economy in the plastic sector. We are deeply committed to ensuring the success of Circular Economy.”
Earlier, the Managing Director, Anil Mohinani intimated the NESREA boss on the process for the production of recycled PET bottles (rPET), whilst also highlighting the challenges faced by investors in the sector .
He listed some of the setbacks to include lack of a legal instrument to compel manufacturers in the food and beverage sector to embrace food-grade rPET, unfriendly policies by some foreign companies, and insufficient awareness .
“Europe and America create barriers to protect their international recycling business. There is unfair competition. In some countries such as Kenya, there is encouragement to invest in rPET recycling because there is a regulation in place,” he added.
Investments in circular economy have the potential to increase forex earnings- NESREA DG
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