Business
No removal of fuel subsidy anytime soon – Nigerian govt.
No removal of fuel subsidy anytime soon – Nigerian govt.
The Federal government has on Monday said there won’t be any removal of fuel subsidy anytime soon as a result of perceived difficulties associated with it.
The Minister of Finance, Hajia Zainab Ahmed stated this at an interactive meeting with the Senate President, Dr Ahmad Ibrahim Lawan and other principal officers of the Senate.
She said, the Federal government was initially looking at the removal of fuel subsidy from July this year, after which they made provisions in the 2022 budget to cushion the effect but noted that the timing has become a huge challenge.
The Finance Minister’s disclosure was at the backdrop of concerns raised by the Senate President who pointed out that there should be caution in the event of subsidy removal so as not to deepen the economic hardships of Nigerians.
Lawan said, he visited President Muhammadu Buhari over plans to remove fuel subsidy and so many factors were taken into consideration but with a view to ensuring that the citizens are not at the receiving end.
In her further reaction, the Minister of Finance said her ministry consulted widely and discovered that the federal government cannot go ahead with the removal plans until some steps are taken to protect the interest of Nigerians.
She said: “Let me start by stating that we did make a provision in 2022 budget and which means that there will be fuel subsidy from July.
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“After consultations with various stakeholders, it became apparent that the timing became a big problem and Mr President didn’t want that. We are looking at various means either putting our four refineries in order and allowing Dangote Refinery to come on stream.
“It means that we shall submit supplementary budget from July going forward.”
The Senate President had earlier said the country was confronted with the fuel subsidy liabilities but cautioned that the timing of its removal was inappropriate.
He called for the cooperation of stakeholders in the Petroleum industry to cooperate with the government on any step that would be taken, should there be a need to remove fuel subsidy or not, insisting that there was no confusion in government circles.
He also appealed to the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), to shelve their planned protest noting that any step taken by the FG with regards to fuel subsidy would be in the interest of the country.
Lawan said: “Admittedly the burden of subsidy is huge and massive and there is a need to do away with it. It needs the cooperation of all of us. Even though the economy is slowing.
“The issue of removal of subsidy should be done with utmost care and the timing should be such the impact would not deepen our woes and Mr. President needs the cooperation of all of us.
“The Minister of Finance is here because she is the one that will provide the money and we must find suitable time and means of getting the issue of removing fuel subsidy finally.
“If we are saying this is not the appropriate time, it should be agreed by all of us so that there won’t be confusion anywhere.
“I appeal to NLC, TUC to shelve the idea of mass protest. It is unnecessary because the removal of fuel subsidy is a necessity.”
In attendance at the meeting were President of the Senate, Dr Ahmad Ibrahim Lawan, Group Managing Director of the Nigeria National Petroleum Limited, Mr. Mele Kyari, Minister of Finance, Hajia Zainab Ahmed, Minister of State for Petroleum Resources, Timipreye Sylva and Chief Executive officers of Petroleum Downstream and Upstream sectors.
No removal of fuel subsidy anytime soon – Nigerian govt.
Business
India, Nigeria to Strengthen Business Partnership
India, Nigeria to Strengthen Business Partnership
By: Michael Mike
Indian Government has revealed its plan to strengthen business partnership with Nigeria, emphasizing that the country remains an important alien.
India’s External Affairs Minister, Dr Subrahmanyam Jaishankar, made the revelation on Monday in Abuja at the India-Nigeria Business Forum organised by the Indian High Commission through collaboration with the Confederation of India Industry (CII) business delegation to Nigeria.
The minister, who made his maiden visit to Nigeria, said there is the need for the Business stakeholders to work closely together to improve India-Nigeria businesses and achieve meaningful growth.
Jaishankar said: “We have to keep finding various ways of improving the business enabling climate, there are some banking charges, there could be payment issues, there could be some travel vistas.
“In many cases we have started something but necessarily working, to which there are regulatory challenges, between that could be mutually helpful approach.
“In a way the CII and all businesses can help to solve problems faced by Nigerian partners in India and they in-turn open more doors to us in Nigeria.
“So, we will continue to ease the operation system, motivate business against whatever obstacles, also facilitate and look for new opportunities because there are lots of changes in each country.
“We could harness those business opportunities, a very good example is in the energy sector, it could be in digital field, green energy, I think there are lots of interest in agriculture.”
He promised to build on the mutual relations between Nigeria and India, and also extend such to other parts of Africa.
Jaishankar, who also unveiled the Mahatma Ghandi’s statue at the Indian High Commission in Abuja, said: “For us it is a matter of great fight, because our identity and our bond with Africa that we are displaying to the world.
“I am thankful to all of you for joining us, more than many other countries the Nigerian-Indian community has played very important role in building our relationship and shaping our image.
“So, this will be my one chance to say thank you all for it. But keep contributing to the relationship, keep building the relationship.”
On his part, the High Commissioner of India to Nigeria, Mr Gangandharan Balasubramanian described the India-Nigeria Business Forum as a platform designed to bring together business community across India and Nigeria
.
He said: “I wish all of you the best and hope that this can be very productive and useful meeting for all of you.
“Something that will strengthen the good and favourable relationship between our two countries.”
The Director-General of CII, Chandrajit Banerjee, expressed the industry’s appreciation to the Minister for driving economic engagement through his leadership and guidance towards Nigeria-India trade and investment relationship to new levels.
He said the CII business delegation forum is to further strengthen economic cooperation, explore business and economic opportunities between India and Nigeria.
Banerjee said: “We have representatives from Energy, Pharma, ICT, Financial Institutions, Infrastructure and defense, besides others in the delegation who are seeking to find business partners in Nigeria.
“India is Nigeria’s leading investor. It is informally estimated that there is around 19.3 billion USD of investment by Indian companies in the country and is home to a large Indian community numbering around 50,000.
“Over 135 Indian companies are currently operating in Nigeria, with Indian owned/operated companies estimated to be the second largest employer.
“As the secretariat of the B20, CII had an Action Council on Africa which had strong participation including a Co-Chair from Nigeria. The Council came out with very strategic recommendations including inclusion of the African Union in the G20,” he said.
The director-general disclosed that the Industry has scheduled the next “CII India-Africa” conclave to hold from Aug. 20 to 21, adding that: “we look forward to a strong participation from Nigeria.”
The event attracted Otunba Adele Oye, National President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Mr Emeka Obegolu, President, Abuja Chamber of Commerce and Industry (ACCI), prominent individuals in both Indian and Nigerian business communities and government officials from India and Nigeria.
India, Nigeria to Strengthen Business Partnership
Business
Nigeria, India Sign MOU to Combat Trafficking in Drugs
Nigeria, India Sign MOU to Combat Trafficking in Drugs
By: Michael Mike
Nigeria and India have taken a tough step to combat trafficking in illicit drugs between the two countries, with a historic signing of a Memorandum of Understanding between the National Drug Law Enforcement Agency, NDLEA and the Narcotics Control Bureau of India
Chairman/ Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Retd) who signed the MoU on behalf of Nigeria’s anti-narcotics agency said the move represents a robust partnership in the effort to exterminate incidences of drug abuse and illicit drug trafficking in the two countries.
He said: “This bold step taken by the two agencies is an affirmation of our foresight and commitment to the task of ensuring the safety of our citizens and the global community at large. Today’s development constitutes a fundamental step towards positioning the two countries, India and Nigeria, at the forefront of confronting and dismantling transnational drug trafficking networks with brazen capabilities of outmaneuvering legitimate drug law enforcement.
“With our understanding of the changing dynamics of the illicit drug problems, locally and globally, every major organisation around the world working assiduously to curb the menace knows that working with partners greatly helps in addressing the trafficking and abuse of narcotic and psychotropic substances.
“The governments of both countries remain committed to eradicating the problem posed by illicit substances, notably synthetic opioids and Amphetamine Type Stimulants (ATS) which pose a potent threat to our citizens.”
Marwa, while acknowledging the courage exhibited by the two agencies in the course of past meetings that culminated in the MoU, he stressed that the partnership will impact greatly on efforts to prevent “illicit trafficking in narcotic drugs, psychotropic substances, precursor chemicals, and related matters” between the two countries.
In his remarks, Indian High Commissioner to Nigeria and Head of the Indian delegation, Ambassador Shri Balasubramanian, who signed on behalf of his country, noted the enormous negative impact of drugs on global financial and political systems, adding that proceeds of drug trafficking are often directed towards terrorism financing.
The envoy observed that drug trafficking does not only affect the health of the individual that consumes it but equally the economy of the country as well as national security. He advised that both countries should take advantage of their similar demographic advantage to address substance use problems.
Balasubramanian noted that the liberal trade relations and educational advantages enjoyed by both countries has been negatively applied to further criminal drug trade, urging that all hands must be on deck to ensure that merchants of death do not succeed in their evil trade. He pledged the commitment of the Indian Government to ensure the enforcement of the provisions of the MoU.
Nigeria, India Sign MOU to Combat Trafficking in Drugs
Business
FG Opens Nigerian Businesses to Rest of World
FG Opens Nigerian Businesses to Rest of World
By: Michael Mike
Nigerian businesses have been given another opening to the rest of the world as the Federal Government on Thursday launched an online platform that would connect foreign businesses that want to do business with Nigerian businesses.
The government also set up a help desk to attend to Nigerians in diaspora who need information on provision for help.
The Nigeria Global Business Match, NGBM is a real-time online one stop-shop where foreign businesses seeking to do business in Nigeria can transparently conduct end to end transactions with Nigerian registered and verified businesses in a secured and trusted online platform.
NGNM provides a database of registered Nigerian businesses to its foreign counterparts.
The essence is to leverage on the ministry of Foreign Affairs global presence to boost Nigeria’s overall international business, trade and economic relations.
In what may perhaps be described as the parting gift of Geoffrey Onyeama, the ministry also launched two other legacy projects- the Nigeria Global Citizens Help Desk, NGCHD for Nigerians in Diaspora who are in need of help.
Also launched was the Unified Online Presence under Diplomatic Service Digitalization initiative, which is aimed at
seeing all the country’s missions and the ministry in one secure Web space. With this, all the missions and Ministry will now have a uniform naming pattern.
Speaking during the event, Buhari said the projects were targeted towards achieving the mandates given to the Ministry of Foreign Affairs and would be extremely beneficial to Nigerians abroad.
Buhari who was represented by his Chief of Staff, Professor Ibrahim Gambari, appreciated partner ministries, departments and agencies for their contributions and support, particularly those that provided data base access for verification purposes.
He said: “I would like to urge the staff of the Ministry, especially those who will interface directly with this system to utilise them diligently and ensure effective delivery of qualitative service to Nigerian citizens.”
The President further reiterated the need to maintain the legacy projects, as well as improve upon them as innovation permits so that they can compete globally.
Speaking earlier, the Minister of Foreign Affairs, Geoffrey Onyeama, said the ministry felt the need to leverage on its physical presence in a hundred countries around the world to promote the portal and direct the attention of the businesses in those hundred countries unto the portal where Nigerian businesses would be able to upload all their information, as well as foreign businesses, in a secure environment as supported by the government, the Ministry of Industry, Trade and Investment, the Ministry of Foreign Affairs and others.
He said: “Secure environment in which businesses can meet each other. And hopefully, we will be able to have a live match.”
Onyeama further said the portal will be a unique matching tool for businesses as it will open up the world for Nigerian businesses seamlessly.
The Minister said the second initiative was part of the Ministry’s citizens’ diplomacy, saying that there were huge numbers of Nigerians around the world.
“That is one of the reasons why I am also delighted that the Executive Governor of Edo State was able to come here because he has been a champion for the Nigerian trafficking victims around the world and he has been extremely engaged in protecting young, vulnerable Nigerians who had been trafficked or who could be trafficked if the necessary measures are not put in place,” Onyeama also said.
Governor Godwin Obaseki of Edo State, who was at the occasion, said the event was quite significant, adding that the platform provided for Nigerians in the Diaspora and other relevant sister agencies with a channel that provides services where Nigerians can reach out for help, advisory services and also to report in cases of emergencies.
Obaseki added that the recent Russian-Ukrainian conflict and the crisis in Sudan, clearly demonstrated the need for a trusted and dependable channel where citizens can report emergencies and seek help, especially from Abuja and Nigeria.
He noted that: “This service would be of tremendous benefit to our citizens in the Diaspora who, as you are aware, are spread out all over the world.”
FG Opens Nigerian Businesses to Rest of World
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