President Muhammadu Buhari on Sunday said the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes, had his approval
This is contrary to the minister of Finance, budget and National planning, Zainab Ahmed who disowned the policy
A statement by Senior Special Assistant to the President Garba Shehu quoted President Buhari to have indicated that the reasons given to him by the CBN convinced him that the economy stood to benefit from reduction in inflation, currency counterfeiting and the excess cash in circulation.
He said he did not consider the period of three months for the change to the new notes as being short.
”People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”
In the interview, the President also addressed issues of food security and national security, among others.
AfCTA: Marine and Blue Economy minister delighted as NPA hosts West, Central African Ports in Nigeria
The Minister of Marine and Blue Economy, Adegboyega Oyetola has expressed delight in the prospects of the hosting right conferred on the Nigeria Ports Authority (NPA) for the 43rd Annual Council and 18th Managing Directors’ Roundtable by the Port Management Association of West & Central Africa (PMAWCA).
The NPA won the hosting right in recognition of the remarkable improvements it demonstrated in advancing the frontiers of trade facilitation.
The gathering of 24 littoral African countries scheduled to hold from November 6 to 9 at the Lagos Continental Hotel Victoria Island Lagos is expected to be declared open by President Bola Ahmed Tinubu.
The Council has as theme: “The Role of Ports in the African Continental Free Trade Area (AfCFTA).
The annual council provides a platform for the cross-fertilisation of ideas, experiences and knowledge sharing to guide necessary policy action towards maximizing the maritime comparative advantage of the sub-region.
Speaking on Nigeria’s preparedness and expectations from the conference, the Minister said, “This gathering of maritime experts is very timely as it is coming when Nigeria is eager to provide the leadership necessary to convert our marine and blue economy potentials to actualities in a bid to provide opportunities for our growing youth population.”
He added that, “to demonstrate the premium we place on maximizing the emerging opportunities of AfCFTA which is the focal point of the conference, we have given the Nigerian Ports Authority all the support necessary for a flawless hosting.”
Responding during a media chat preparatory to the occasion at the NPA Headquarters in Marina, Managing Director, NPA, Mohammed Bello Koko, mentioned that, “our confidence in hosting this conference is in demonstration of our readiness to provide regional leadership in ports competitiveness and is inspired by the uncommon trade facilitation orientation of Mr. President who is already endorsing some of our initiatives for the maximization of our littoral assets under the auspices of the Ministry of Marine and Blue Economy.”
DG ACCI commends Dangote group for scaling up volume of Nigeria’s Foreign Exchange
By Ahmed Rufa’i, Dutse
The Director-General of the Abuja Chamber of Commerce and Industry (ACCI), Mrs. Victoria Akwai, has commended Dangote Group of Companies for helping to scale up the volume of foreign exchange through export of his products.
Mrs Akwai who gave the commendation in his speech delivered at the Special Day of the Dangote Group at the ongoing 18th Abuja International Trade Fair (AITF) said exports of the company’s’ products such as Fertilizer, Cement to other countries has boosted Nigeria’s foreign reserve.
She identified Dangote Group of Companies as one of Nigeria’s biggest earners of Foreign Exchange thereby contributing to the growth and development of the country’s economy.
According to her “This year’s Trade Fair looked at the issue of Made in Nigeria, and we are proud that the Dangote Group is the champion of Made in Nigeria products”.
She commended the Dangote Group for the sponsorship of the 18th Trade Fair, which has as its theme: “Sustainable Finance and Taxation as Drivers of the New Economy.”
The Dangote Group’s Executive Director, Government and Stakeholders Relations, Mansur Ahmed, an Engineer, said the company is committed to its industrialization project in Africa.
While noting that the Dangote Group is the biggest employer of labour, he said the company’s’ President Aliko Dangote is passionate about Corporate Social Responsibility (CSR) and Corporate Philanthropy.
Mr. Ahmed commended the Bola Ahmed Tinubu-led government over its reform effort, and numerous steps taken to ginger the economy.
According to Mr. Ahmed the partnership with ACCI offers the company the opportunity to display its numerous innovative products while contributing its quota to the Nigerian economy through Trade Fairs and expos.
At the trade fair, the company’s pavilion became a mecca of a sort as participants trooped to catch glimpse of the several innovative products on display.
A statement by the Branding and Corporate Communications Department of the company said a special help desk has been set up at the company’s pavilion to respond to queries while urging participants to leverage on the numerous innovative products which included the: Dangote Fertiliser, Dangote Sugar, Dangote Cement, Dangote Salt, and lots more.
The Trade Fair will run between September 28 and October 9, 2023.
Economic downturn: Fasua, other experts, say, Nigeria needs home grown solutions
The Special Adviser to the Vice President, Kashim Shettima on Economic Affairs, Tope Fasua, has indicated that Nigeria has all what is needed to overcome all of its current economic challenges given the country’s abundant human and natural resources.
Fasua spoke on Thursday at a colloquium organized in his honour to mark his 52nd birthday anniversary in Abuja.
He said all that the country needs is for it to unlock its full potentials by developing its own “home grown solutions”, and taking advantage of the limitless opportunities that abound in the country to address its needs especially in the short run.
“All I see are Opportunities for development. I do not like to see the economy from the position of its challenges. I see only opportunities and prospects. This economy has not even started yet, hopefully it will start to grow with this administration
Speaking further, he advised that while the country steps up its fight against corruption, the country must not lose sight of the need to grow its economy, pointing out that this can be better achieved by looking more inwardly instead of relying on foreign interventions.
He said Nigeria can start by ramping up production which will then attract more Foreign investment Investments and ultimately create job opportunities, rake in foreign exchange and strengthen the Naira.
Speaking to Journalists on the sidelines, Director General, Bureau of Public Service Reforms, Dasuki Arabi shared similar sentiments with Fasua on the need for government to look inward for answers to Nigeria’s economic challenges.
He noted that President Bola Tinubu had in his inaugural speech set the pace with a clear roadmap towards economic recovery and that with people like Fasua having opportunity to work closely with him, Nigeria will in no time bounce back.
“We are happy he has a place in this government, as I said it we cannot get outsiders to do it for us it has to be a home grown solution to the problem that we are facing and we have a president that is giving people the space to address the challenges and problems facing this country.
“If you look at his inaugural speech he spoke about value addition improvement in foreign exchange earnings
“Most especially that message of saying use what we produce what we eat that will reduce our demand for foreign dependency on import and we look inwards to solving our problem.”
In his goodwill message, former Director General, Nigeria Maritime Administration and Safety Agency, (NIMASA), Dakuku Peterside said the major ingredient needed to jumpstart the Nigerian economy is quality leadership which he said is embodied in the current administration.
Five books authored by Tope Fasua were also presented at the intellectual discourse with many of them providing answers to Nigeria’s economic challenges.
The event had in attendance a crème of other prominent economic experts and policy matters.
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