Connect with us

Business

Lift Ban On Imported Textiles, Chamber Urges

Published

on

The President of the Lagos Chamber of Commerce and Industry (LCCI), Solomon Onafowokan, has urged the government to lift the ban it placed on the importation of textiles and other goods since the measure has failed to achieve its objective.
Onatowokan said the intention behind the ban was to promote the growth of domestic industries, but regretted that large scale and unchecked imports of the banned goods had defeated the purpose.
Among the banned goods are apparels, footwares and bags. These illegal imports, he argued have cornered a huge share of the market and it would be proper to legalise these illegal imports and earn the much needed revenue.
Onajowokan had long advocated the revival of the textile sector, but the government’s attitude has become a major obstacle to that goal, he said.
However, the National Union of Textile, Government and Tailoring Workers of Nigeria (NUTGTWN), has chided the government for neglecting the textile sector. The union urged the government to work toward the promise of reviving the industrial sector to fast-track the economic development of the country.
The union said that, since the present government took over, the number of industrial closures has been on the rise; leading to mass unemployment.
The Secretary-General of NUTGTWN, Mr. Issa Aremu, said that smuggling is rampant in the country and has dislodged the industrial sector by taking away the productive space.
He said that the textile revival fund had been announced more than five years back and apart from raising the quantum of the fund from N70 billion to N100 billion, nothing concrete has been achieved.
“The closure of textile units is in the rise and the more the delay in releasing the fund, the more difficult it would become to revitalise the textile and industrial sector”, the union scribe stated.
A consultant disclosed that the textile industry would need about $1.4 billion to revive, adding “if these investments were to come through, the sector would be able to seize back 40 per cent of the market share.
The global CEO of Banquiaires Facilities Limited, Dr. Felix Adesanmi, said that N4.3 trillion is spent in textiles yearly, either through smuggling or legally.

Print Friendly, PDF & Email
Continue Reading

Business

NSE Begins Week On Negative Note, Loses N19.49bn

Published

on

The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

Print Friendly, PDF & Email
Continue Reading

Business

… Introduces TIES To Boost  Business Loan

Published

on

The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

Print Friendly, PDF & Email
Continue Reading

Business

CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

Published

on

The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

Print Friendly, PDF & Email
Continue Reading

Trending