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Trade Fairs Should Showcase Made-In-Nigeria Goods

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Dr Simon Okolo, National President, Nigeria Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA), has suggested that trade fairs should be used to showcase made in Nigeria products.

Okolo made the remark in Abuja on Friday at the 2nd day of the ongoing Abuja 5th International Trade Fair.

Okolo therefore, called on the various government agencies responsible for checking fake products not to compromise their duties in bringing the culprits to book.

He also advised the Abuja Chambers of Commerce, Industries, Mines and Agriculture (ABUCCIMA) to ensure improvement in the fair to meet international standards.

Okolo said that the theme of the fair: “Economic Reforms As Panacea to Restoring Investors Confidence,” was “timely and appropriate” in view of government’s efforts at reforming the various sectors of the economy.

The reforms, he assured Nigerians, would provide investment incentives that could woo local and foreign investors to ensure socio-economic growth of the country.

Okolo noted that no economy could grow if such necessary reforms and incentives that attract local and foreign investments were not put in place.

Okolo, who is a member of the Presidential Advisory Council (PAC) assured Nigerians that the 2010 national budget would be fully implemented.

He added that NACCIMA would join hands with the government to ensure that the budget is fully implemented.

Okolo also called on the new Minister of Commerce and Industry to create the enabling environment for the growth of commerce and industry.

The Tide  reports that the exhibitors at the fair complained of low patronage on the 2nd day of the fair.

“Prospective buyers just come merely to know the price of the products. They assured us they will come again and went away,’’ Ikenna Egwuatu, one of the exhibitors said.

 

Mary Aigbe and Tesy Ezekwuechi, sales representatives at A.B.U Intercontinental Furniture and Lifemate Furniture stands respectively, equally complained the same.

The exhibitors were, however, optimistic that they would record appreciable increase in patronage as the fair progresses.

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

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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.

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… Introduces TIES To Boost  Business Loan

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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.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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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.

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