Business
NACCIMA Tasks FG On Foreign Reserves
The Director-General, Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), Dr John Osemede,has urged the Federal Government to invest part of Nigeria’s foreign reserve on infrastructure.
Osemede, who gave this advice at a forum last week in Lagos, said that the reserve should be invested on critical infrastructure of the economy.
He said that it was expedient to invest a part of the reserve because of the inconsistency in foreign exchange rate, which could bring about depreciation in the value of the currency in subsequent years.
“There should be a minimum import cover for three months in Nigeria, and the government should invest in areas like agriculture and job creation.
“There are so many areas where Nigeria has comparative advantage, which are not being optimally utilised.
“For instance, there is a huge production of onions and garlic in the northern part of the country, yet most Nigerians import onion and garlic powder.
“Also, Benin and Ebute-metta in Lagos are rich in all kinds of wood, yet we import foreign wood materials from abroad,” he said.
He stressed the need for a value-chain in agriculture, where mechanised farming would bring about a wider expansion, processing of agricultural products and provide more jobs.
He also advised that a part of the reserve should be channelled toward the development and creation of more functional research centres.
According to him, the increase in the volume of the foreign reserve should be visible in the per capita income of the average Nigerian.
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
