Connect with us

Business

Dependence On Import, Bane Of Naira Depreciation -CBN

Published

on

The Central Bank of Nigeria (CBN) has blamed Nigerians’ dependence on imports for  the devaluation of the country’s Naira.
The apex bank consequently urge Nigerians to adopt homemade products to boost Nigeria’s economy and stop the Naira from depreciating further in the parallel market.
CBN’s Director of Corporate Communications, Mr Osita Nwanisiobi, disclosed this recently at the opening session of a two-day expo organised by the apex bank in Owerri, Imo State.
Nwanisiobi, who was represented by the Deputy Director, Corporate Communications Department, said during the Covid-19 pandemic, the CBN’s Anchor Borrower’s programme was the nation’s saving grace for improved rice availability.
The actions, he added, were aimed at emancipating enterprises and eliminating poverty.
Nwanisiobi, who spoke on the topic, “Promoting Financial Stability and Economic Development,” said the CBN had implemented interventions in the agricultural, manufacturing, and other sectors.
“No successful economy thrives on the promotion of imported products over the exportation of locally manufactured products,” he said.
He continued that “during the Covid-19 pandemic, rice was the most single popular component of our palliatives. This is a result of the CBN’s Anchor Borrower’s programme for rice farmers.”
Also speaking, Mrs Uchenna Onyene of CBN’s Currency Operations Department, who spoke at the event, urged Nigerians to use the naira with caution, citing Section 21, Sub-section 4 of the CBN Act 2007.
She also urged Nigerians to adopt the CBN’s cashless strategy to decrease risk and improve transaction seamlessness, noting that the bank was dedicated to ensuring payment innovation for a better customer experience.

“Nigeria’s capital inflows plummeted to a four-year low of $9.66 billion in 2020, only to drop further to $6.7 billion in 2021.

“International trade remained a major concern as Nigeria progressed with historical trade depict. Nigeria’s international trade balance for 2021 has dropped to a deficit of N1.94 trillion, the largest on record.

“Nigeria continues to be affected by the repercussions. Nigeria’s exports climbed by 51% to N18.91 trillion in 2021, up from N12.52 trillion the year before”, she said.

The increase in export profits, she stated further, was not enough to offset the 64.1% increase in import bills, which totalled N20.84 trillion.

She noted that this resulted to the FX Outflows, a $5.26 billion negative balance of payment which was made in 2021, putting even more pressure on the local currency and necessitating the use of the external reserve.

Continue Reading

Business

Telcos Fear Shutdown As Lagos-Calabar Highway Construction Threatens Cables 

Published

on

Barely 48 hours after Multichoice alerted subscribers to a three-day technical downtime, telecommunication companies have expressed concern over possible connectivity disruptions as construction advances on the 700km Lagos-Calabar Coastal Highway.
While the DStv and GOtv owner acknowledged the anticipated impact of the ongoing Lagos-Calabar construction project on their uplink facilities, telcos have expressed broader concerns emphasising the vital role of telecommunication service and the effect of possible anticipated technical disruption.
The Lagos-Calabar coastal highway corridor serves as a crucial landing point for multiple submarine cables connecting Nigeria to Europe
The cables, including the West Africa Cable System (WACS), MainOne, Glo1, ACE, and NCSCS, are vital for international communications and data transmission in the country.
The Federal Executive Council approved Phase One of the ambitious 700-km Lagos-Calabar coastal highway project in February, entrusting the task to Hitech Construction Company Limited.
The highway project was designed to connect Lagos to Cross River, passing through the coastal states of Ogun, Ondo, Delta, Edo Bayelsa, Rivers, and Akwa Ibom, before culminating in Cross River.
The demolition of numerous properties and recreational centres in Lagos has been carried out to expedite the construction of the highway.
In the light of the developments, telcos stressed the necessity of stakeholder consultations with the Ministry of Works to address potential risks and implement robust mitigation measures.
While dialogue with the Federal Government is yet to happen, telcos have warned Hitech Construction to exercise caution to prevent damage to critical national infrastructure.
Speaking to newsmen, the Chairman of the Association of Licensed Telecom Operators of Nigeria (ALTON), Gbenga Adebayo, confirmed that the Ministry of Works had yet to engage the telcos on environmental impact assessment.
The ALTON Chairman said the Ministry of Works, headed by David Umahi, had engaged some stakeholders but excluded the telecom operators.
“The Ministry of Works has not approached us, and I’m unsure if environmental impact assessments have been conducted. The route is crucial for the landing of numerous submarine cables, so caution is essential.
“Some members have reached out to them, urging caution. As the Chairman of the industry, I can affirm that ALTON members were not consulted regarding the assessment of the undersea cable within that right of way”, he explained.
Adebayo revealed that some of its members had written to the works ministry on the matter over the need for a dialogue. He, however, said the body had yet to get any response.
He added that the Nigerian Communications Commission (NCC) had been engaged to facilitate talks with the ministry.
“We’ve informed the Nigeria Communications Commission about this issue, and they are attempting to contact the Ministry of Works. However, I can confirm that neither we nor any of our members were contacted. This is on record. We were not included in the stakeholder consultations, and we’re concerned about the actions being taken”, he stated.

Continue Reading

Business

Vets Make Case For Massive Investments In Agric Technology 

Published

on

Veterinary doctors have tasked governments at all levels and stakeholders to drive the agricultural sector with innovative and technological investments to upscale food production and boost food security.
President, Faculty of Veterinary Medicine, University of Nigeria, Nsukka, Alumni Association, Prof Lawrence Aka, made the call in an event in Abuja, following the current excruciating hunger and hardship Nigerians are grappling with.
In the event, which was focused on “Adopting Technological Innovations in Veterinary Practice, Livestock Production and General Agricultural Practices for Food Security, Economic Growth, Poverty Alleviation, Youth Employment and National Security”, Aka noted that agriculture, which is the backbone of human civilization, is at a crossroads, particularly in Nigeria.
According to him, agriculture is faced with challenges such as climate change, population growth, and diminishing natural resources, hence the need to  reimagine and reinvent better ways to cultivate lands to improve national economy to nourish the people.
“The solution lies in innovation – leveraging technology to transform agriculture into a more sustainable, efficient, and productive sector.The subject of our discussion today is one that sits at the nexus of our survival and prosperity: ‘The adoption of innovative technology in agricultural production as a catalyst for economic growth and a pillar of national security’.
“In an era marked by rapid technological advancement, and our unique agricultural potential, agriculture remains the cornerstone of our economic stability and sustenance. Yet, it faces unprecedented neglect and challenges from climate change, population growth, resource depletion and lack of political will for its development.
“To navigate these challenges, we must pivot towards innovation and technology. This transition is not just an opportunity for growth but a necessity for our survival as a developing nation.
“There is no doubt that the current state of agriculture in our country does not match the potential it has in revamping all aspects of our existence as it relates to our economy, food security, youth empowerment, poverty alleviation and national security.
“The theme of this symposium has been chosen in recognition of the need for a diversification of our national economic agenda through an embrace of innovative and technologically-driven agricultural practices.
“Nigeria is uniquely blessed with enormous factors that positively drive abundant food production for local consumption and export.
“Unfortunately, this has hitherto been neglected to the detriment of improved economy, poverty alleviation, food sufficiency and national security hence the existing unimaginable level of poverty and youth unemployment. There is no dishonor in a country being poor.

Continue Reading

Business

Aviation Experts Chat Way For Sector’s Advancement

Published

on

Experts in aviation under the auspices of Aviation Safety Roundtable Initiative (ASRTI) havae urged President Bola Tinubu to suspend taxes, tariffs and endless charges hindering development of the aviation industry in the country.
The Aviation Roundtable (ART) also called on Tinubu to initiate policies that would address airlines’ survival and growth with a view to lowering the swift increase in domestic airfares.
In a statement released at the end of its Business Meeting in Lagos, the ART President, Air Comdr. Demola Onitiju (rtd), called on the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, to constitute governing boards for the Nigerian Civil Aviation Authority, (NCAA), and other agencies in the sector.
“The ART has been a consistent advocate of NCAA’s autonomy consistent with the Act establishing it and global best practices. We do this to ensure that it is adequately  insulated from short-term political pressure.
“In the  Nigerian circumstances, the NCAA is expected to be both benign and harsh in its  spontaneous enforcement of standards and rules to retain our trust.
“In order to create a conducive environment for aviation and tourism to thrive, the ART urges the renewed hope agenda of President Bola Tinubu to initiate deliberate policies to review and suspend taxes, tariffs and charges (within a given time frame) in order to bring succour to aviation and allied businesses in Nigeria.
“Such policies should address airlines survival and growth with a view to lowering the recent astronomical increase in air fare on the domestic scene.
“The Consumer Rights Protection directorate in the NCAA  should live up to its billing in ensuring maximum comfort and compensation for the traveling public promptly where infractions are established”, he stated.

Corlins Walter

Continue Reading

Trending