Author: Ogochukwu Ndubuisi

FG to Establish Work Group to Revive Manufacturing Sector The Federal Government is to establish an industrial revolution work group to place the manufacturing sector on the path of sustainable growth, create more jobs, and enhance economic growth and development. The Minister of State for Industry, Sen. John Enoh, gave the assurance at a meeting with manufacturers and key players in the industrial sector, as well as the Organised Private Sector (OPS) in Lagos on Wednesday. The objective is to receive first-hand information on the constraints limiting industry performance and deliberate on practical solutions. The minister said that the group…

Tax Reform Bills: Senate Sets Up Review Committee, with AGF The Senate on Wednesday set up a committee to review the controversial tax reform bill that is before the National Assembly. Deputy Senate President Barau Jibrin disclosed this during plenary on Wednesday. The decision follows a series of deliberations by lawmakers aimed at resolving disagreements over key provisions in the proposed legislation. Tax reform bill has been generating issues, especially with northern governors who have spotted grey areas that they claim could impoverish their region. Some critics also claimed they were not consulted in the process. The dissents believe the…

NCC Introduces New Licensing Framework for A2P Services The Nigerian Communications Commission (NCC) has unveiled a new licensing framework for Application-to-Person (A2P) services, according to an official statement related by the telecom regulator. This move aims to streamline A2P communication services, ensuring compliance with existing regulations and enhancing the integrity of telecommunications services in Nigeria. According to the NCC’s Director of Public Affairs, Reuben Muoka, the framework has been published on the Commission’s website, (link unavailable), and is open for stakeholder review and comment. To encourage participation, the NCC will host a virtual forum on December 20, 2024, to deliberate…

Nigeria’s Cocoa Market Values Over $6bn -Stakeholders As the cocoa business continues to thrive, stakeholders say the cocoa market in Nigeria comprises 250,000 tonnes in volume, valued at over $6 billion, with international market prices influencing the figure. According to them, currently, cocoa prices have risen to $10,000 per tonne, potentially increasing the market value to around $25 billion. They spoke at the 25th Anniversary and Awards Ceremony of Starlink Global & Ideal Ltd. in Lagos. The Starlink Global & Ideal Ltd is the biggest non-oil exporter in Nigeria, priding itself as a company of choice, delivering unequalled benefits to…

Ododo Presents N582.4bn 2025 Budget to Kogi Assembly Gov. Ahmed Ododo of Kogi on Tuesday, presented an Appropriation Bill of N582.4 billion for 2025 fiscal year to the State House of Assembly for consideration and approval. Ododo, while presenting the Appropriation bill christened: “Budget of Inclusive Development” in Lokoja, said N279.59 billion, representing 48.01 per cent of the budget had been earmarked for Recurrent Expenditure, while Capital Expenditure was to gulp N302.81 billion representing 51.9 per cent. The governor said that the total budget expenditure outlay included Administration, N120 billion representing 20.61 per cent, Economic sector, N227.81billion representing 39.12 per…

Interbank Rates Shrink as Additional Inflow Boosts Liquidity The short-term benchmark interest rates declined further on the back of sufficient liquidity level in the financial system. Borrowing from the Central Bank of Nigeria’s (CBN) standing lending facility (SLF) continues to slow down in the new week. Analysts said the market would continue to price interbank rates higher in the absence of sufficient liquidity level that meet funding requirements. Last month, more than N8 trillion was accessed by banks from the CBN window as a result of tight liquidity in the money market. This kept interbank rates elevated in the money…

Sanwo-Olu Signs Lagos Electricity Bill into Law Gov. Babajide Sanwo-Olu, on Tuesday, signed into law the Lagos State Electricity Bill 2024, saying the bill’s sole aim is to ensure independent power supply to residents. Sanwo-Olu at the signing held in Lagos House, Alausa, Ikeja, said the implementation would start in the next six months. “The objective of the law includes establishing a Lagos Electricity Market that is technically sound, financially viable, and well-regulated, ensuring access to affordable, reliable, and sustainable electricity for all citizens. “The law will allow establishment of critical institutions to manage and oversee the electricity market which…

PenCom Unrestricts PFAs’ Invest in Commercial Papers The National Pension Commission (PenCom) has lifted restrictions on Licensed Pension Fund Administrators (LPFAs) investing in commercial papers where capital market operators act as issuing and paying agents (IPAs). This decision was announced through a circular issued by the commission on Tuesday in Abuja. According to the circular, the Securities and Exchange Commission (SEC) has developed draft rules and amendments to regulate the issuance of commercial papers by its regulated entities. The SEC has addressed PenCom’s concerns about the role of non-bank IPAs in commercial paper transactions by bringing them within regulatory boundaries.…

Reps Investigate Central Bank Plan to Retire 1000 Staff The House of Representatives has launched an investigation into the planned retirement of 1,000 staff of the Central Bank of Nigeria (CBN) The resolution followed the adoption of a motion of urgent public importance by Rep. Kama Nkemkama (LP-Ebonyi) during plenary on Tuesday. The motion is entitled, “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria (CBN) and the Associated N50 Billion Payoff Scheme.” It would be recalled that, a national media outlet announced on Dec. 2 that the CBN planned to retire over 1,000…

Yuan Weakens to 7.1996 Against Dollar The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 131 pips to 7.1996 against the dollar on Tuesday. This is according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day. The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. #Yuan Weakens to 7.1996…