Economy
FG Nets N242bn From Marine Sector, Targets $7bn Oil & Gas Investment
The Minister of Marine and Blue Economy, Gboyega Oyetola, has said that his ministry recorded a revenue of N242 billion in the first quarter (Q1) of 2024.
During the ministerial press briefing on Tuesday in Abuja, Oyetola said the revenue recovered represented a 92 per cent increase from the N126bn recorded in Q1 of 2023.
“A comparison of Q1 of 2023 against Q1 of 2024 revenue performance across the agencies reveals a 92 per cent increase. The increase in revenue performance has largely been due to a 10 per cent increase in the number of vessels calling at our ports due to strategic investments in port infrastructure in the last one year; mooring boats, patrol vessels and dredging of the ports’ channels,” he added.
Also, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the government of President Bola Tinubu was not responsible for the economic conditions that led to the shutdown of about 800 companies in 2023.
In a statement on Tuesday, Edun’s explanation was coming on the heels of an earlreport in February by the Manufacturing Association of Nigeria (MAN) indicating that about 767 manufacturing companies shut down operations in Nigeria in 2023.
In addition, the association noted that another 335 companies were in distress financially in the same year.
Edun explained that the departure of the companies from Nigeria’s economic landscape did not happen overnight; but that factors like market instability, unfulfilled promises and breaches of contract forced them out.
He added that the issues were currently being addressed by the current administration.
He explained that, “Our government inherited the assets and liabilities of the previous administration. The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more.
“The conditions which sent them packing are no more. Those conditions were a foreign exchange market that was in no way fit for business where there was no liquidity.
“They were the general economic regime marked by instability, broken promises, lack of adherence to contract and so on.
“The new environment which investors face is one in which inflation is being attacked which will eventually lead to lower interest rates where investors can use the very vibrant domestic market to add their own equities and invest.”
We expect $7bn investment in oil & gas sector
Edun also disclosed that the oil and gas sector received approximately $7bn investment pledge due to the new incentive frameworks introduced by President Bola Tinubu’s administration.
He said that the investment had been dormant for years, awaiting the appropriate economic conditions for inflow.
He also highlighted the CNG-fueled conversion programme as part of the administration’s policy framework to drive growth.
He said, “CNG is a government policy not just for vehicles, but for generators. They have to be either CNG-fueled or solar-based or electric vehicles.
“That is the new incentive structure. And it continues also in the oil and gas sector. There has just been a new set of incentives that are encouraging new investments.
“We expect $7bn worth of investments that have been sitting on the sidelines to now come in.
“A stable, growing economy attracts investment that increases productivity, grows the economy further, creates jobs and reduces poverty. That is the trajectory that Nigeria is now on.”
Nigeria’s economy recording positive growth
The minister also disclosed that Nigeria’s economy was returning to the path of positive growth with a Gross Domestic Product (GDP) growth rate of 2.98 per cent in the Q1 of 2024.
He said the 2.98 per cent growth rate was higher than last year’s GDP growth rate of 2.31 per cent.
Speaking on interventions of the government in the last one year, he said, “Efforts have been made to improve food security, with N200bn allocated to programmes.
“Also, access to credit has also been improved, with N100bn allocated to consumer credit and grants of N50,000 being given to one million nano industries.”
Nigeria attracted $3.5bn investment to textile industry in 1 year – Industry minister
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said the federal government has secured $3.5bn in investments to enhance Nigeria’s textile, cotton and apparel sector in one year.
She said the investment was part of the ministry’s initiative to rejuvenate the long-dormant textile industry.
Similarly, the minister highlighted that, “Over 16,000 jobs have been created in the past year, through programmes and interventions by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Such programmes include the National Business Skills Development Initiative (NBSDI), Conditional Grant Scheme (CGS) and General Enterprise Development Training (GEDT).”
She noted that, “The federal government, under the auspices of the ministry, generated N430m in the first quarter of 2024 from the Lagos International Trade Fair Complex, which is significantly more compared to the N17.9m accrued in the same period in the previous year.”
By Mario Deepromoter
The Central Bank of Nigeria (CBN) has reconstituted the board of directors of Keystone Bank.
The move was announced on Wednesday, as part of the apex bank’s strategy to ensure sustained growth for the financial institution.
According to a statement from the Keystone Bank, Lady Ada Chukwudozie has been appointed as the new board chairman, alongside five other non-executive directors. They are Abdul-Rahman Esene, Mrs. Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello.
In addition, the CBN also named two new executive directors, Ladi Oluwole and Abubakar Usman Bello.
Lady Ada Chukwudozie, a prominent figure in Nigeria’s corporate sector, brings nearly three decades of experience in business strategy, management, and administration.
Her expertise cuts across multiple industries, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria, and Vogue Afrique Magazine.
Abdul-Rahman Esene, with over 43 years of experience in banking, investment management, and corporate finance, has held leadership roles in major institutions such as Fidelity Bank, Afrinvest, and Global Arbitrage International Inc.
Mrs Fola Akande boasts over 25 years of experience in legal, compliance, and risk management, having worked with global brands like Cadbury, Stanbic Chartered Bank, and Shell.
Akintola Ayodeji Olusoji has a distinguished 30-year career in accounting, finance, and business development, having served at institutions such as Sterling Bank, Access Bank, and Intercontinental Bank.
Obijiaku Samuel, with more than 35 years of experience in banking and treasury operations, has left a significant mark on Nigeria’s financial sector, previously working with Zenith Bank and Fidelity Bank.
Senator Farouk Bello, a seasoned banker with over 20 years of experience, has led initiatives across both the public and private sectors, including the National Assembly and Guaranty Trust Bank.
Meanwhile, the two new executive directors bring their vast expertise to the table. Ladi Oluwole, the new Executive Director of Risk Management, comes with over two decades of experience in credit and enterprise risk management, including previous roles at Bank of America. Abubakar Usman Bello, Executive Director for the Northern Directorate, has extensive experience managing corporate, retail, and public sector clients.
Speaking on the appointments, Keystone Bank’s Managing Director and CEO, Hassan Imam, expressed confidence in the new board members, stating that their wealth of experience would play a crucial role in the bank’s continued repositioning and growth.
“We are pleased to welcome the new chairman, non-executive directors, and executive directors to the board of Keystone Bank. We are confident that their extensive experience will be invaluable as we continue to reposition the bank to seize emerging economic opportunities while maintaining strong corporate governance and providing our customers with a secure and reliable banking experience,” Imam said.
By Mario Deepromoter
The Central Bank of Nigeria (CBN) has announced that it will continue enforcing the controversial cybercrime levy at 0.005% on all electronic transactions under its new guidelines for the 2024-2025 fiscal year.
This levy, which has sparked debate among Nigerians, is mandated by the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aimed at bolstering the nation’s cyber security infrastructure.
This Nigeria news platform observed that the percentage has been reduced from 0.5% earlier announced in May 2024 to 0.005% in the new guidelines.
In the recently released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 document, the CBN reaffirmed its commitment to this charge, requiring banks and other financial institutions to deduct the levy from all electronic transactions.
The revenue generated from this levy is directed towards a cybersecurity fund, intended to support measures that safeguard Nigeria’s banking system from the growing threat of cyberattacks.
The document read: “The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”
CBN restates minimum cybersecurity baseline for banks, financial institutions
The guidelines also reaffirm the CBN’s broader commitment to ensuring that banks, Other Financial Institutions (OFIs), and Payment Service Providers (PSPs) adhere to minimum cybersecurity standards.
These include the appointment of Chief Information Security Officers (CISOs) to oversee cybersecurity issues in compliance with the 2022 risk-based cybersecurity framework.
The document read: “Pursuant to the circular titled ‘Issuance of Risk-based Cybersecurity Framework and Guidelines for Deposit Money Banks and Payment Service Providers’ referenced BSD/DIR/GEN/LAB/11/25, and dated October 10, 2018, issued by the CBN to combat the increasing cyber security threat in the banking industry, banks and Payment Service Providers (PSPs) are mandated to adhere to the guidelines on the risk-based cyber security framework.
“Similarly, another framework titled ‘Issuance of Risk-based Cybersecurity Framework and Guidelines for Other Financial Institutions (OFIs)’, referenced OFI/DOA/CON/ACT/004/155, was issued on June 29, 2022. The guidelines specified the minimum cyber security baseline to be implemented by banks, OFIs and PSPs, and mandated the appointment of a Chief Information Security Officer (CISO) to oversee cyber security issues.”
Recall that in May this year, the Central Bank of Nigeria (CBN) ordered banks to enact the process of deduction of cyber security levy to be administered by the office of the National Security Adviser (NSA).
The apex banks warned that the penalty for defaulting is as prescribed in the amended Cyber Crime Prohibition and Prevention Act which is liable to a fine amounting to no less than 2% of the turnover of the defaulting business and others.
The introduction of the levy drew the ire of Nigerians who complained that the timing was wrong and added additional costs to businesses operating in the country.
The CBN also withdrew its circular mandating banks and payment service providers to collect and remit the cybersecurity levy as proposed in the Cybercrime Prevention and Prohibition Amendment Act of 2024.
The withdrawal follows the decision of the Federal Executive Council to suspend the implementation of the provisions of the law citing the need to conduct further reviews.
By Mario Deepromoter
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1650 and sell at N1660 on Tuesday 17th September 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1650
Selling Rate N1660
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1651
Selling Rate N1652
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
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