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Economy

Nigeria losing jobs to China over moribund facilities, says DPR

Nigeria losing jobs to China over moribund facilities, says DPR

Economy
The Department of Petroleum Resources (DPR), yesterday, raised concerns over moribund oil and gas facilities across the country.    Speaking during a visit to one of such facilities, a fabrication yard located at Ilase Village, Snake Island, Lagos State, Director of DPR, Sarki Auwalu, said the development would limit domestic refining capacity and hinder projected benefits.He insisted that the Federal Government was, however, committed to reactivating the moribund oil and gas support facilities across the country.   He added that the move was part of the government’s effort to increase domestic refining capacity and gas utilisation to curb unemployment and poverty in Nigeria.   Auwalu expressed dissatisfaction that the facility which was licensed to...
We will continue to support MSMEs, says FG

We will continue to support MSMEs, says FG

Economy
The Federal Government has said it will continue to support macro, small and medium enterprises (MSMEs) and entrepreneurs to fully recover from economic recession.   The government said small-scale enterprises were the lifeblood of the economy and engine of growth.    The Head of Strategy and Growth for Government Enterprise and Empowerment Programme (GEEP), Bank of Industry (BoI), Mr. Taiwo Ajetunmobi, disclosed this while showcasing beneficiaries of the MSME Survival Fund Payroll Support scheme, which was held at Bodija, Ibadan, the Oyo State capital. The Survival Payroll Support is the Federal Government intervention programme to support MSME and entrepreneurs and their employees through the economic recovery from the COVID-19 crisis. Ajetunmobi said the plan and objective of the schem...
Economic recovery: Beneath the wobbly growth

Economic recovery: Beneath the wobbly growth

Economy
As predicted, the economy has exited recession. But as expected also, at 0.11 per cent, the growth is fragile – a reason many economists have warned national economic managers to focus on the suggestions of the data than celebrating the exit. With the negative growth lasting for just two quarters, the recession was the shortest any economy can achieve. And it was, indeed, the shortest country’s economy has witnessed in recent times. The 2016/2017 slump, which was triggered by the international prices, lasted for five quarters. And like the previous ones, the economy escaped the brief recession with scary hangovers. Besides agriculture, which struggled through the troubled 2020 with 2.17 per cent growth and the fourth quarter with a modest gain of 3.42 per cent, the sectors consi...
Zulum disburses N150m to Borno SMEs

Zulum disburses N150m to Borno SMEs

Economy
Governor Babagana Zulum of Borno State said he has disbursed N150 million to small and medium scale entrepreneurs (SMEs) inGwoza Council to restore their means of livelihoods. The over a decade long Boko Haram insurgency claimed 36,000lives with damage to properties worth $9.2 billion (about N3.42 trillion) in Borno, Adamawa, and Yobe states. According to him, the SMEs comprise1,900 beneficiaries from four communities of Gwoza, Limankara, Pulka and Izge. While disbursing the funds in Gwoza, Zulumsaid: “We’re witnessing another milestone in the history of economic development of the emirate council. We are today to provide support to SMEs in the historic border town of Gwoza.” He said that N1 million each is to be disbursed to six beneficiaries, while 38 people will receive N5...
Ethiopia debt restructuring plan faces hurdles of transparency

Ethiopia debt restructuring plan faces hurdles of transparency

Economy
Ethiopia’s plan to seek debt restructuring under a G20 common framework agreed in November triggered a sell-off in African debt at the end of January on fears of a contagion effect. The framework enables debtor countries to seek an IMF programme to strengthen their economies and renegotiate their debts with public and private creditors. But such a debt restructuring for Ethiopia would face barriers due a lack of transparency, analysts say. Any attempt to reconcile balance of payments and published public external debt figures with underlying debt-creating flows shows information gaps and supports “a narrative of opaque lending”, argues Irmgard Erasmus, senior financial economist at NKC African Economics in Cape Town. Along with Djibouti and Zambia, Ethiopia’s dealings with Ch...
IMF reviews debt sustainability framework to address COVID-19 economic impacts

IMF reviews debt sustainability framework to address COVID-19 economic impacts

Economy
New document to take effect in Q4 2021  Following concern over sovereign debts, the International Monetary Fund (IMF), has reviewed its debt sustainability framework for Market Access Countries (MAC).   The new structure will help countries identify risk in ‘sovereign stress’ and align with IMF’s lending framework, the Fund has announced yesterday.  According to the institution, the review was carried out on January 14. It stressed that the new framework, which comes with sweeping changes to the existing document, would be operational in the last quarter of the year/first quarter of 2022. The framework, it noted, would be useful for predicting “sovereign stress with greater accuracy. “The new framework includes a broader and more consistent debt coverage, a longer projection h...
Fed Government to develop mining cluster projects in zones

Fed Government to develop mining cluster projects in zones

Economy
The Federal Government said it has embarked on the development of Artisanal and Small-Scale Mining Clusters for selected minerals in the geopolitical zones for effective exploitation to derive the right revenue for the government. The Minister of State, Mines and Steel Development, Dr. Uchechukwu S. Ogah, disclosed this in Calabar,during the taking over ceremony of landed property donated by the Cross River State Government for the establishment of Artisanal and Small-Scale processing clusters in the South-South zone. Ogah also revealed that the development is an initiative of the Government in response to the economic impact of the COVID-19 pandemic that has ravaged the world.  He said: “in order to curtail the devastating effect of the pandemic on the means of livelihood of...
Tax Race Has Taken Over Arms Race Across The World – FIRS Boss, Nami

Tax Race Has Taken Over Arms Race Across The World – FIRS Boss, Nami

Economy
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, has said that tax race has now overtaken arms race amongst the nations of the world. “The well-known arms race among nations is gradually giving way to tax-race.  The international struggle for, and against digital services tax is just the beginning of the tax race.  It is a race for all nations – developed or developing.  And for Nigeria, it is a must-win race.” Nami, who spoke today, January 21, at the First Annual National Tax Dialogue organized by the FIRS at the Presidential Villa, Abuja, said that the universal collapse of traditional government revenue sources and the consequential resort to tax is a testimony to the tax race that is merging. He stressed that the FIRS would match on to d...
Federal Govt Blames Conornavirus, #EndSARS Protests For Rising Cement Prices

Federal Govt Blames Conornavirus, #EndSARS Protests For Rising Cement Prices

Economy
The Federal Government has attributed last year’s #EndSARS protests and coronavirus pandemic to rising prices of cement in Nigeria. The Permanent Secretary in the Ministry of Industry, Trade and Investment, Nasir Sani-Gwarzo, who said this at an event in Abuja, explained that the development affected the volume of stock levels in the supply chain due to reduction of cash flow of major distributors and high cost of transportation. Market surveys show that prices of cement and associated products, such as blocks, in many states, including Abuja, have continued to rise. For instance, the price of a 50-kilogramme bag now goes for N3, 700 in Lagos and Cross River states; N4,000 in Enugu and Imo states; Rivers state N4,300; Abuja N3,700; Kano and Oyo states N3,500. Until the last...
Boko Haram causing havoc in Nasarawa – Governor Abdulahi Sule

Boko Haram causing havoc in Nasarawa – Governor Abdulahi Sule

Economy
Nasarawa State governor, Abdulahi Sule, has cried out to President Muhammadu Buhari over the havoc he said Boko Haram has continued to cause in the state. Speaking to correspondents after a meeting with the president at the presidential villa, Abuja on Friday, he said even though the terrorists had been dislodged from Toto in state, where they had camped, they have regrouped at the Nasarawa/Benue border from where they are now launching attacks on residents. He said he was with the president to discuss the insecurity issue in Nasarawa along with other issues including the possible federal government take-over of Jitata road, which serves as an alternative route from the state to the FCT. He said some of the Boko Haram elements active in the Nasarawa State belong to the Darussalam ...