How Oby Ezekwesili plans to fix Nigeria

In an extensive thread on her Twitter handle on November 13, Obiageli Ezekwesili, presidential candidate of the Allied Congress Party of Nigeria (ACPN), outlined her plans to fix Nigeria.

Below is her thoughts on how Nigeria can become realise the dreams of its forefathers.

Excerpts:

Let me highlight the economic philosophy of my government, the fundamental principles and concepts that will guide our governance from Day 1.

Dominant belief in the private sector

A strong belief in the dominant economic role of the private sector and a commitment of our government to launch vigorous market economy reforms.  Through policy, effective regulation and catalytic public investment in the provision of basic services for people and businesses, we will accelerate and expand the sources of growth in the economy.

Deregulation

A massive programme of deregulation of the Nigerian economy to unleash the depth of competition and efficiencies necessary for higher and deeper economic growth and expansion of the economy.

The division and rebalancing of roles between business and government will reduce opportunities of corruption and bottlenecks that limit the competitiveness of the Nigerian economy.

Inclusive growth

A commitment to pursuing growth that is inclusive which is a necessity for lifting the poor to an improved state of well-being. Research has shown us that the poor are uplifted faster in a market economy cushioned by relevant safety nets.

A dedication to improving the productivity and competitiveness of Nigeria and Nigerians in every sector of economic activity by removing barriers and providing a menu of sound policy measures.

A deliberateness in easing the Doing Business environment not just for major businesses in Nigeria but for Micro, Small and Medium Enterprises, which are the lifeblood of our economy.

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But the thing is that the government does not have the resources or the capacity to provide these much-needed jobs. That is a settled truth, no matter what any politician says to you.

Therefore, in building our new Nigeria, the private sector will be the engine of economic growth and development. Our philosophy for tackling the challenges we face will be market based, private sector driven and government supported.

Role of the Government

Government has a role to play in enhancing the market, not undermining it. When I am president, we will embrace that role.

We will set the vision; lead on policy; ensure smarter, better and clearer regulations; help correct market failures; and invest in critical areas like developing the human capital to power our 21st century economy and leading the way on big ticket infrastructure.

Now, let us talk about some of our programs; some of the ways we intend to lift 80 million Nigerians out of poverty and propel this country and its great people to their rightful place in the world.

Human capital development

Human Development shall be our New Economy. Education and skills development of healthy Nigerian people shall be our Number One priority. No matter what we do, we would never win the war on poverty without investing massively in human capital development. That is why in our @ACPNHOPE government, education will be the new oil.

Education will be the new economy. My vision for education is one that will nourish the mind and create a progressive society that competes globally.  If our current and future human capital is not educated, they will most likely end up in poverty and our economy will lose the productivity that they would have added.

We shall launch a root and branch reform of all the levels and phases of education. Early childcare education, basic education, secondary education, special needs education and adult/informal education will all be systemically reformed to achieve universal access to quality and relevant education by all Nigerians.

Education, training and skills development remain the most potent tools of economic and social mobility in all progressive societies. Breaking the vicious circle of poor education is crucial for promoting inclusive economic growth and decent jobs for all. Just look at the numbers of children out of school in Nigeria: 13.2 million children. That is a timebomb, and it is already exploding all around us. 22 percent of the total number of out-of-school children in the whole world are our Nigerian children.

My government will reverse that. Starting from next year, we would quickly move to improve access. My government would reduce the number of out-of-school children by 20 percent annually. That will bring it down from the current 13.2 million to about 5.4 million by 2023.

And by then, we would have put structures and policies in place to ensure that the progress is irreversible and Education-For-All will be achieved well before 2030. You can hold me to this.  Do you know how I know that it can be done? Because I have done it before. I served as education minister for 10 months – which is one academic session.

From the year 2000 till today – that is a period of 18 years – the only time that the number of out-of-school children in this country reduced was when I was education minister. This is fact – the records are there.  In just 10 months, we dropped the number by almost half a million, but the moment I left the ministry of education in 2007, the number immediately jacked up by almost two million. And it has never dropped again since then.

Quality of teachers

I believe, and there is enough evidence to back me up, that the most important thing that transforms education in any society is the quality of teachers. We have a serious challenge with teacher quality in this country.  In one particular state, only 0.03 percent of teachers were fully competent to teach Mathematics & English language at primary level. The noble teaching profession has been so rubbished that it now only attracts those who do not have alternatives. That is a disaster.

Upon getting into office, my government would immediately launch a Teachers Top Talent (TTT) Initiative. The aim of the program would be to attract top talents into teaching because we really have no option. Teaching has to become the first thing that an academically accomplished and problem solving individual thinks about. We would provide sweeteners to encourage the brightest and best into the teaching profession.

A house for every teacher

One such initiative would be the Housing All Teachers (HAT) program which would ensure that a top talent who chooses to go into teaching would have an immediate chance to become a homeowner. We would provide seed money, state governments would provide the land and we would get developers to come on board. Home ownership is one of the fastest ways of reducing poverty.

When a top talent realises that she has a cheaper opportunity to own her own home rather than she would have while renting in another profession, it would spark interest in teaching. Of course, the other positive of the HAT program is the number of jobs it would create. Just imagine the number of houses that need to be built to house the hundreds of thousands of teachers across the country.

Certification of teachers

Still on the issue of teachers, another initiative that we would be launching is the Teachers Prestige; Teachers Pride. This initiative would include In-Service programs in which teachers would be sponsored on professional trainings and staff development modules where they meet their peers, discuss methods and case loads. It would also include giving a bite to the Teachers Regulatory Council (TRC) to implement adherence to certain milestones which teachers must reach to be rewarded.

If other professions like Accounting, Medicine and Law are so thoroughly regulated, there is no reason why the very important teaching profession should not be similarly regulated.  The Teachers Prestige; Teachers Pride initiative would also partner with the teachers’ union, state govts., and other stakeholders to look at the payment package of our teachers in order to agree on the scale of rewards & opportunities needed to attract top talents.

Source: Oby Ezekwesili

Slow growth, uncompetitive economy highlight challenge for next president

Nigeria’s economic performance has been lacklustre since 2015 when the country slipped into its first major recession in 25 years.

GDP growth declined from 2.11 percent in Q4 2017 to 1.95 percent in Q1 and 1.5 percent in Q2 of 2018.

The manifesto released by PDP presidential candidate, Atiku Abubukar, mentions some of these problems, stating, “Nigeria’s economy is uncompetitive, undiversified and foreign direct investments are in decline.”

The challenge for the next president (whoever it is may be) would be to navigate these problems amid a still fragile recovery, little or no elite consensus on the way forward and a short electoral cycle (four years) that discourages reforms.

Key economic sectors are dragging owing to what many analysts call ‘absence of economic direction’.

The major economic challenge facing Africa’s biggest economy is poor ease of doing business environment. Nigeria ranks 115th out of 140 countries in World Economic Forum (WEF) competitiveness ranking, which is worse when compared peers such Brazil, South Africa and Turkey.

In 2016, Nigeria embarked on several reforms—ranging from ports to taxes— to attract new investors and retain existing ones. This culminated into the establishment of the Yemi Osinbajo, the vice president-led Presidential Enabling Business Environment Council (PEBEC), whose reforms moved Nigeria 24 places in the World Bank Ease of Doing Business index, from 169 to 145 in 2018.

However, Nigeria dropped a spot to 146th among 190 countries in the World Bank’s 2019 Doing Business Index despite an improvement in ease of doing business score from 51.52 to 52.89.

In 2017, Foreign Direct Investment returned $987 million in 2017 as against $4.7 billion in 2014.

The FDI slumped by 29 percent to N379.84 billion in the first half of 2018 from N532.63 billion in the corresponding period of 2017 owing to the closure of two global lenders, according to CBN 2018 half year data.

Foreign portfolio investors who brought in N437.14billion into the stock market as of August took N469.71billion out of the same market, according to the trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows. Total transactions on the Nigerian Bourse declined from January high of N394.44billion to N133.84billion in August.

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Analysts say portfolio inflow into the Nigerian equity market will remain subdued over the rest of the year. They angle their expectations on political uncertainties, the trade spate between the United States and China.

“Higher yield in developed economy and tensed political climate in the country were major reasons for investors pulling out despite the relative stability in exchange rate”, Damilare Asimiyu, economist and research analyst at GTI Group said in a recent note.

Two foreign banks—HSBC and UBS— have exited the country, bringing the number of foreign banks to eight as of end of June 2018, according to CBN.

In 2014, Procter&Gamble set up a $300million diaper line in Agbara, Ogun State, which was tapped as biggest US non-oil investment in Nigeria.

Four years after, the company has packed up, citing restructuring as its main reason. But those familiar with the company told BusinessDay that the company had to shut down its Agbara plant due to high production cost incurred at the plant.

Local manufacturers spend billions of naira annually on energy, resulting in high production cost and skyrocketing prices of goods. Manufacturers spent N51.35 billion on alternative energy sources in the second quarter (H2) of 2017; N66.03 billion in the first half (H1) of 2017; N62.96 billion in H1 of 2016, and N69.99 billion in H2 of 2016, according to the Manufacturers Association of Nigeria (MAN).

“It is no more news that manufacturers in Nigeria currently self-generate over 13,000MW through alternative sources of energy in order to stay afloat. In fact, cost of alternative electricity generation alone constitutes about 40 percent of our production cost. With such high costs, made-in-Nigeria products will hardly be competitive,” Frank Jacobs, immediate past president of MAN, said at a special interactive forum on Eligible Customer Regulation of the Nigeria Electricity Regulatory Commission (NERC) in June 2018.

Number of taxes payable by businesses across the country is 54 as against 37 in 2014.

The sudden suspension of the Export Expansion Grant in 2013 and continued delay in its implementation since Buhari came on board in 2015 have axysphiated exporters, making their products uncompetitive in the global market. The scheme was originally meant to cushion the effect of high production cost for exporters in order to make them competitive, but exporters are now left with little option as some of them like RN Global have closed shop.

Manufacturers say that high interest rate, necessitated by high inflation rate, is squeezing them.

Results of survey conducted by MAN shows that the average interest rate banks charged manufacturers in the second half (H2) of 2017 was 23.05 percent as against 22.65 percent in first half (H1) of 2017 and 21.4 percent  in H1  of 2016.

Nigeria’s infrastructure state has worsened, with roads to Apapa and Tin Can ports in Lagos almost inaccessible.

GE, last week, pulled out of the consortium that was going to invest $2.0 billion into the country’s railway into Apapa.

The country dithered for two and a half years until GE sold its global transport business, resulting automatically in a pull-out of the deal it had with Nigeria.

Nigeria loses N6.7 trillion annually to the state of the ports, according to a latest report released on Tuesday by the Lagos Chamber of Commerce and Industry (LCCI).

A breakdown of the numbers shows that  Africa’s biggest economy loses N600 billion in customs revenue, $10 billion (N3.6trn) in non-oil export sector and N2.5 trillion in corporate earnings across various sectors on annual basis.

“The concessioning of Onitsha seaport  should be finalised, while government should improve the security situation along and within the Warri port in order to ward off militants and touts. Stakeholders request that government should approve and publicise a bouquet of incentives to importers and exports that patronise ports outside Lagos,” Babatunde Paul Ruwase, president of the LCCI, said in a press conference.

Source: Patrick Atuanya & Odinaka Anudu

Reconstruction of Apapa-Oshodi-Oworonshoki-Ojota road to gulp N73 Billion

The groundbreaking ceremony to begin the reconstruction of the 32-kilometre Apapa-Oshodi-Oworonshoki-Ojota in Lagos was performed yesterday by the Minister of Power, Works and Housing, Mr. Babatunde Fashola, on behalf of President Muhammadu Buhari.

The reconstruction of the road’s Section 1, Sub-section A, will begin from the Olorogun Michael Ibru Boulevard (former Creek Road) end of Port Novo Bridge and Liverpool road, in Apapa, through Coconut, Beachland Estate interchange bridge, Cele Bus Stop, Anthony Village, to Old Lagos Toll Gate.

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The whole length of the road will be paved with reinforced concrete by Dangote Industries Limited at a whopping cost of N73 billion, using the Road Trust Fund policy.

The fund is a form of public, private partnership, conceived to accelerate the provision of federal roads by allowing private sector operators to collectively fund road projects in exchange for tax credit.

“The Road Trust Fund policy gives private sector operators an incentive to fund infrastructure with government. This is an innovative and laudable scheme, we are putting our money upfront,” said the President of Dangote Group, Alhaji Aliko Dangote.

“We are actually advancing our tax to government upwards of almost four to six years. This is a novel idea that will, no doubt, lead to rapid economic growth through significant infrastructure improvement. We look forward to doing more of this infrastructure with government,” he added.

Dangote lauded President Muhammadu Buhari for establishing the Road Trust Fund, which he said is targeted at constructing major commercial corridors with heavy vehicular traffic, saying, “This will surely open up the economy, boost our ease of doing business and also improve our ranking considerably in the annual global competitiveness report.”

He said last year, his company’s corporate tax, withholding tax and education tax alone got to N97.6 billion and that he was sure that this year, “Our taxes will be over 160 billion, by next year it should be over N200 billion. So, it is a wise thing for us to work with the government, because those roads that are not delivered on time, can actually be delivered on time and on budget, because if there is money for it, then there will be no excuse to increase cost.”

Dangote said the project, which would be the largest concrete road in West Africa, had a two-year construction period and it would be completed on budget and ahead of schedule, adding that the road would have a minimum lifespan of 45 to 50 years.

SOURCE: (NAN)

Improving maintenance culture in Nigerian construction industry

The construction industry has become a key contributor to the country’s economic recovery since the meltdown in 2016. The National Bureau of Statistics (NBS) recently released Gross Domestic Product (GDP) figures for the second quarter of 2018 indicating that for the first time since the country’s exit from recession in 2017, economic growth was driven by the non-oil sector.

According to the report, the construction sector grew by 7.66% in Q2 2018 from -1.54% in Q1 2018 and 4.14% in Q4 2017. Although these figures hint at an improving industry, the Nigerian Construction industry still has a long way to go.

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Mr. Olayinka Omotosho, a Chartered Surveyor and Chairman, Royal Institution of Chartered Surveyors (RICS) asserted that there are certain processes bypassed in the Nigerian construction industry that retard its growth. He said “although every stage of building construction must be approved by the state’s physical urban planning offices, and duly monitored by responsible building control authorities. Some developers embark on building projects without first obtaining the necessary building approvals and certification from the state government.I urge authorities in charge of granting building approvals to be more proactive in discharging their duties and refrain from compromising on standards.”

Studies have shown that most incidences of building collapse are caused by human error and poor construction supervision which can be avoided if the right maintenance culture is adopted. If players in the construction industry make use of the right materials during construction;organize periodic testing of building materials; employ the right caliber of professionals and artisans in the design and construction of buildings; ensure that designs are cross checked by the right professionals before construction commences amongst other things, the right maintenance culture will gradually be embedded in the sector.

Emmanuel Adeyemi, QA/QC Coordinator, ITB Nigeria Ltd also emphasizes on the importance of adopting the right maintenance culture. According to him,“Quality work should be the central drive of all construction activities. Construction companies should continuously aspire to provide quality solutions that meet up the requirements and expectations of their clients. It is for this reason that ITB Nigeria Ltd has put a Quality Management System (QMS) in place. This system will provide continuous improvement, sustainable development and excellent service to clients in an efficient and effective way.”

Maintenance culture should be given priority in the construction industry and its practice should be highly encouraged, since the installation as well as maintenance of existing facilities is a key indication of how developed a nation is. The right maintenance culture not only saves lives, finance and property, it also increases the likelihood of foreign investments, boosts the nation’s Gross Domestic Product and creates room for more projects to spring up.

SOURCE: constructionreviewonline.com

IMF says Nigeria’s economy doing poorly, cuts growth projection

The International Monetary Fund (IMF) has cut the growth projections made for Nigeria saying the country’s economy is doing poorly.

Gian Maria Milesi-Ferretti, deputy director at IMF’s research department made this known on Tuesday while addressing journalists at the ongoing annual meetings of the International Monetary Fund and World Bank Group in Bali, Indonesia.

He said the aggregate growth rate of Africa is being held down by its three largest economies.

The IMF economist identified the three economies as Nigeria, South Africa and Angola.

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“The aggregate growth rate for the continent is held down by the fact that the three largest economies are not performing up to their full potential,” he said.

“Nigeria’s growth, 1.9 percent this year; 2.3 next year. South Africa, only 0.8 percent this year. Angola, contracting by 0.1 percent this year. So the aggregate — over three percent this year, close to four percent next year — is despite the largest economies in the continent doing poorly.

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“The continent could do much better once these economies are on a more solid footing, particularly South Africa and Nigeria because they are really large and affect a number of countries in their neighbourhood.”

In the World Economic Outlook report released in July, the Bretton Wood institution had projected that Nigeria’s economy would grow by 2.1 percent in 2018 and 2.3 percent in 2019.

In the October edition of the report, IMF cut the growth projections for 2018 to 1.9 percent.

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“In Nigeria and Angola, tighter monetary policy and moderation in food price increases contributed to tapering inflation. In Nigeria, inflation is projected to fall to 12.4 percent in 2018, from 16.5 percent in 2017, and to rise to 13.5 percent in 2019,” the report read.

The World Bank recently cut its growth projections for Nigeria by 0.2% citing reduction in oil production levels, and contraction in the agricultural sector, following the herder-farmer crisis.

Oluseyi Awojulugbe

Nigeria bleeding under Chinese, foreign loans – Duke

 

The Social Democratic Party presidential flagbearer, Donald Duke, has expressed concern over the growing indebtedness of the nation to China and other countries, stating that Nigeria is haemorrhaging under foreign loans.

Stating that the government needed to indigenise the economy, the former Cross River State governor noted that the Federal Government was taking foreign loans because the interest rates were low, adding that the nation could regulate bank rates in the country to make credit cheaper and affordable for entrepreneurs to grow the economy.

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Addressing journalists at the SDP headquarters in Abuja on Monday, Duke pointed out that the about 30 per cent interest being charged on loans made it hard for businesses to grow and generate employment.

He said, “Indebtedness to any nation is worrisome, not just China. The concept of independence is being able to stand on your own; you are not independent if you are indebted to other nations. We need to strengthen our own local trade and when you trade, there should be a balance.

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“You cannot always import without exporting; you cannot always breathe in without breathing out, that’s the law of nature; there must be harmony. If you keep on importing and you are not exporting to have a balance of trade, then your country will haemorrhage; we are haemorrhaging.”

The SDP presidential candidate insisted that the nation could produce nearly all the things that were being imported if power and bank credit were available.

He said, “All the things that we import, can’t we make them in Nigeria? Each time you import, you are sustaining a job overseas. Our government goes to countries like China to borrow because it is cheaper there.

“But you can also do the same thing here; you can regulate interest rates here and ensure that credit is affordable; we need to indigenise this economy built by Nigerians for Nigerians,” the lawyer stated.

Duke pledged that if elected in 2019, his government would address gas flaring, make credit affordable and available to Nigerians, and invest in the housing sector, which he said could generate millions of jobs.

“Already, if you take the housing sector, you have over 17 million housing shortage. If you decide to build one million houses every year, you will employ over 10 million to 15 million people; it will still take you 17 years to catch up. So, even though it is a problem, the sector still provides opportunities,” he argued.

 

The presidential hopeful said it was not right to tie the nation’s growth to oil prices, which he noted were fluctuating like every other commodity prices, stressing that it should rather be tied to real, measurable growth.

Adelani Adepegba

FMBN disburses N14.7bn housing renovation loan to beneficiaries

 

The Federal Mortgage Bank of Nigeria on Monday disclosed that it had disbursed the sum of N14.7bn to 17,062 beneficiaries across the country in the last two years under various loan windows.
The Executive Director, Business Development and Portfolio Management, FMBN, Umar Abdullahi, confirmed this during the presentation of cheques to staff members of the Federal Medical Centre, Birnin-Kebbi, who benefited from the Home Renovation Loan scheme.

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Abdullahi explained that the loan window afforded Nigerians who had been contributing to the National Housing Fund an opportunity to access the HRL up to N1m per applicant to renovate and improve their houses, which was expected to be repaid within five years with six per cent interest.

He said, “The FMBN has approved and disbursed the sum of N123,914,000 to 157 staff beneficiaries of the FMC, Birnin-Kebbi. It may also interest you to note that the sum of N19m was earlier disbursed by the bank to 19 staff members of the Kebbi State University of Science and Technology, Aliero.

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“It may also interest you to note that the total sum of N14.7bn has so far been disbursed within the last two years by the bank to 17,063 beneficiaries across the country under this loan window.”

The bank, however, appealed to the Kebbi State Government to ensure the immediate return of the state’s civil servants to the NHF scheme to enable them benefit from the FMBN loan facilities.

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Governor Abubakar Bagudu, represented by the Permanent Secretary, Ministry of Establishment, Dr Mohammed Kende, assured the bank that the state government would queue in into its schemes and ensure judicious usage of the loan facilities.

Responding, the Chief Medical Director, FMC, Birnin-Kebbi, Dr Ibrahim Abdullahi, described the opportunities provided by the FMBN as a long-term initiative, which many Nigerians might not be aware of, stressing that his staff would forever be grateful to be among the beneficiaries of the bank’s loan windows.

Adeniyi Olugbemi

Buhari govt spent 1.7trillion on infrastructure in 2years

 

Vice President Yemi Osinbajo has said that the Federal government has expended 1.7 trillion in capital investment in two fiscal years.

The Vice President made this claim while addressing participants at the 9th Presidential Quarterly Business Forum held at the State House Banquet Hall on Monday in Abuja.

The vice president said that infrastructure development was important to economic growth and job creation.

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He commended the commitment of the participants in extending the efforts being made by the Industrial Training Fund(ITF) and the Nigeria Employers’ Consultative Association (NECA) on skills acquisition.

“These must take into account the need to provide real value to the private sector through the ITF scheme and where necessary, develop optimal incentives to support the private sector.

“It will also be important that we commit to constituting sector skills councils and encourage the development of these councils for various sectors, especially in sectors we have identified as being of priority for job creation.

“I am convinced that we can crack the jobs problem and we are in the right direction.

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“ First, by Investing in infrastructure; we are investing more in infrastructure today than any previous governments in our history.

“We have spent so far in two budgets, N1.7 trillion in capital investment – that is the largest in the history of the country despite earning 60 per cent less; we are doing far more with far less resources,’’ he said.

Osinbajo revealed further that the Federal government is doing all it can to improve the power situation of the country.

With the view of enhancing the capacity of business people by boosting power supply, Osinbajo stated that the federal government was making plans to review the previous power privatization.

He added that Job creation had been a priority of President Muhammadu Buhari-led administration.

He said further that the surest way of creating jobs was by enabling the private sector to do business easily.

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“Opportunities are created in agriculture and the agro-allied industry, services, manufacturing, among others.

“But we realised that that would not solve the immediate problems of thousands of graduates who have no jobs or the millions who are at the bottom of the trading pyramid barely eking out a living.

“This, we believed created a compelling argument for direct intervention by government,’’ he said.

Joshua Oyenigbehin

Operators fault government’s infrastructure financing involvement

 

CIS pledges advocacy role to boost bourse

Capital market operators have faulted government’s level of financial involvement in the provision of critical infrastructure, urging them to focus more on the formulation and implementation of policies that will impact positively on the lives of the people.

The operators, who gave the advice during the 22nd yearly conference of the Chartered Institute of Stockbrokers (CIS), in Lagos, at the weekend, argued that balanced approach would help to boost production in the country and generate more employment for the rising youth population.

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Specifically, the Chief Executive Officer, Cowry Asset Management Limited, John Chukwu, said the need for government to show less involvement in the financing of key infrastructure, as well as allow the private sector to mobilise capital to fund these key infrastructure has become imperative.

“Government should concern itself in policy formulation and implementation of programmes that will transform the living standard of the people. There is still abject poverty in the country, as parents cannot afford to send their children to school and have quality education.

“In fact, there is lack of manpower in the education sector and government should find a way of boosting the sector,” he said.

The Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Chief Patrick Ezeagu, pointed out that “government has no business being in business.”

“The provision of infrastructure is key, but the financing should be driven by the private sector. There should be Public Private Partnership, PPP in this key infrastructure so that government can pay more attention to the provision of enabling environment that will strive investment and production.

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“Also, government should pay attention to policies that will transform the economy faster. Imagine, a key government agency, SEC without substantive Director General and Board. How can the foreign investors take the capital market serious?”, he said

The Presidential aide on Industry, Trade and Investment, Dr. Jumoke Oduwale, however, assured that government is doing everything within its powers to address some of the economic problems facing the country.

She said: “The Economic Recovery Growth Plan has helped in taking Nigeria out of recession in the short term. It has also helped to bring down inflation, though with marginal growth. It is helping in providing jobs through the provision of infrastructure and alleviating poverty among others.”

The President of CIS, Adedapo David Adekoje, said CIS operates in full partnership with the best known international professional bodies in Securities and Investment in the world.

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He pointed out that as a mark of recognition of the institute’s high professional and examination standards, the Chartered Institute for Securities and Investment, United Kingdom (CISI-UK), with effect from this year, will grant full membership (MCSI) to Fellows and Associates of our institute.”

“The Institute has always made it a cardinal responsibility to bring its rich intellectual resources to bear and serve as a strong advocacy platform to guide policy makers at all levels of government and the organised private sector in forging a strong and robust economy, especially from the perspective of the financial services sector,” he added.

Helen Oji

If your bank is on this CBN list, your money is safe

 

The Central Bank of Nigeria (CBN) has released the list of banks operating in Nigeria, as at the 30th of September, 2018.

The report which was released on Monday is titled The List of Deposit Money Banks and Financial Holding Companies Operating In Nigeria. The report includes the list banks and the addresses of heir operating head offices.

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Commercial Banks

The CBN report groups commercial banks into three categories:

  • Nine commercial banks are licensed with international authorisation and they include Access Bank, Diamond Bank, Fidelity, FCMB, First Bank, Guaranty Trust Bank Plc, Union Bank, UBA and Zenith Bank.
  • 10 other commercial banks along with the first 9 are licensed with only national authorization for commercial banking. They are Citibank, Ecobank, Heritage Bank, Keystone Bank, Polaris Bank and Stanbic IBTC. Others include Standard Chartered Bank, Sterling Bank, Unity Bank and Wema Bank.
  • The last categories of commercial banks are those licensed with regional authorization and they are Suntrust Bank and Providus Bank Plc.

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Merchant Banks

The report shows that there are only five licensed merchant banks operating in Nigeria with national authorization, as at the end of September, 2018: Cornonation Merchant Bank, FBN Merchant Bank and FSDH Merchant Bank. Other Merchant Banks operating in Nigeria include Rand Merchant and Nova Merchant Bank.

Financial Holding Companies and Non-interest Banks

According to CBN, only three companies are licensed for financial holdings in Nigeria as September 30, 2018. They are FBN Holdings PLC, FCMB Group PLC and Stanbic IBTC Holdings Plc.

Meanwhile, Jaiz Bank Plc remains the only company with non-interest banking licence that has national authorization in Nigeria.

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Polaris Bank

It will be recalled that CBN a few weeks ago revoked the operating licence of Skye Bank Plc with AMCON taking over all the assets and liabilities of the defunct Skye Bank. The name was immediately changed to Polaris Bank.

The apex bank later cited the bank’s urgent need for capitalization, as shown by the results of its examinations and forensic audit, as the reason for revoking its licence.

You can read the full report here.

Dennis Adesanoye

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