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President Tinubu’s reform initiative will grow economy- CIBN

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The Chartered Institute of Bankers of Nigeria (CIBN)has commended the reform initiatives of President Bola Tinubu’s renewed hope agenda, saying it will help grow the economy.
The President of CIBN, Ken Opara, said this during the16th Annual Banking and Finance Conference of the institute on Tuesday in Abuja.


Opara expressed hope that the reforms if followed through would not only unlock the full potentials of our economy but place the nation on a recovery trajectory to drive the prosperity of the continent.


The theme of the Conference is “Nigeria’s Economic Growth and Empowerment: The Role of the Financial Services Industry”.
According to Opara, the event is the largest gathering of banking and finance professionals in Africa.


`’It is a platform for stakeholders in the banking and finance ecosystem to come together to drive conversation on topical issues critical to the growth and stability of the country.


With a view to providing insightful solutions that will impact the entire system and the economy at large. According to the President, theme is very apt as it resonates with the context of our current realities in the country.

It amplifies the fact that agenda setting for the country must be a continuous exercise, especially now that we have a new government in place.


The topic also resonates with the current administration’s reforms agenda. He said the CIBN would continue to be a vanguard for capacity and skills development in the financial services industry. He also urged for more collaboration of critical stakeholders to drive the sector. The Chairman, Senate Committee on Capital Market, Sen. Osita Izunaso, pledged the continued support of the National Assembly to the CIBN and the country's financial sector. Izunaso, called for collaboration of critical stakeholders in the sector to help resolve the challenges before us which according to him is enormous. He also urged companies enjoying Nigeria patronage to ensure to be listed in the country's capital market. The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu decried the low contribution of the sector to the GDP and challenged the financial sector to make wfforts to move from 3.6 to about nine per cent growth contribution to the GDP. Bagudu said to achieving this was possible as the financial sector was indeed well placed to contribute to economic growth. The minister then reiterated the present administration's commitment to ensure its renewed hope agenda for Nigerians was achieved.

The reforms are intended among others to give the private sector all the necessary confidence to mobilise and invest more resources in the economy.


We appreciate the contribution of the financial sector but expect more.

We appreciate that the challenges we are experiencing are those that other countries have experienced and surpassed.


We are in no doubt that the vision and boldness of our leaders, the renewed Hope Agenda will be pursued with vigor and Nigeria will have positive remarkable growth in the years ahead,"he said. The Acting Governor of the Central Bank of Nigeria(CBN), Folashodun Shonubi, said when we look at our economic contribution, we are fighting below our weight.

Can we promise them that instead of 3.6 per cent, we will be contributing a lot more than that. And we will sit down and find what the drivers are that we can influence and do.


I dont want to put a number infront of us but it is what I will like to see at the end of the conference.

I don’t think we contribute a lot of ourselves , we as bankers need to be more conscious, a bit more active on advocacies that are actionable,”Shonubi said.


Also, the Chairman, Body of Banks CEO, Mr Ebenezer Onyeagwu, also urged for a deliberate effort by stakeholders towards growing the country’s economy.


On balance of payment, he said we are importing more than we are exporting and to change the narrative we need to grow what we consumes and export what we consume.


We have enormous potential, the biggest potential we have is in our market. Our market is depleted by the number of people we have.

The time has come for our growth to focus on effectively realising the huge potential of our endowment.


“It is imperative therefore for us to encourage growth in our endeavours. Banks also have to be deliberate, determined to execute the mandate of growth in our economy,”Onyeagwu said.

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Nigerian govt suspends implementation of 15% petrol import duty

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The Nigerian government has suspended the planned 15 per cent import duty on premium motor spirit (PMS) and automotive gas oil (diesel). The announcement was made by George Ene-Ita, spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in a statement on Thursday.

The regulator urged Nigerians to avoid panic buying, assuring that there is adequate supply of petroleum products nationwide.

“It should also be noted that the implementation of the 15 percent ad valorem import duty on imported premium motor spirit and diesel is no longer in view,” NMDPRA stated.

The statement added that both domestic and imported supplies of petrol, diesel, and other petroleum products are sufficient to meet demand, especially during the peak period. The authority warned against hoarding, panic buying, or unwarranted price increases, and affirmed that it would continue to monitor supply and distribution closely.

President Bola Ahmed Tinubu had approved the 15 per cent import duty last month to encourage the use of products from Dangote Refinery. While some stakeholders supported the move as a boost for local refining, critics argued it could increase fuel prices and worsen economic hardship for Nigerians.

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NAFDAC’s Ban on sachets alcohol: the economy repercussions, by MAN

The Association emphasised that the ban would likely lead to the “Loss of over N1.9 trillion in investments, primarily from indigenous Nigerian companies.

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The Manufacturers Association of Nigeria (MAN) has said that the government’s move to ban the production and sale of alcoholic beverages packaged in sachets and small PET bottles, effective December 31, 2025, will have severe repercussions on the economy.

” This announcement by the NAFDAC, in our view, is counterproductive and threatens to disrupt the economy significantly at a time when it is beginning to stabilise,” said the Association through its Director-General, Ajayi-Kadir.

The Association emphasised that the ban would likely lead to the “Loss of over N1.9 trillion in investments, primarily from indigenous Nigerian companies.

• Mass retrenchment of over 500,000 direct employees and approximately 5 million indirect employees through contracts, marketing, and logistics.”

Ajayi-Kadir said that the earlier directive from the Ministry of Health for a one-year extension, which included the consideration and validation of the draft National Alcohol Policy by stakeholders, should have been taken into account before any significant announcement from another government body.

“We believe that a consultation with whether through a public hearing or focused meetings with relevant parties in the alcohol beverage industry, should have been conducted by the appropriate Senate Committee before an outright ban was imposed.

This approach was successfully followed by the House of Representatives in the recent past,” he stated.

Ajayi-Kadir highlighted that issues related to the ban on alcohol in sachets and small PET bottles were addressed by a broad committee that included all stakeholders, along with NAFDAC representatives, who validated the National Alcohol Policy in October 2025. The committee made the following key recommendations:

• Develop multi-sectoral action plans.- Strengthen enforcement by law enforcement agencies

• Establish licensed liquor stores/outlets in Local Government Areas nationwide.

• Increase monitoring and compliance checks by NAFDAC, FCCPC, and others to ensure product quality and safety.

• Regulatory bodies should focus more on regulation, monitoring, and educational campaigns to inform stakeholders and the public about the dangers of underage alcohol consumption and its sale in motor parks.

• Conduct educational campaigns in secondary schools across the country to raise awareness among students about the dangers and issues related to alcohol abuse.

Furthermore, we would like to note that the unfounded and untested claim of abuse by minors has been challenged by several independent studies conducted by the government.

The industry has proactively launched campaigns promoting responsible alcohol consumption to discourage underage abuse, resulting in expenditures exceeding one billion Naira on media outreach across the nation, which has effectively just underage drinking.

Ajayi-Kadir also stressed that the Senate’s directive for an outright ban is unjust and does not reflect the industry’s true conditions, as it seems the upper chamber has only considered NAFDAC’s perspective.

NAFDAC was part of the validation organised by the Ministry of Health, and it should have presented its views to the Committee and the Ministry during that process, rather than circumventing these channels and approaching the National Assembly without consulting other stakeholders.

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Following Lagos, FG moves to ban single-use plastics

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

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The Federal Government has commenced the process to ban single-use plastics, inaugurating a committee to steer the policy.

Lagos government began fully enforcement ban on single-use plastics (SUPs), including styrofoam packs, plastic straws, disposable cups, plastic cutlery, and nylons less than 40 microns thick, on July 1, 2025.

The Office of the Secretary to the Government of the Federation (SGF) , yesterday , set up an Inter-Ministerial Committee on the Ban of Single-Use Plastics (SUPs).

Earlier, the Federal Executive Council (FEC) during its meeting on June 25, 2024, approved the ban , specifically targeting Polyethene Terephthalate (PET) bottles, styrofoam food packs, plastic shopping bags, sachet water packaging, and plastic straws.

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

He said: “The FEC decision was in line with the Federal Government’s efforts to tackle various health and environmental challenges, especially those caused by single-use plastic products and therefore, approved the ban in the country of polyethene terephthalate (PET) bottles, styrofoam, plastic bags, sachet water and straw, which has become an environmental sanitation challenge.”

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