Economy
Financial inclusion key to economic growth, devt. – Buhari
President Muhammadu Buhari says the government appreciates the strong impact of financial inclusion on economic growth and development.
Speaking at the maiden edition of the International Financial Inclusion Conference in Abuja on Thursday, Buhari said his government had provided the enabling policy environment for the initiative to yield expected results.
The president’s speech was delivered by Muhammad Bello, Minister of the Federal Capital Territory (FCT).
According to Buhari, various intervention programmes of the Federal Government, through the Central Bank of Nigeria were meant to boost financial inclusion.
“At the onset of my administration, we developed a blueprint for economic growth and development called the Economic Recovery and Growth Plan (ERGP).
“The plan was focused on economic recovery in the short-term and sustained growth and development in the long term.
“It enabled this administration, through the flagship agriculture initiative, the Anchor Borrowers Programme (ABP), to provide access to credit to over four million smallholder farmers in 36 states of Nigeria and the FCT.
“Farmers were required to open bank accounts to access this facility.
“This marked the first time many of them had accounts, and has consequently led to the growth of financial inclusion amongst this underserved segment,” he said.
The president said his government also launched the Micro Pension policy in 2019, aimed at deepening pension penetration amongst Micro, Small and Medium Enterprises (MSMEs) and the informal economy.
“We also initiated policies for Micro-Insurance and Collective Investment, geared toward providing access to a wide range of financial products and services to the underserved in line with our National Financial Inclusion objective,” he said.
He commended the National Financial Inclusion Steering Committee, chaired by the Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), and organisers of the conference for the initiative.
Speaking earlier, Emefiele said the global meltdown of 2008 made financial services regulators focus on improving financial systems stability and mitigating risks that could lead to future recurrence.
“Nigeria implemented a prudential regime to respond to the meltdown.
“While this effort improved financial system stability, it inadvertently undermined access to finance as entry barriers to the financial system became a disincentive for many economically active Nigerians,” he said.
He, however, added that the response to the global event in 2008 was not entirely responsible for the underserved in Nigeria.
“Infrastructure deficit like low broadband penetration, lack of a functional national identity system, and high cost of delivering financial services through bank branches contributed to Nigeria’s financial exclusion situation,” he said.
He added that initiatives by stakeholders had greatly improved financial inclusion in the country.
(NAN)
Financial inclusion key to economic growth, devt. – Buhari
We generated N30.2 bn revenue in three months – Kano NCS Comptroller
The Kano Area command of the Nigeria Customs Service (NCS), says it generated N30.2 billion in revenue between January and March 2024.
The Area Comptroller, Mr Dauda Chana, disclosed this in an interview with the News Agency of Nigeria (NAN) on Thursday in Kano.
NAN reports that the Kano area command covers Kano State and Jigawa.
Chana said there was a significant increase in the revenue generation profile of the command when compared to the same period in 2023 when N9.5 billion was realised within the same period.
The comptroller said already the area command has introduced more sensitive security measures to prevent all forms of smuggling in the area.
“We have already positioned our officers at strategic locations to deal decisively with all those involved in the illegal smuggling of materials.
“The area command has deployed officers at border posts in Maigatari, Gumel Local Government Area, Jigawa, to intensify efforts at mitigating activities of smugglers.
Read Also: Kano NCS generated N6.9bn in November – Comptroller
“The same applied to officers at the Jeke outpost in Babura Local Government Area of Jigawa.
“We are battle-ready to end smuggling through our various strategies to pave the way for arrest and prosecution of those involved in illegal businesses,” he said.
Chana appealed to traditional rulers and stakeholders, especially those in border areas, for their support and sensitisation of their residents on the negative effects of smuggling on the nation’s economy.
“We have also reached out to youths in the border communities, to assist our field officers with required intelligence that will assist in curbing all forms of smuggling activities.
“The command’s area of coverage is a no-go area for smugglers as officers have been stationed at identified illegal smuggling routes to ensure arrests and prosecution of offenders,’’ Chana said.
The area commander, however, solicited the support of stakeholders in encouraging residents to shun smuggling and embrace the export of locally produced goods.
(NAN)
U.S. Mayor, NBA commend Tinubu’s economic strides
The Mayor of the City of Blanco, Texas, U.S., Mike Arnold, and officials of the National Basketball Association (NBA) team have eulogised the economic strides of the Tinubu administration.
They gave the commendation at a reception hosted for Nigerian author, Reno Omokri, at the official performance centre of the San Antonio Spurs, U.S.
Arnold praised the floatation of the Naira and the removal of the subsidy on petrol, saying it would help the Nigerian economy to be more resilient.
“I am particularly pleased also that Nigeria is successfully tackling its foreign exchange crisis, and by blocking loopholes through which institutions like Binance were able to profit, which I fully support what Nuhu Ribadu is doing.
“I also praise you, Reno Omokri, for your #GrowNairaBuyNaija campaign. Because of you, Americans now know Nigerian corporations like Glo, Dangote and Innoson.”
Read Also: Osinbajo eulogises Shonekan, says former leader lived extraordinary, selfless life
The mayor urged Nigerians to sign his petition to build IDP infrastructure in Nigeria at http://www.idpjustice.org.
He also commended the Nigerian government for moving away from the propaganda of the last eight years to a proper agenda in the last year.
Star player, Gorgui Dieng, gave a message of support for Nigerians and thanked Omokri for his visit while encouraging Nigerian youths to utilise sports as a means of personal development.
The performance centre is a new 500 million-dollar facility built by the NBA team in San Antonio.
(NAN)
CBN releases $500m to clear verified Forex backlog
The Central Bank of Nigeria (CBN) says it has released $500m to various sectors in its determination to address the backlog of verified foreign exchange transactions.
Its Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement on Monday in Abuja.
According to Sidi-Ali, this comes barely a week after the apex bank paid approximately $2bn to settle outstanding commitments across various sectors.
She said that the management of the CBN was committed to settling all legitimate foreign exchange backlogs within a short time frame.
She said the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long terms.
“As the Governor said, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years,” she said.
Meanwhile, Sidi-Ali said that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities.
She expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.
Speaking further, she urged all participants in the market to play by the rules, adding that transparency in the market would enable the fair determination of exchange rates.
The CBN, over the past few months, has released various sums in its effort to clear the backlog of foreign exchange liabilities.
CBN releases $500m to clear verified Forex backlog
NAFDAC alerts public on unregistered B-GAG syrup
Emefiele Allegedly Awarded Contracts to Family Members’ Companies
Nigeria, China bolster bilateral cooperation
-
Headlines6 days agoGarrison Commander tasks personnel on commitment to training
-
Headlines3 days ago
NAFDAC alerts public on unregistered B-GAG syrup
-
Defence3 days agoNDA conducts range exercise, urges communities to avoid area
-
Entertainment2 years agoDavido’s son, Ifeanyi is reportedly dead
-
Headlines3 days ago
Nigeria, China bolster bilateral cooperation
-
Headlines6 days agoGroup faults APC over call for emergency rule in Rivers
-
Business8 months agoSubscribers Jubilate As MTN System Error Causes Debt Cancellation
-
Headlines10 months agoNHRC decries increased cases of child abandonment in Gombe