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Former ANAN president urges FG to stem inflation through long-term economic diversification

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A former President of the Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekwe, has called on the Federal Government to embrace a long-term economic diversification plan to reduce the nation’s inflation rate.

Nzekwe made the call in an interview with newsmen on Wednesday in Ota, Ogun, while reacting to the figure released by the National Bureau of Statistics (NBS).

It was gathered that the NBS had on Monday (May 16), said that the inflation rate increased from 15.9 percent in March to 16.8 percent in April.

He noted that the federal government needed to develop a long-term plan for economic diversification to make the nation a more producing economy.

In his words, “If the federal government has done the long-term plan for economic diversification, most of the things imported from aboard would have been produced in Nigeria.

“The country is not producing enough goods for consumption. So, we depend on importing into the country and the provision of dollars to do this is inadequate.”

He described the development as external volatility as naira to dollar for importation were very high, noting that this contributed to the current inflation figure in the country.

Nzekwe appealed to the federal government to redouble its efforts in providing conducive environment for the manufacturing sector to produce more goods.

This, he noted, would help to reduce the continuous inflation rate.

According to him, when the manufacturing sector produces more goods, there will more goods for local consumption and some of the goods will also be exported.

He also said that the manufacturing sector would also generate more revenue for the country and help the currency to be stable.

He suggested that the Federal Government should also trim down its recurrent expenditures so that the cost of running the governance could be drastically reduced.

Nzekwe urged the government to also provide enabling environment for digital economy to thrive for more economic activities that could bring down the high inflation rate.

The ex-ANAN president added that the government should block all leakages through which money goes into individual pockets in form of corruption.
(NAN)

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Business

We generated N30.2 bn revenue in three months – Kano NCS Comptroller

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Nigeria Customs Service deepens ties with Benin Republic to facilitate trade

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)

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Economy

U.S. Mayor, NBA commend Tinubu’s economic strides

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U.S. Mayor, NBA commend Tinubu’s economic strides

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)

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Economy

CBN releases $500m to clear verified Forex backlog

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CBN releases $500m to clear verified Forex backlog

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
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