FG asks MDAs to patronise Nigerian-made items
Vice President Kashim Shettima has advocated for the priority of local content and the promotion of made-in-Nigeria items, noting the fact that Executive Order 003, which requires the purchase of locally manufactured goods, is still in effect.
Shettima also claims that the Federal Government has collaborated with the Manufacturers Association of Nigeria to develop an executable plan and policy framework for revitalising the country’s manufacturing industry. He reiterated that the strategy and policy framework will be quickly adopted to bring about the necessary improvements that would revitalise the sector.
The Vice President, who opened the three-day National Manufacturing Policy Summit at the State House Banquet Hall, expressed concern that the sector had seen several setbacks in recent decades.
Distinguished ladies and gentlemen, I beg us all to use this summit to produce an effective roadmap and policy framework that can be implemented immediately to bring about the improvements we want in the manufacturing sector. “I assure you that we shall always maintain an open-door policy to accommodate your needs and expectations,” Shettima told the crowd.
Nigerians bought N16 trillion worth of generators and fuel in 2023-FG
Nigerians will spend N16.5 trillion in 2023 alone on diesel, petrol, and generators to generate energy, the Federal Government stated on Tuesday.
It also announced that the official power industry, which includes electricity generating, transmission, and distribution companies, generated N1 trillion in revenue last year, while power consumers spent more than N16 trillion in the informal sector.
Adebayo Adelabu, Minister of Power, said this at the ongoing 2024 Nigeria Oil and Gas conference in Abuja. However, he added that electricity consumers in the Band A category now have up to 24 hours of power supply.
He stated, “If you know how much our people spend on diesel, petrol, generators, and servicing them in a year; according to the most recent report we had in 2023, a total of N16.5 trillion was spent on self-generated power. Even some industries are off-grid. They now have gas-powered generators that provide them with captive power between environments.
𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬 𝐬𝐞𝐞𝐤 𝐥𝐞𝐠𝐢𝐬𝐥𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐛𝐨𝐨𝐬𝐭 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭
Some stakeholders in Nigeria’s impact investing arena have asked for legislation and rules to increase investment in underrepresented businesses in the sector.
This call was made during the official launch of the Sustainable Systems for Research and Innovation Financing project, which is sponsored by FCDO’s Research and Innovation Systems in Africa, on Tuesday in Lagos.
The project’s goals include increasing the capacity of enterprise support organisations, developing sustainable financing mechanisms for enterprise support and venture funds, establishing effective links between businesses, investors, and transaction advisors, and strengthening local ecosystems, research, and institutional capacities.
Speaking during the event, Etemore Glover, the CEO of the Impact Investors Foundation, which organised the event, stated that the foundation was working with stakeholders to raise knowledge of the impact investing market.
Why food costs may rise — an investigation
We do not tell them about tomato and pepper costs again because they can change at any time. We sometimes sell at a certain price in the morning, but the price changes by midday or evening.
Mrs Hannatu Ajiji, an official at the Tomatoes/Pepper Market on Bauchi Ring Road in Jos, Plateau State, described the country’s food price increase. The trend is making it harder for ordinary Nigerians to feed as their purchasing power declines.
The soaring prices of food items have been blamed on a variety of factors, including high transportation costs, increased inability of farmers to travel to farms due to insecurity, foreign exchange, climate change effects, multiple taxation, late release of budget allocation, and rising inflation, among others. Disturbed by the situation, some professionals, including eminent lawyer Dr Olisa Agbakoba, SAN, have urged governments to take measures to combat hunger and prevent oncoming hunger riots.
The Senate has approved a bill allowing foreign residents in Nigeria to obtain NIN identification
In its second reading, the Senate approved a law that will allow all foreigners to obtain and use the National Identification Number (NIN).
The bill, supported by Deputy Senate President Barau I. Jibrin (Kano North), seeks to replace criminal sanctions with administrative measures to ensure NIN compliance while avoiding severe legal consequences.
On Tuesday, the Senate cleared a bill for a second reading that aims to provide all Nigerian residents, including foreigners, the ability to receive and use the National Identification Number (NIN).
The ‘National Identity Management Commission (Repeal and Enactment) Bill 2024 (SB. 472)’, sponsored by Deputy Senate President Barau I. Jibrin (Kano North), also proposes replacing criminal punishments with administrative enforcement methods.
This move aims to encourage NIN adherence without imposing significant legal sanctions.
