Connect with us

News

FG pledges policies that’ll promote investments, trade

Published

on

The Federal Government on Wednesday in Abuja assured of policies that would promote investments and facilitate increased foreign and domestic trade.

Dr Evelyn Ngige, the Permanent Secretary in the Ministry of Industry, Trade and Investment, made the promise at the stakeholders’ sensitisation workshop on the first Nigeria Investment Policy (2023-2027)(NInP) and Trade Policy of Nigeria (2023-2027)(TPN).

Represented by Alhaji BabaGana Alkali, the Director of Policy, Planning, Research and Statistics in the ministry, Ngige said that both policy documents would address gaps and provide strategic frameworks for investment promotion and increased trade.

According to her, the NInP and TPN represent significant milestones in our journey of economic growth and development.

She expressed the ministry’s commitment to improve domestic investment and business environment to position Nigeria as one of the world’s preferred investment destinations.

“The development of the first Investment Policy and the Review of the Trade Policy of Nigeria are useful outcomes of the sustained efforts of the ministry in this regard,’’ she said.

Ngige said that the objectives for developing the investment policy framework include fast-tracking the process of Nigeria’s economic diversification, improving investment and business climate to attract both domestic and foreign direct investment.

She said that it would improve investors’ experience and confidence through ensuring compliance with global best practices, while generating inclusive domestic growth for employment generation and wealth creation.

“Additionally, the motivation for the development of the Nigeria Investment Policy is the need for policy certainty, stability and coherence in investment-related matters.

“Policy certainty and stability are very vital in attracting and sustaining investments in the local economy.

“The NInP, therefore, provides a comprehensive and harmonised framework that consolidates investment-related regulations at the national and sub-national levels,’’ she said.

Ngige also said that the policy was also envisaged to create synergies with the objectives of other national economic frameworks and to promote Responsible, Inclusive, Balanced, and Sustainable (RIBS) Investments in the Nigerian economy.

“On the other hand, the review of the Trade Policy of Nigeria (TPN) was carried out to align the document with emerging issues in global trade.

“The TPN 2023-2027 seeks to promote trade as a catalyst for economic growth and development.

“The policy recognises the positive impact of trade on competitiveness, employment generation, wealth creation and poverty reduction as well as aligns with domestic policies that enhance productivity macroeconomic stability and promote good governance.

“The policy emphasises the creation of a trade-enabling environment to mitigate unexpected economic shocks such as the COVID-19 Pandemic, protectionism and taking advantage of emerging trends,’’ Ngige said.

She expressed optimism that the policies would address the challenges that hindered Nigeria’s trading and investment competitiveness at the global level.

“With these policies, we are now set to diversify our export base, develop a flourishing domestic market, promote “Made-in-Nigeria” products, enhance market access and increase investment and trade competitiveness,’’ Ngige said.

On his part, Dr Ezra Yakusak, the Executive Director, Nigerian Export Promotion Council (NEPC) said the policy documents came at the appropriate time when there is need to maximise Nigeria’s vast potential to promote sustainable economic growth.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

FAAN starts sales of E-Tags at airports

Published

on

The Federal Airport Authority of Nigeria (FAAN) said it has started the sales of e-tags at airports.

FAAN confirmed this in a statement on Friday. “Following the presidential directive that all citizens are mandated to pay for e-tags at all the 24 federal airports across the country, we wish to inform the general public that the e-tags are available for sale from Friday, 17th May 2024 at the following locations,” it said.

“Lagos: Murtala Muhammed International Airport Lagos, Terminal 1, 5th Floor) Office of HOD Commercial. Contact: 08033713796 or 08023546030.

“Abuja: Nnamdi Azikiwe International Airport, HOD Commercial Office (General Aviation Terminal) Contact: 08034633527 or 08137561615.”

Continue Reading

News

FG, Labour to reconvene next week over minimum wage negotiation

Published

on

The Tripartite Committee on Minimum Wage will reconvene on Tuesday, May 23 to further negotiate a reasonable new minimum wage for workers, after the organised labour walked out of the negotiation on May 15.

An invitation letter sent to the labour leaders by the chairman of the committee, Bukar Goni, states that the other members of the committee have agreed to shift grounds from the N48,000 proposal which was made on Wednesday.

The letter appealed to the labour leaders to speak to their members and attend the reconvened meeting next Tuesday.

The organised labour comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have proposed a new minimum wage of N615,000, which is way higher than the N48,000 proposal by the government.

The organised private sector, on the other hand, proposed an initial offer of N54,000. After dumping the talks, the labour leaders addressed a press conference where they expressed their anger over the Federal Government’s offer.

They blamed the government and the private sector for the breakdown in negotiation.

The Federal Government had failed to present a nationally acceptable minimum wage to Nigerians before the May 1 Labour Day.

The situation has forced labour to be at loggerheads with the government. In the wake of the tussle, the NLC President Joe Ajaero insisted on the N615,000 minimum wage, arguing that the amount was arrived at after an analysis of the economic situation worsened by the hike in the cost of living and the needs of an average Nigerian family of six.

Ajaero and labour leaders have given the Federal Government a May 31 deadline to meet their demands.

On January 30, Vice President Kashim Shettima inaugurated the 37-member  tripartite committee to come up with a new minimum wage.

With its membership cutting across federal, and state governments, the private sector, and organised labour, the panel is to recommend a new national minimum wage for the country.

During the committee’s inauguration, the Vice President urged the members to “speedily” arrive at a resolution and submit their reports early.

“This timely submission is crucial to ensure the emergence of a new minimum wage,” Shettima said.

The 37-man committee is chaired by the former Head of the Civil Service of the Federation, Goni Aji.

Continue Reading

News

Tinubu appoints governing board members for 111 tertiary institutions

Published

on

President Bola Tinubu has approved the appointments of at least 555 persons to serve as Pro-chancellors/Chairmen and members of Governing Boards of 111 federal universities, polytechnics and Colleges of Education.

This followed Tinubu’s assent to a list of nominees selected by the Ministry of Education.

It was signed by the ministry’s Permanent Secretary, Mrs. Didi Esther Walson-Jack.

“The inauguration and retreat for the Governing Councils will take place on Thursday, May 30 and Friday, May 31, 2024, at the National Universities Commission, 26 Aguiyi Ironsi Street, Maitama, Abuja. Both events will commence at 9:00am daily,” said Walson-Jack.

When contacted for confirmation, the Presidency said the list emanated from the Ministry of Education.

“This is from the Federal Ministry of Education…they make the nominations and forward them to the President to sign. But they are at liberty to release it from their end,” the President’s Special Adviser on Information and Strategy, Bayo Onanuga, told our correspondent on Saturday.

The appointments come days after the Academic Staff Union of Universities had threatened to embark on another strike, potentially disrupting the academic calendar and causing further setbacks in the country’s higher education sector.

The union, on Tuesday, decried the failure of the Federal Government to appoint Governing Councils for federal universities.

The union also faulted what it described as the nonchalant attitude of the President Bola Tinubu-led Federal Government to matters about academics in federal universities.

The body of academics, during a briefing at the University of Abuja, also faulted the 35 per cent salary increment for professors and the 25 per cent salary increment for other academics in the university system.

Continue Reading

Trending