Business
Inflation rate: LCCI urges FG to hasten provision of expected palliatives
By Omolola Dede Adeyanju
The Lagos state Chamber for Commerce and Industry (LCCI) has urged the federal government of Nigeria to rapidly commence provision of the anticipated palliatives to lessen the impact of the rising trend in prices on economic agents.
This was expressed through a statement signed by Director General of the chamber, Dr. Chinyere Almona, FCA in regards to the July 2023 inflation rate. She explained that Nigeria’s headline inflation rate accelerated for the seventh consecutive month to 24.08 per cent in July 2023 from 21.82 per cent in January, according to the latest inflation figures released by the National Bureau of Statistics (NBS).
She stated that, “The rate is the highest since September 2005. It increased by 1.29 percentage points when compared to the previous month, 22.79, and on a year-on-year basis, it went up by 4.44 percentage points compared to 19.64 recorded in July 2022.”
The DG said, “The significant rise in inflation largely reflects fuel subsidy removal and exchange rate devaluation.
“Food inflation increased by 1.73 percentage points to 26.98 percent from 25.25 per cent the previous month. Core inflation also increased by 0.41 percentage points to 20.47 percent when compared to 20.06 in the previous month and increased by 4.41 percentage points when compared to the corresponding month in 2022.”
Furthermore, she explained, “The data revealed that the highest increases were recorded in the prices of food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing & footwear, and transport (including prices of passenger transport by air, passenger transport by road, vehicle spare parts, etc).
“The Chamber is concerned that there may be more inflationary pressures in the coming months due to the volatility of the Naira as well as the lagged effects of subsidy removal and its transmission to general prices.”
Dr Chinyere, however, submitted the recommendations of the chamber saying, “LCCI recommends that the government should step up efforts to tackle food costs, especially staple food items. We commend the Federal Government’s declaration of a state of emergency on food security.
“We urge them to prioritise farmers’ areas of assistance, fertilizers, and seeds to mitigate the effects of subsidy removal as well as strengthen strategic food reserves to be used as price stabilisation mechanisms.
“The Chamber implores the government to hasten the provision of the anticipated palliatives to lessen the impact of the rising trend in prices on economic agents,” she added.
The Ministry of Marine and Blue Economy, under the dynamic leadership of the Honourable Minister, Mr. Isiaka Adegboyega Oyetola, has achieved an exceptional milestone by emerging as the overall best performing ministry in the Ease of Doing Business ranking.
This was revealed on Friday, at the town hall meeting, by the Special Adviser to the President on
Presidential Enabling Business Environment Council (PEBEC) and Investment, Dr. Jumoke Oduwole.
According to her, the town hall meeting, chaired by the Vice President, Senator Kashim Shettima, was organised to receive an update of the report on Regulatory Reform Accelerator (RRA) in line with President Bola Ahmed Tinubu’s eight-point agenda and prioritising business climate reforms.
She further said the minister summoned a meeting of the heads of agencies under his watch and charged them that he wants the ministry to come top and today he’s made it. “The minister deserves a special recognition and applause,” Dr. Oduwole added.
This recognition, experts noted, stands as a testament to the strategic vision and tireless efforts dedicated to advancing Nigeria’s marine and blue economy sector by the minister.
With the latest ranking, the ministry’s commitment to sustainable development and innovative policies has set a new benchmark for excellence in governance and public service.
By Esther Agbo
The Federal Government of Nigeria (FGN) has issued an update regarding the ongoing disbursement process for the Presidential Conditional Grant Scheme, aimed at alleviating economic hardship among Nigerian citizens.
The Minister of Industry, Trade, and Investment, FGN, Hon. Dr. Doris Nkiruka Uzika-Anite, made the announcement via her official X (formerly Twitter) handle on June 27, 2024, addressing applicants and the general public.
In her statement, she expressed gratitude to the applicants for their patience, noting that approximately 60 percent of the 1 million available grants have already been allocated.
She mentioned that with nearly 4 million Nigerians applying for the N50,000 palliative grant, the selection process has been competitive. However, she assured that the selection is conducted randomly by computer-generated processes, ensuring equal chances for all applicants regardless of their application timing.
She said, “It’s important to note that almost 4 million Nigerians applied for the Palliative grant of 50k, but only 1 million beneficiaries can be accommodated.
“This means not all applicants will receive the grant. The selection is not based on who applied first; everyone has an equal chance but by random computer generated selection.
“While Mr. President may launch other social intervention programs in the future, there are no immediate plans at this time.”
According to Doris, applicants can monitor the distribution progress through a dedicated portal at https://grant.fedgrantandloan.gov.ng/learn-more/dis… which provides updates on the number of beneficiaries per Local Government Area (LGA).
Doris however stated that the disbursement process has experienced delays due to issues such as incorrect or missing data, and duplicate applications, but despite these challenges, she emphasised that accuracy has been prioritised over speed to ensure a fair and transparent process.
“The teams in my office and BOI have worked tirelessly to ensure this process is fair and accurate. Testimonial videos are already being shared, showcasing how the grant has positively impacted lives and we will share many more. We have prioritised accuracy over speed to ensure every Nigerian who applied has a fair shot.
“We had hoped to complete all 1 million disbursements by now but the process has been delayed due to incorrect or missing data, duplicate and spurious applications, which we have had to meticulously clean up to ensure eligibility and validation,” she said.
She added that, in addition to the grant scheme, the government is nearing the final stages of vetting for the Micro, Small, and Medium Enterprises (MSME) and Manufacturing loans and applications for these loans remain open, with disbursements expected to commence by the end of July.
The Minister concluded by addressing the importance of constructive feedback from citizens, acknowledging the right of the public to hold the government accountable but urged for criticism to remain respectful and free from hate speech.
In her words: “Finally, it is your right as citizens to criticise and hold the government accountable. However, we encourage constructive feedback without resorting to abuse or bigotry. Personal insults and hate speech are not likely to aid your applications and will not be tolerated. Together, we can build a more prosperous Nigeria.”
Vice-President Kashim Shettima the has assured that President Bola Tinubu’s administration was committed to the prosperity of the Micro, Small and Medium Enterprises (MSMEs) in the country.
Shettima, represented by the Deputy Chief of Staff to the President, Sen. Ibrahim Hadejia, gave the assurance at the World MSMEs Day (Joint Nigeria and African Union event), held on Thursday in Abuja.
He said that the recent launch of the N150 billion MSME’s Intervention fund in partnership with the Bank of Industry, which offers single digit loans to MSMEs across Nigeria, among other interventions, was an example of the commitment.
Shettima said that MSMEs were the backbone of not only the Nigerian or the African economy, but of the global economy.
According to him, they account for 90 per cent of all businesses worldwide and employ over 60 per cent of the global workforce.
He said, ” It is no wonder that the United Nations has dedicated today, June 27, to recognise MSMEs and to celebrate them for their immense contributions to the economies of nations all over the world.
” In Nigeria, the stakes are even higher when it comes to MSMEs. MSMEs in Nigeria account for 96 per cent of all businesses.
”They contribute to our economy by over 45 per cent and without them, 80 per cent of the current Nigerian workforce will be without employment.
” These facts provide us with the evidence that if MSMEs prosper, Nigeria prospers, if MSMEs prosper, Africa prospers, if MSMEs prosper, the entire world prospers.”
Shettima, however, said that unfortunately, MSMEs in Africa were fraught with numerous challenges that hinder their growth and by extension, the growth of the African economy.
He added, ” It is for this reason that we have joined hands with the African Union Commission to hear from you all, our distinguished guest speakers and panelists, on devising the appropriate continental solution for this obvious continental problem.
” I want to urge us all not to forget that this gathering is a call to action. This means that we must all ensure that we do our part and put into action all the insights that have been uncovered from today’s occasion.
” Failure to do so would mean that we have gathered here for nothing and wasted another opportunity.”
Shettima appreciated the leadership of the African Union Commission for partnering with the Nigerian government to bring together relevant stakeholders to lend their voice to the important conversation on what could be done to better support MSMEs in Africa.
Earlier, Mr Tola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, reiterated the determination of the government to put modalities in place to ensure that MSMEs access single digits loan easily.
He thanked WEMA bank for partnering with the Tinubu’s administration to expand opportunities in the MSMES space.
Adekunle-Johnson said, ” The essence of the partnership is to ensure that small businesses are able to get a single digits loan.”
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