Business
NECA warns against making CSR mandatory
The Director-General of the Nigeria Employers Consultative Association (NECA), Adewale Oyerinde has issued a warning on the consequences of legislating on Corporate Social Responsibility (CSR).
While speaking to journalists on the sidelines of the Third Nigeria’ Employers Summit on “Economic Renaissance Harnessing Government Reforms and Private Sector Agility,” in Abuja on Tuesday, Oyerinde said, “I hear the representative of the speaker saying he’s going to declare open a public hearing on CSR.”
“It’s not a part of the issues we had. The House wants to legislate on CSR to make it compulsory. It is corporate social responsibility for God’s sake.
“It’s the prerogative of the business to say this is what I want to do. So you don’t legislate it. It’s another tax which we are also going to contest.”
Speaking further on the minimum wage, he noted that any approval of new national minimum wage that is above N62,000 the government and organised private sector agreed upon, will cause a crisis.
He lamented that it was painful to accept the N62,000 and that it was based on a certain premise.
When queried on whether he was satisfied with the waiting game on the national minimum wage, he said, “There’s no waiting game and I think we have to put all this in context. And all this misinformation, I think we are just creating unnecessary tension. There’s a process and we don’t seem to be on the same page. There’s a process of the Tripartite Committee sitting to recommend the national minimum wage.
“And that process, once the minimum wage, the figures are recommended, we pass it to the president, which we have done. And the president is the sovereign. They have to pick the recommendation of the committee, do I accept it or I don’t accept it.
“The President still remains the sovereign. That position is not contested. The employers cannot contest it.
“Labour cannot contest it. It is the sovereign that should pick a figure, then pass it to the National Assembly to go through a legislative process. That process, we can only advocate for it to be fast-tracked.
“We cannot put a gun to somebody’s head and say, look, you have to do this, it’s tomorrow, you have to do it. It doesn’t work like that. Now, for us, and we have said it and we’ll say it again openly, the 62,000 that the employers came up with, the 62,000 was based on some premise.
“It was painful conceding that we did. And it was based on a certain premise. And one of those, or two of those, or three of those is the new electricity tariff, the government has to suspend it.
“That is, one, that there should be an embargo on the introduction of new tax.
“So those are part of the conditions that we gave for us to agree on the N62,000 minimum wage. Now, if it goes above N62,000, you have created two or three different dynamics. One, you have set the tone for non compliance.
“Because if I cannot pay, I just can’t pay. Now, you have created a problem for the judiciary. Because all employees that are not satisfied, they have the right, according to the Act, to go to the National Industrial Court.
“Now, imagine 1,000, 2,000 employees, 5,000 employees across the country going to the National Industrial Court. How long will the Industrial Court take to dispense almost 5,000 cases? That is one.
“Two, you have also set in process another dangerous pattern. We already have businesses leaving now. All of us are not interrogating, where are our brothers and sisters working in those companies? Where are they? So, a figure beyond what the private sector can pay may also lead to loss of jobs.
“Now, we complain about insecurity. So, we have to put all those together. And a fundamental, lastly for me, on this minimum wage issue, a fundamental element in setting up national minimum wage that you cannot take away is the ability to pay.
“If you take away the ability to pay, then you have just set a stage for crisis,” he said.
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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