Stories by JOY EZE
he Lagos Chamber of Commerce and Indus- Ttry ( LCCI ), has said that Nigeria ' s GDP rate is expected to mature by 3 % in 2018 given the prevailing economic fundamentals and government ' s commitment to sustain economic reforms .
The Chamber made this projection in a statement by the Director General of LCCI , Mr . Muda Yusuf , adding : “ The Chamber also projects oil price to average around $ 50 per barrel ; External reserve to hit $ 40 billion mark ; and headline inflation at 13 per cent .”
He noted that the fundamentals of the economy are improving with numerous opportunities and potentials . Crude oil prices and output levels have recovered , foreign reserve is improving , and inflation is on a steady decline , adding that , it is expected that these impressive outcomes will be sustained into a better part of 2018 .
He said for the country to sustain the present recovery and achieve the growth forecast , there is need for aggressive investment in infrastructure to boost productivity in the economy , reduction in multiplicity of exchange rates , alignment of procurement policies at all levels of government to support domestic investment . Others include investment policy that would protect domestic investors , tax policy that is investment friendly , interest rate policy that is investment friendly and current reforms in such critical
he Tony Elumelu Foundation ( TEF ) has urged applicants of its fourth Tcycle of the $ 100 million
entrepreneurship development programme to focus on business ideas that can transform Africa .
The charge was contained in a statement by the TEF , which also confirmed the deadline for the application for March 1 , 2018 , while the programme is scheduled to run from May 1 , 2018 to December 2018 .
The Programme provides critical tools for business success , including a 12 weeks intensive online training ,
COMMERCE & INDUSTRY
sectors as power , agriculture , solid minerals and oil and gas should be sustained ..
“ The executive orders signed in May this year should be fully enforced to improve the way government does business and thereby improve the business environment ”, he said .
Speaking further , Yusuf said , “ The situation with the manufacturing sector in 2017 was that of a partial relief , especially with respect to access to foreign exchange .” Manufacturers reported an improvement in the liquidity of the foreign exchange market . This enhanced their capacity to import raw materials and boosted capacity utilization .”
However , he stressed , manufacturers expressed concern with respect to high interest
which guides participants on creating and managing a business . Other features of the programme include the provision of a world-class mentor to guide participants during the early transformation stages of the business as well as earning a $ 5,000 seed capital to prove the business concept in addition to access to f u r t h e r f u n d i n g . T h e programme will include access to the largest network of African start – ups and the foundation ' s own global contacts . The Programme , in the fourth cycle , is foundation ' s 10-year , $ 100 million commitment to identify , train , rate between 25-30 per cent .
“ This has resulted in high operating cost for manufacturers ; dearth of long term funds , infrastructure situation with respect to power and energy and logistics , especially the impact of the bad roads on the cost of transportation , inflow of fake and sub-standard products remains a major challenge for manufacturers in 2017 , weak patronage of locally produced goods , especially by government agencies and ministries ” he stressed .
He said some manufacturers lamented the adverse effect of the activities of the Federal Operations Unit ( F . O . U ) of the Nigeria Customs Service on their businesses .
“ There were recurring instances of arbitrary arrests , impounding of containers duly
mentor and fund 10,000 African entrepreneurs by 2024 .
Founder , serial entrepreneur and philanthropist Tony O . Elumelu , said : “ When we l a u n c h e d t h e T E F Programme and committed $ 100 million to empowering Africa ' s entrepreneurs , I knew we would create impact , but I never imagined it would be an impact of this magnitude . We have unleashed a movement of African entrepreneurs — a force so strong , so inspiring , that I am confident they will collectively transform Africa . We need Africa ' s best and brightest entrepreneurs to come learn , cleared at the ports and extortion by operatives of the FOU .
The Nigeria Customs Service also expressed concerns about indiscriminate valuation queries . These are clearly not in consonance with the vision of ease of doing business currently being pursued by the government ”, he stated .
He said CBN ' s periodic intervention in the forex market reduced the exchange rate volatility over the last two quarters of 2017 .
“ With the intervention , b u s i n e s s e s w i t n e s s e d improved liquidity of forex and stability of naira against the dollar . Confidence is gradually returning to the forex market and we hope that this would be sustained in 2018 . However , economic players stated that it was impossible to access the
grow their businesses and build our continent . “
1,000 entrepreneurs will be selected based on the viability of their idea , including : market opportunity ; financial understanding ; scalability ; and leadership and entrepreneurial skills demonstrated in the application .
Chief Executive Officer of the Foundation , Parminder Vir , said : “ We encourage women , French and Portuguese speakers to apply . Our 3,000 alumni are already growing their businesses and improving lives .”
Monday , January 8 - 14 , 2018
Expectations high as LCCI predicts 3 % growth rate this year
President Muhammadu Buhari ( 3rd left ), Kano State Governor , Abdullahi Ganduje ( left ), his Kaduna State counterpart , Nasir El Rufai ( 2nd left ) and Minister of Transportation , Rotimi Amaechi at the inauguration of Nigeria ’ s first Inland Dry Port in Kaduna .. recently .
Foundation tasks applicants on transforming Africa ' s business landscape
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foreign exchange at the official rate of N305 to the dollar .” “ Crude oil prices in the international market and local production levels remain the two key variables that would determine the sustainability of the current favourable forex regime ” he said .
Lawal said multiplicity of exchange rates remains a concern because of the implication for transparency and round tripping in the forex market , stressing ” It is thus desirable to reduce the multiplicity of rates and the disparities in the rates to further deepen confidence in the market .”
Quick passage of 2018 budget , key to infrastructural growth - Expert
he Federal Government has been advised to push for early passage Tof 2018 budget to facilitate
rapid infrastructure development .
The former President , Association of National Accountants of Nigeria ( ANAN ), Dr . Samuel Nzekwe , made the call in Ota , Ogun State .
He urged the National Assembly to pass the budget on time to allow government undertakes massive infrastructure development in power , roads and rail sector in 2018 .
Nzekwe said : “ There is the need for the Federal Government to work according to the budget so that it could achieve most of its goals in 2018 .”
He noted that the late passage of the 2017 budget led to the non-payment of local contractors and imposition of hardship on the people .
Infrastructure deficit , the former ANAN president said , was the major problem facing the nation . “ Stable power supply and other amenities are the backbone of any nation because no economy can thrive and move forward positively without infrastructure development ,” he said .
Nzekwe also said power supply was imperative for the nation ' s industries to thrive and provide employment opportunities for youths in order to eradicate poverty in the country .
He , however , implored the government to formulate people ' s-oriented policies that would benefit all in 2018 .