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Displaying items by tag: Nigeria's gross domestic product (GDP)

Wednesday, 15 August 2018 08:02

Nigerian govt gives $373m to boost crop exports

The Federal Government through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) said it had disbursed $373 million to farmers in the past year to boost production of export crops.

The agency is saddled with the responsibility of de-risking credit to farmers, part of government’s plan to increase revenue from farm exports and reduce the country’s dependence on oil, Bloomberg reports.

The beneficiaries of the credit facility are mainly small-holder farmers growing cotton, rice, oil palm, cassava and corn, according to the Managing Director of the state-owned agricultural-lending facilitator, Aliyu Abdulhameed.

“At average yield of 4 tons per hectare, these optimized small-holder farmers’ production would generate a gross output of about 16 million tons,” he said.

Abdulhameed projected that revenue from the exports would hit N1.6 trillion by the end of this year.

In 2012, the Central Bank of Nigeria (CBN) created NIRSAL as a risk-sharing system with a mandate to enhance the flow of affordable finance and investments into fixed agricultural value chains.

The agency works with banks to guarantee as much as 75 percent of loans to agriculture.

 

NAN

Published in Agriculture
Monday, 13 August 2018 17:25

BOI to provide N400m to local manufacturers

As a part of measures to promote Made-in-Nigeria goods that would meet international standards, the Bank of Industry (BOI) has provided a total of N400 million to local manufacturers.

The funds, which would be made available quarterly to over 300 members of the Leather Products Manufacturers Association of Abia State (LEPMAAS), are expected to be disbursed through the Fidelity Bank Plc, while the Ford Foundation would be providing other technical support.

Speaking at the formal launch of the Aba Finished Goods Cluster Financing programme in Aba, Abia state, the Managing Director of the BOI, Olukayode Pitan, said the programme was designed to provide financial aid to qualified members of the LEPMAAS.

“It was this significant opportunity to substitute import volumes by supporting quality improvement of Made in Aba products, create additional jobs and improve the qualities of lives of the Artisans that led the Bank of Industry to design this tailored programme.

“By providing low interest, non-collaterised loans, the Bank has provided flexibility for qualified members of LEPMAAS recommended by their lines and zonal chairman to access up to N300,000 towards the procurement of materials to expand and improve their production activities,” he said.

In June, in a bid to address inadequate access to credit facilities facing fashion entrepreneurs in the country, the BOI had issued N1 billion fashion fund to support entrepreneurs producing and marketing fashion items such as clothes, handbags, shoes, jewelry/accessories etc.

Source: Vanguard

Published in Business
Piqued by estimated N295 billion losses suffered by investors in the last seven months, stakeholders have warned political parties and their representatives to desist from actions that portend further risks or trigger more panic in the market.
Indeed, the stakeholders attributed the current depression in the market to unfolding events in the political space, which has continued to fuel uncertainty and shadow on the overall mood of the equities market.
 
Specifically, market capitalisation of listed equities, at N13.617 trillion as at January 2, 2018, now stands at N13.322 trillion as at August 3, 2018, down by N295 billion or 2.2 per cent in seven months, while the All-Share index slid by 1,765.12 points or 4.8 per cent from 38,264.79 to 36,499.67.
 
Ahead of the 2019 polls, stock market investors have argued that if the political space remains tensed, the volatility recorded so far in the market will be heightened, as bargain hunters will take advantage of the oscillatory mode of the market going forward.
 
The Chief Research Officer of Investdata Consulting, Ambrose Omodion, said political risk and uncertainties ahead of the 2019 general elections are major factors that continue to depress and escalate foreign capital flight.
 
According to him, equities have continued to suffer from investment outflows and the absence of a positive trigger or enough retail investors to help stablise the domestic market.
 
“This is why investors would continue to trade cautiously. Also important, is the outcome of the shadow elections by political parties taking place in the month of August.”
 
He pointed out that the implementation of the new structure of the Nigerian Stock Exchange (NSE) in recent times has so far, not brought the expected impact from market makers, in terms of liquidity, to support relative stability, as it remains on the downtrend.
 
The analyst suggested that investors should also change their investment strategies in favour of medium to long-term horizon and position for higher returns post-election.
 
“Investors should review their positions in line with investment goals, strength of the company numbers and act as events unfold in the global and domestic environment,” he said.
 
The former Secretary General of Independent Shareholders Association, Adebayo Adeleke, said market performance would continue to be weak, coupled with low liquidity, if politicians fail to realise the effect of unstable environment on the economy.
 
“We need to play our politics in the way that we will be mindful of what happens to the economy.
 
We do not need to do things that will have adverse effect on the economy because if it does, it becomes a problem even for those that will take over power.
 
“During electioneering in America, you find out that the economy remains strong and stable.
 
Our people need to play the game equally like that by ensuring that they put the economy first.
 
“What we are seeing is a very cautious approach to the market.
 
Given the way the political space is getting more tensed, investors do not understand the direction the economy and they would always want to be very careful on what to buy, what to hold and what to sell.”
 
An independent investor, Amaechi Egbo, explained that the local bourse do not have the capacity to absorb external shock or mop up shares when there is sudden dumping by foreign investors to sustain price rally.
 
Therefore, he suggested that the regulators should work on how to boost the participation of local investors that would not easily sell-off when there is panic in the market
 
 
Source: Business Insider
Published in Business
Leading management consulting firm, Phillips Consulting Limited (PCL), has transformed the financial technology sector by introducing cutting-edge technology, Intellect Digital Core Banking Solution, to Nigeria.
 
Phillips Consulting collaborated with Intellect Design Arena Limited, a global leading company that offers services in Financial Technology for Banking, Insurance and other Financial Services. This collaborative banking solution will no doubt revolutionize the Nigerian banking industry.
 
Intellect Digital Core banking solution is a comprehensive, integrated, yet modular and agile business solution, addressing all core banking needs. It is designed to help banks accelerate their digital banking and channel transformation journey. Intellect Digital Core comes with a Digital 360 proposition with an inbuilt design for both Digital Outside and Digital Inside. Digital Outside ensures true Omni-channel and consistency of customer experience at all touch points while Digital Inside drives operational excellence. In addition, it provides all the building blocks of business functionality, enabling users to flexibly configure products and processes in order to adapt to a dynamic environment.
 
Through this partnership with Intellect Design Arena, Phillips Consulting builds local capacity by playing an integral role in the joint implementation and on-going support of Intellect Digital Core in Nigeria.
 
Speaking on the Core Banking Solution, the Managing Director of Phillips Consulting, Mr. Robert Taiwo, explained the benefits of Intellect Digital Core. “In banking, the digital discourse has shifted from ‘nice to have’, to critical business imperative. Market share will increasingly swing to those banks that can quickly and effectively respond to technology advancements. The ability to grapple with 4.0 technologies such as AI, Big Data, Robotics and Blockchain, will differentiate the leaders from followers. Superior interconnectivity and system integration will enhance customer-centricity and this by default will accelerate first mover advantage.” He added “But technology must not become the end in itself. “Me too” strategies will not be effective. CEOs must, therefore, drive business aligned digital strategies which speak directly to the operating models and value propositions of their respective organisations.”
 
Although the Intellect Digital Core Banking Platform is new to Nigeria, a new age bank recently implemented it.
 
Further discussing the core banking solution, Senior Partner at Phillips Consulting, Mr. Seun Ngonnase explained, “In today’s world, banks require a single, seamlessly integrated global payments system for domestic and cross-border transactions. This system must eliminate manual tasks and enhance interoperability. Implementing Intellect’s Core Banking platform will save time and money for the bank while providing value-added services to their customers. The whole idea is based on the concept of Contextual Banking; customers should bank in the way they want to and how they want to.”
 
Intellect Design Arena – a global leader in Financial Technology for Banking, Insurance and other Financial Services. A uniquely focused Products business, Intellect addresses the needs of financial institutions in varying stages of technology adoption.
 
Intellect’s robust iDigital platform enables products across four distinct lines of businesses: Global Consumer Banking (iGCB), Risk, Treasury & Markets (iRTM), Global Transaction Banking (iGTB), Central Banking and Insurance (Intellect SEEC). Deep banking domain expertise coupled with investments of Rs 800 Crores over the last ten years in developing the world’s first full spectrum of banking products has made Intellect the company with the most advanced technologies for financial institutions with global businesses.
 
As leaders in strategy, execution and transformation are at the core of what Phillips Consulting does. The company’s digital and technology transformation practice supports clients in driving strategic business change across its operating model. Fundamentally reshaping the way products and services are delivered.
 
 
Source: NAN
Published in News Economy
Thursday, 09 August 2018 00:00

Duet invests $50million in AJEAST Nigeria

Duet Private Equity Limited (DPEL), a principal investor in emerging and frontier markets, has announced the acquisition of a majority stake in AJEAST Nigeria Limited.
 
DPEL, last week said it is investing in excess of $50million into the transaction, a significant share of which is allocated as growth capital. Proceeds of the investment will be used to accelerate in select international territories, facilitate the launch of new products and brands, and increase AJEAST’s production capacity and volume.
 
AJEAST is the sub-Saharan Africa subsidiary of AJE Group, a leading multinational non-alcoholic beverage manufacturer, makers of Big Cola, Big Orange, and a host of others.With the new investment, AJEAST will further intensify its focus on targeting a young demography of growing socio-economic segments, capturing both the significant advance of middle-income households, as well as the demographic dividend of the region’s expansive youth base.
 
The transaction marks DPEL’s 6th investment in the fast moving consumer goods (FMCG) sector in sub-Sahara Africa, and its 1st in Nigeria, and will support AJEAST in further consolidating market share, as well as catalysing further expansion across the continent.CIO DPEL and Co-Founder at Duet Group, Henry Gabay, said: “At Duet we strongly believe in the African consumer growth story. As the number of middle-income households in Nigeria and select West-African markets keeps expanding, and more consumers are entering the formal economy through urbanisation, the demand for products such as BIG Cola will grow exponentially.”He added that the acquisition of AJEAST is a follow-up to previous investments in the beverage sector across Africa, saying: “We are excited to be able to leverage our experience in partnership with a prominent multinational like AJE Group.”
 
Managing Director, DPEL, Manish Rungta, said: “We are delighted to work together with AJE Group to continue the footprint expansion of brands like BIG Cola in African markets. With its value proposition, AJEAST is uniquely positioned to capture market share in the rapidly expanding segment of affordable, high quality consumer goods.”
 
Applauding the new partnership, Chairman, AJE Group, Angel Añaños, noted that “AJE’s history dates to 1988, and through our innovative approach and passion we became a leading player in Latin-America and Asia markets.”With plans to accelerate into the next phase of growth in Africa, Ananos said the company sought a partner that has the local platform and sector expertise to support AJE ambitions. “We are confident that our longstanding experience will help replicate the successes we have had in our markets, and look forward to a fruitful partnership with Duet,” he added.
 
Also commenting, Country Managing Director, AJEAST, Theo Williams, said: “I am extremely excited about this partnership with a like-minded ally such as Duet; we believe we can steer this venture into new heights. We are committed to offering the highest quality products that are a viable alternative at an affordable price. Together, we will grow to our full potential, and take up our rightful position as a valued contributor to the beverage industry on the African continent.”
The Company was officially launched in Nigeria, in September 2015, with a brand new state-of–the-art factory near Lagos, and has gained significant market share in the carbonated beverage segment.
 
 
Source: The Guardian
Published in Business
Saturday, 04 August 2018 08:39

World Bank to support Nigeria’s economic growth

The World Bank on Friday expressed its willingness to provide technical support to Nigeria in critical areas to facilitate the country’s economic growth and development.
 
The bank’s Vice President for African Region, Mr Hafez Ghanem said this in a statement issued by Mr James Akpandem, Special Adviser to the Minister of Budget and National Planning in Abuja.
 
Ghanem spoke when he visited the Minister of Budget and National Planning, Sen. Udoma Udo Udoma.
 
He said the Bank would provide technical support for Nigeria in the areas of the Economic Recovery and Growth Plan (ERGP) Mid-term Review, Power Sector Reform, Public-Private Partnerships (PPPs), and population management.
 
According to him, the bank will also provide technical support for ERGP delivery, performance tracking and reporting, capacity building for sector officials and economic modelling for policy analysis and forecasting.
 
Ghanem also pledged the bank’s commitment to increase its support for Nigeria’s Social Investment Programme.
 
The World Bank chief reiterated that he was in Nigeria to discuss with relevant Nigerian officials regarding the areas Nigeria would like to receive additional support from the bank.
 
He acknowledged that the present administration in Nigeria had shown commendable commitment in growing the economy.
 
Ghanem pledged that he would ensure Nigeria had an opportunity to speak about its economic progress at the annual meetings of the World Bank/International Monetary Fund (WB/IMF) scheduled for later in the year in Indonesia.
 
While receiving Ghanem, the Minister told him that the ERGP was Nigeria’s medium-term plan (2017 – 2020) that articulates government’s vision for the country.
 
Udoma said the plan also laid the foundation for Nigeria’s long-term economic growth.
 
He said the present administration had to set very aggressive targets in order to meet the serious challenges caused principally by the collapse in crude oil prices.
 
“Indeed, the collapse of crude oil prices exposed how dependent the economy is on commodity exports.
 
“The ERGP was therefore developed to reform the economy so as to reduce its reliance on a single commodity and place it on the path of sustained, diversified and inclusive growth.
 
“With the introduction of the ERGP, the economic decline has been reversed; the economy has emerged from recession and is beginning to grow again,” he said.
 
The minister said that in spite of the positive economic news, there was much more to be done to achieve the targets set in the ERGP.
 
He said the government was focused on accelerating the implementation of the various initiatives in the ERGP and would soon commence a mid-term review of the plan.
 
He said Nigeria would appreciate technical assistance in the areas of Power Sector Reform and PPPs, ERGP as improvements in these areas were critical to achieving the rapid transformation of the economy.
 
He pointed out that although a large population could be an asset, a high population growth rate could pose a challenge for any country.
 
According to him, Nigeria’s rate of population growth needs to be moderated as one of the means of ensuring that the benefits of economic growth have the desired impact and improves the welfare of all the people.
 
“In that connection, Nigeria can benefit from the experience of countries that have had success in managing their population growth.”
 
Udoma asked for assistance from the World Bank in arranging for Nigeria to have access to relevant information on the best and most successful methods of achieving success in this area.
 
The minister also expressed appreciation for the support the World Bank, the International Finance Corporation (IFC) and other development partners had been rendering toward the development of the ERGP.
 
He appealed to the IFC to redeem the pledge to provide funding support for some of the projects identified during the ERGP Focus Labs.
 
‘It will be appreciated if the Vice President of World Bank can help designate a special session during the forthcoming IMF/World Bank meetings in Indonesia to enable Nigerian representatives to speak to participants about the ERGP.
 
“This will enable us to attract more investments into Nigeria to further facilitate the achievements of the objectives and targets of the Plan’
 
The statement also said the Minister of State, Mrs Zainab Ahmed, appreciated the bank’s assistance in the area of security, social investment and the cash transfer programme.
 
Ahmed urged for more support, especially in the management of Nigeria’s growing population and inclusive growth.
 
She said if Nigeria succeeded in the Sustainable Development Goals (SDGs) programme, it would make a major contribution to the continent as it would meet the targets set for Africa.
 
 
Source: The Guardian
 
Published in Bank & Finance
An update received from the office of the Vice President of Nigeria on the state of foreign investment inflow into the economy has indicated that about $83.9 billion worth of investments were announced between January 2017 and the end of the first quarter of 2018, Q1’18. Osinbajo The report titled, “2018 Making Business Work”, evaluated government’s efforts in improving the business environment in Nigeria and was presented to the Vice President Yemi Osinbajo, by the Enabling Business Environment Secretariat in the Vice President’s office during the monthly meeting of the Presidential Enabling Business Environment Council (PEBEC). 
 
A breakdown of capital investments as contained in the report showed that in 2017, over $66 billion worth of investments were announced, comprising 112 projects across 27 states and the FCT Abuja, while an additional $17.9 billion worth of investments were announced in quarter 1 of 2018, as actual capital importation stood at $6.3 billion, representing over six times the value in the first quarter of 2017, Q1’17. 
 
The Senior Special Assistant to the President on Media & Publicity Office of the Vice President, Laolu Akande, who unfolded the report yesterday, stated that measurable progress has been recorded on multiple fronts as the economy responds to key government interventions particularly in the areas of economic growth, inflation, foreign exchange & external reserves, capital market, investment, infrastructure and social investment programmes. Looking at the journey so far, according to him, the report indicated that under economic growth, the rigorous implementation of the Economic Recovery and Growth Plan, ERGP, led the economy out of a recession in 2017; it grew to 0.83 percent, up from -1.58 percent recorded in 2016, on the back of improvements in agriculture, industry and trade. It further stated that the economy has registered four consecutive quarters of steady growth. 
 
In the first quarter of 2018, the economy grew 1.95 percent and is projected to grow by up to 3.0 percent over the year, driven by stronger oil prices, stable production, increased non-oil output and improved foreign exchange availability. The report also indicated that for the first time in Nigeria, under the competitiveness section of the ERGP, soft infrastructure is expressly recognized as a deliberate strategy to attain economic development through the facilitation of an enabling business environment for businesses to thrive. 
 
The report specifically recognized government’s efforts in improving the effectiveness of soft infrastructure such as the financial system; the education system; health care system; the system of government; law enforcement; and emergency service. According to the report, “Nigeria’s reforms have so far seen it successfully move 24 places up the World Bank Ease of Doing Business rankings. Overall, in the current reform cycle, the PEBEC focused on three pillars to accelerate and expand the impact of completed reforms. 
 
The focus will be on deepening existing reforms. Complete pending initiatives and ensure implementation of completed reforms launched in 2017, including communication and consequence management, as well as making the reforms sustainable.” On inflation, the report indicated that the pressure on prices is easing and inflation fell 16 consecutive months from 18.72 percent in January 2017 to 11.60 percent in May 2018.
 
 
 
Source: Vanguard
Published in News Economy
Sterling Bank Plc, has reported a 63.4 per cent surge in net profit for the first half (H1) ended June 30, 2018.
 
The lender reported a Profit After Tax (PAT) of N6.2 billion and gross earnings of N77.6billion against PAT of N3.8billion on gross earnings of N57.1 billion during the corresponding period of 2017.
 
The Chief Executive Officer of the bank, Abubakar Suleiman, said: “We sustained our momentum in the second quarter, delivering solid growth across key financial indices.
 
We also achieved a 35.9 per cent growth in gross earnings to N77.6billion from N57.1billion in the second quarter of 2017.
 
“This was largely driven by a 25.1 per cent growth in interest income and a 56.5 per cent growth in transaction banking revenues, emphasizing our commitment to our retail drive.”
 
Suleiman disclosed that net operating income was up 29.1 per cent, on the back of a 54.8 percent reduction in impairment charges.
 
“Sterling Bank experienced significant improvement in asset quality as cost of risk declined further by 86 basis points to 0.8 per cent from 1.6 per cent in June 2017, reflecting the strength of our risk management framework.
 
Overall, Profit after Tax rose by 64.8 per cent to N6.2billion resulting in a 370-basis point increase in Return on Average Equity to 12.2 per cent.”
 
During H1 2018, the bank launched disruptive market offerings that included Farepay, Specta, and Sterling One Pay.
 
The most recent innovation, One Pay, is an upgrade of its mobile and internet banking solution in line with its digitisation drive, and promise to continuously innovate to meet customers’ evolving needs.
 
One Pay is designed to create an omni-channel experience for users by integrating both web-based Internet and mobile banking solutions.
 
In addition, the bank’s commitment to partnerships also resulted in the deployment of I-invest, a first-of-its-kind investment app that allows retail customers instant access to treasury bills.
 
I-invest eliminates entry barriers such as lack of education and information to make smart investment decisions and the ability to get a broker and/or time required to visit banks to fill forms for treasury bills.
 
On the prospect of the bank for the second half of the year, Suleiman said Sterling Bank would continue to explore and exploit opportunities already identified across the growth sectors of the economy while actively supporting special intervention and social investment programmes.
 
 
 
Source: The Guardian
Published in Bank & Finance
The Listing of 1.612 billion ordinary shares of Notore Chemical Industries, on the Nigerian Stock Exchange (NSE), yesterday, triggered renewed bargain hunting by investors, as the market capitalisation rose by N129billion.
Specifically, at the close of transactions yesterday, the All Share Index (ASI) gained 76.08 absolute points, representing a growth of 0.21 per cent to close at 36,688.91 points.
 
Similarly, the market capitalisation gained N129billion to close at N13.392trillion as 1.6 billion shares of Notore Chemical at 50kobo per value was admitted to the daily official list of NSE at N62.50 per share.
 
The improved performance was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Total Nigeria, Ecobank Transnational Inc (ETI), Zenith Bank, United Bank for Africa (UBA), and Presco.
 
Analysts at APT Securities and Funds Limited, noted that bargain hunting flipped the equities market into the green zone amidst the successful listing of Notore Chemical, saying that the market is open to another round of investors seeking higher value for money the next trading session, however, the market may sway either way to close the week.
 
Market breadth closed positive, with 23 gainers versus 16 losers. Pointland Paints recorded the highest price gain of 9.76 per cent, to close at N2.25 per share.
 
UAC of Nigeria followed with a gain of 9.68 per cent to close at N1.70, while Lasaco Assurance rose by 9.09 per cent to close at 36kobo per share.
 
Trans-Nationwide Express gained by 8.83 per cent to close at 78kobo, and Niger Insurance appreciated by 7.69 per cent, to close at 28kobo per share.
 
On the other hand, Secure Electronic Technology led the losers’ chart by 10 per cent, to close at 36kobo per share.
 
Flour Mills of Nigeria followed with a loss of 5.40 per cent to close at N27.15 per share.
 
Oando declined by 4.27 per cent to close at N5.60 per share.
 
Regency Alliance Insurance shed 4.17 per cent to close at 23kobo, while Universal Insurance depreciated by four per cent to close at 48kobo per share.
 
The total volume traded appreciated by 33.40 per cent to 320.45 million shares worth N3.53billion, traded in 3,293 deals.
 
Transactions in the shares of Nigerian Aviation Handling Company (NAHCO, topped the activity chart with 130.59 million shares valued at N777.32million.
 
UBA followed with 28.73 million shares worth N270.96million, while FBN Holdings traded 25.997 million shares valued at N3258.73million.
 
 
Source: Financial Times
Published in Bank & Finance
The Federal Government’s economic reforms to attract investments in 2017 and the first quarter of 2018 is said to yield over 83.9 billion dollars.
 
Mr Laolu Akande, Senior Special Assistant to the President on Media and Publicity, in a statement on Wednesday, said the figure was given in the 2018 Making Business Work report.
 
He said the report was presented to Vice President Yemi Osinbajo, on July 31 by the Enabling Business Environment Secretariat, during the monthly meeting of the Presidential Enabling Business Environment Council (PEBEC).
 
On capital investments, Akande said over 66 billion dollar worth of investments comprising 112 projects across 27 states and the FCT Abuja were announced in 2017.
 
He said an additional 17.9 billion dollars worth of investments were announced in quarter one of 2018, as actual capital importation stood at 6.3 billion dollars, representing over six times the value in quarter one of 2017.
 
Akande explained that measurable progress had been recorded in multiple fronts as the economy responded to key government interventions especially in, foreign exchange and external reserves, capital market, infrastructure and social investment programmes.
 
“Looking at the journey so far, the report indicated that under economic growth, the rigorous implementation of the Economic Recovery and Growth Plan (ERGP) led the economy out of a recession in 2017.
 
“It grew to 0.83per cent, up from -1.58per cent recorded in 2016, on the back of improvements in agriculture, industry and trade.
 
“Akande said the economy has registered four consecutive quarters of steady growth.
 
“In the first quarter of 2018, the economy grew 1.95per cent and is projected to grow by up to three per cent over the year.
 
“”Also for the first time in Nigeria, under the competitiveness section of ERGP, soft infrastructure is recognised as a deliberate strategy to attain economic development,’’ Akande quoted the report as saying.
 
Akande said the report recognised government’s efforts in improving the effectiveness of the system of government, financial, educational, health care, law enforcement systems in the country.
 
He said: “”Nigeria’s reforms have so far seen it successfully move 24 places up the World Bank Ease of Doing Business rankings.
 
“”Overall, in the current reform cycle, the PEBEC focused on three pillars to accelerate and expand the impact of completed reforms.
 
“”It will focus on deepening existing reforms, complete pending initiatives and ensure implementation of completed reforms launched in 2017, including communication and consequence management, as well as making the reforms sustainable.”
 
On inflation, Akande said the pressure on prices had eased and inflation fell 16 consecutive months from 18.72per cent in Jan. 2017 to 11.60per cent in May 2018.
 
He said the capital market recorded an outstanding performance in 2017.
 
He said the Nigeria Stock Exchange (NSE) All-Share Index rallied 42per cent and emerged the third-best performing exchange in the world in 2017 (after the USA and Argentina).
 
Akande expressed optimism that the PEBEC would in 2018/2019, continue to improve public service delivery and the business environment for MSMEs.
 
He said:“ “Nigeria must improve its ranking by 45 places in the World Bank Ease of Doing Business Index over the next two years to achieve its goal of attaining the top 100 by 2020.
 
““Such an ambitious goal requires accelerated and focused execution and the National Action Plan 6.0 (NAP 6.0) and Executive Order 01 (EO1) have laid the foundations.
 
“”Also, government must institutionalise all efforts and work closely with the private sector to deliver an enabling environment for businesses to thrive.”
 
He further said the PEBEC, in the second half of 2018 and into 2019, would focus primarily on regulators, an Omnibus Bill on business facilitation, and consolidating gains for the economy.
 
This, he said would be done through deepening of the Subnational Ease of Doing Business project.
 
 
Source: NAN
Published in News Economy
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