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GlaxoSmithKline exit: Expert urges FG to improve investment climate




A former president of the Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekwe, has appealed to the federal government to provide critical infrastructure for industries to thrive in the country.

Nzekwe made the appeal while speaking with the News Agency of Nigeria (NAN) on Wednesday in Ota, Ogun.

He spoke against the backdrop of the announcement by management of GlaxoSmithKline that the company would be leaving the country after 51 years of its operations.

The Ex-ANAN president noted that companies were leaving the country due to lack of infrastructure.

“The federal government needs to change the investment climate to be friendly by providing adequate electricity, adequate security and good road network, among others, for industries to thrive in the country,” he said.

Nzekwe stressed the need for provision of critical infrastructure because an enabling environment was necessary for industries to grow in the country.

The Ex-ANAN president urged the federal government to review the country’s tax system to prevent multiple taxation, which he said inhibited the growth of many companies.

Nzekwe appealed for concerted efforts by the government and critical stakeholders to provide adequate security so that the country could leverage agriculture where it had comparative advantage.

This, he said, would help the country to achieve food sufficiency and backward integration, which would bring many youths out of unemployment.

Nzekwe stressed the need for federal government to also work to prevent policy somersault because this made long-term projections difficult for companies.


Steel manufacturers hail Tinubu over $14bn deal



Kamoru Yusuf

The Basic Metal, Iron and Steel Products Manufacturer, a sectoral arm of the Manufacturer Association of Nigeria, (MAN) has commended President Ahmed Bola Tinubu for his overwhelming performances and efforts towards the nation’s economic growth at the just concluded Nigeria-India economic roundtable meeting in India.

The group also commended the president for attracting the sum of $14 billion investment to boost the nation’s economy adding that the feats recorded by the Bola Tinubu-led government within 100 days of its inauguration will no doubt accelerate economic recovery and business growth in the steel sector.

This is contained in a statement issued on Sunday by the Chairman of the group, Dr. Kamoru Yusuf MON, stressing that, “Iron and Steel sector, if given the required attention and necessary support, is capable of ensuring accelerated growth of the nation’s economy.

Dr. Yusuf, who is also the Group Managing Director of KAM Holding Limited, a wholly owned indigenous Iron and Steel Industry in Nigeria added that, “President Tinubu has by all standards demonstrated his love and readiness to support industrialists. We, in the Iron and Steel sector of the Manufacturers Association of Nigeria, (MAN) are ready to support his administration with data, workable templates and roadmaps that will support Mr. President in his endeavour to succeed in his mandates to Nigerian citizens.

“As major stakeholders in Nigeria’s Project, we received this news with huge excitement and sense of fulfillment and hope that the breakthrough will further change the game of operations as ‘Risk Takers’ in the nation’s business environment. We pledge our unalloyed support to your administration towards ensuring and providing enabling atmospheres for industrialists to continue to thrive.”

The statement also emphasised that, “President Tinubu’s exceptional efforts in attracting such a substantial investment for Nigeria’s steel sector deserves standing ovation and applause.”

The group therefore promised to continue to support the Minister for Steel Development, Alhaji Shuaibu Audu, in the discharge of his duties at all times.




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Ex-CBN director urges FG to reduce cost of governance



Dr Titus Okunrounmu, Former Director of CBN

Dr Titus Okunrounmu, former Director, Budgetary Department at the Central Bank of Nigeria (CBN), has advised the Federal Government to reduce the cost of governance in order to stem the country’s debt profile.

Okunrounmu, who gave the advice while speaking with the News Agency of Nigeria (NAN) on Thursday in Ota, Ogun, described the list of ministerial portfolio on Wednesday as over bloated for a country with huge debt profile.

According to him, funding the nation’s recurrent budget with borrowing does not need these large number of ministers and bloated special assistants, which inevitably must allow for allowances and official vehicles.

“These excess baggage was not projected for in the 2023 Federal Budget and the revenue estimates could not cover the recurrent budget.

“In addition, the federal government needs financial discipline to curb corruption in the Ministries, Departments and Agencies (MDAs) to reduce debt profile in the country,” he said.

Okunrounmu advised the federal government to redouble its efforts and work against policy somersault to encourage influx of foreign investors into the country.

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