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Shettima harps on value of traditional institution

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Shettima harps on value of traditional institution

The Vice President, Kashim Shettima, has reiterated the value of the traditional institutions in the country.

Shettima made the statement when he received a delegation led by the Chairman of the Nasarawa State Council of Chiefs, retired Justice Sidi Bage I, at the Presidential Villa, Abuja on Wednesday.

He expressed gratitude to the traditional rulers, the government and people of the state for their love and support to President Bola Tinubu during the last electioneering campaign.

” You are the custodians of our rich cultural heritage, the people listen to you more than us because you are the closest to the people. We appreciate you and value you because you are our link to the past.”

” If we productively utilise our solid minerals, Nasarawa can be to the North what Lagos is to the South-West and can be the engine room in this region because of its proximity to the FCT; opportunities abound more in Nasarawa State,” he said.

He urged the people of the state to be peaceful in order to develop, adding that Nasarawa is home to all the solid minerals in the country.

In an interview with newsmen, Bage, said the aim of the visit was to reiterate the support of the people of Nasarawa to President Tinubu’s administration.

” We are here today on a courtesy visit to the Vice President of the Federal Republic of Nigeria, by extension, we are here on a courtesy visit to this administration.

” This administration is our friend. It’s a friend of Nasarawa, it’s a friend of our people and added to it both Mr President and the Vice President all of them are our own.

” They know how close they are to Nassarawa State and since the assumption of office, we’ve not had the opportunity of coming around physically to and congratulate them that’s why we’re here today.

” It’s not very easy to see Mr President at his desk, but it could be slightly easier to see the Vice President at his desk.

” That’s why we booked the appointment first, to see the vice president at his desk, congratulate him and give him all our assurances that our people are with this administration.

” Our loyalty, our support to this administration is 100 per cent and we are there in support of all their aspirations, all the good things that they have laid out for this country.

The traditional ruler expressed confidence in the ability and capacity of Tinubu’s administration to move the country to the desired level.

” They are people that we know and we know very well and people that we can give a trust to. We are sure that tomorrow will be better than today with the two at the helms of affairs in this country.

” What we are saying is that Mr President has started and we are confident that he has started right. The policies and all of those things that are laid out for this country are the best that should happen at this time.

” So we are here to tell Mr President to please carry on with the good work that he is doing for this country . Nasarawa State is with you. We are behind you.

” We give you all the support that is necessary for you to succeed in what you have laid out to do for this country. Thank you.

Among the delegation were the Emir of Keffi, Dr Shehu Chindo Yamusa III, Emir of Awe, Alhaji Isa Abubakar, Emir of Nasarawa, Alhaji Usman Jibrin among others.

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Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN

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AGAINST the backdrop of sustained pressure in the foreign exchange market and high cost of production, the Manufacturers Association of Nigeria, MAN has indicated that inventory of unsold goods is escalating to levels now threatening the existence of companies operating in the production sector of the economy with attendant job losses.

Findings show that as of the weekend the foreign exchange market had recorded over 254 per cent plunge in the value of the naira since flotation of the currency by the Central Bank of Nigeria (CBN) in June 2023.

Recall that the naira traded for N471 per dollar in the official I&E market on June 13, 2023 before the floatation of the currency, but exchanged for N1,665.50 to a dollar as at February 23, 2024 on the Nigerian Foreign Exchange Market (NAFEM), indicating a depreciation of more than 253.6 per cent over the eight-month period. The forex crisis is also stoking inflation, and coupled with high energy costs, purchasing power has continued plummet, stifling demand for goods.

Speaking on the impact of this development on the manufacturing sector, Director General, MAN, Segun Ajayi-Kadir, said: “There are reports that across the board, many warehouses and plants of many manufacturing firms are stockpiled with unsold goods manufactured last year. “The development is as a result of the devastating effects of the exchange rate crisis, inflation, fake and sub-standard goods, smuggling and other macro-economics challenges.”

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CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

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In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

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