Business
Nigeria’s economy can’t survive second lockdown, MAN, LCCI warn
The Manufacturers’ Association of Nigeria, the Lagos Chamber of Commerce and Industry and other economic groups have said Nigeria’s economy is still fragile and cannot survive another lockdown.
They stated this in separate interviews against the reported ride in COVID-19 cases in the country, just as some states including Lago and Kaduna have threatened to shut down their public spaces and the economies if people continued to ignore the recommended guidelines against the virus spread.
Nigeria’s economy slipped back into recession after its gross domestic product contracted for the second consecutive quarter, according to data released by the National Bureau of Statistics in November.
The Federal Government imposed lockdown in Lagos and Ogun states as well as the Federal Capital Territory in April this year.
The phase three of the lockdown, which was extended to other parts of the country, ended in September.
But there have been concerns about the increasing coronavirus cases with at least 26 generals and the Lagos State Governor, Babajide Sanwolu, testing positive for the virus. The Nigerian Army had also said a general, Olu Irefin, died of the virus.
The Director-General of the LCCI, Dr Muda Yusuf, in an interview with The PUNCH, said a second lockdown was not wise considering the current state of the economy.
He stated, “A second lockdown is not advisable. The social and economic environment is too tense and fragile to withstand the shock of another lockdown. What needs to happen is to intensify the sensitisation and awareness of COVID-19 protocols. Some subtle enforcement should also be put in place.”
Also, the acting Director-General of MAN, Ambrose Oruche, said the state of health of Nigerians was of paramount importance and the spread of the coronavirus should be prevented.
He, however, noted that it was not advisable for the government to introduce a complete lockdown considering the fragile state of the economy and the need for people to earn a living.
He advised the government to ban large gatherings and enforce the Nigeria Centre for Disease Control protocols like the wearing of facemasks, regular hand washing and observing of social distancing.
President, Nigeria-Malaysia Business Council, Michael Aderohunmu, said it would be counterproductive to lock down the nation’s economy again.
He said, “We are talking about productivity, humans produce and consumed products. You can see the last effect of the lockdown on the economy. Consumption crashed and most products were short in the markets.
“So humans should not be locked down again, rather massive advocacy should be done. If people don’t go to work again, the effect will be devastating on production, consumption and the economy.”
The National Vice President, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, who doubles as the President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, stated that a lockdown would not mean well for production in Nigeria.
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
Business
CBN jacks up interest rate amid soaring inflation
CBN jacks up interest rate amid soaring inflation
The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.
Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.
The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.
Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.
He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.
The committee also voted to retain the liquidity at 30 per cent.
He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.
“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”
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