Business
Paying for oil exports, others in naira will strengthen our currency, says Dogara
Paying for oil exports, others in naira will strengthen our currency, says Dogara
Former Speaker of the House of Representatives, Yakubu Dogara, has offered a number of suggestions on how to immediately strengthen the nation’s currency, the naira.
One of the measures, he said, was for the Federal Government to mandate those buying Nigeria’s crude oil to pay in naira and not United States dollar.
Similarly, he said all payments for exports should be made in the local currency, which he noted would reduce the desperation for the USD and continued fall in the naira’s value.
Dogara also asked the Federal Government to unlock “idle dollars” in private vaults to crash the foreign exchange (FX) rate.
Dogara spoke on Wednesday at the special edition of The Platform, an event powered by The Covenant Nation to facilitate national development.
Themed, ‘Democracy and the Free Market Economy’, the programme was held to mark Nigeria’s 25 years of unbroken democracy.
The naira had appreciated marginally to N1,480/$ at the parallel section of the FX market on June 10 — but fell to N1,483 at the official window on the same trading day.
Dogara said the naira was grossly undervalued, attributing this to an insatiable demand for dollars.
The former lawmaker said the forex issue is the primary problem currently affecting Nigeria’s economy.
He said both legitimate and shady transactions were being conducted in dollars, stressing that unless the appetite for dollars was curbed, the demand would always exceed the supply.
He said, “So many reasons have been adduced by pundits to be responsible for FX rate instability in Nigeria.
“I believe the naira is grossly undervalued. This is because the most productive nations are not necessarily the nations with the strongest currencies.
“I think the only infliction point we witnessed was due to the advent of the BVN, which crippled the ability of corrupt officials and other shady characters to keep their loot in anonymous bank accounts.
“Almost all ill-gotten money is stashed in USD in private vaults as the naira is too bulky to warehouse.
“Therefore, I am of the firm belief that our insatiable appetite for USD is what is killing the naira.
“Believe it or not, nearly all big-ticket deals and transactions, both legitimate and shady, are closed in USD in Nigeria.
“Just find out, there is no hefty bribe that is not paid for in USD. Some schools in Nigeria charge fees in foreign currencies, and even our most valued export is paid for in USD.
“So, to me, wittingly or unwittingly, the USD is our currency of choice and as long as we don’t kill our appetite for USD, the demand for USD will always outstrip its supplies.
“The challenge before the government is how to unlock and make the USD locked up in private vaults in Nigeria begin to chase the naira. That to me is the commonsensical solution.
“I believe we have enough dollars in this country that we can unlock to make our economy work and to crash the FX rate.”
Dogara urged the government to mandate the use of the naira for the payment of all Nigerian exports, including crude oil, to strengthen the local currency.
“To achieve this, the government must demand that all Nigerian exports, including crude oil exports, be paid for in naira, just as we don’t pay for any import into Nigeria from any country in naira. It is not too much to demand that,” he said.
Auto
Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner
Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner
Ultimate winner of the forthcoming NAPE Charity Golf Tournament holding in Abuja will drive home Chery Tiggo 8 Pro, a superlative sport utility vehicle.
Carloha Nigeria, one of the major sponsors of the event, disclosed this in a statement issued in Lagos.
The golf tournament is scheduled to take place at the prestigious IBB Golf & Country Club, Abuja, on October 26, 2024.
Carloha, franchise holder and assembler of Chery vehicles in Nigeria, said its sponsorship of the tournament was part of its commitment to fostering sports development in the country.
Part of the statement read, “Chery is offering its flagship SUV, the Tiggo 8 Pro as the ultimate prize for any player who achieves a hole-in-one during the tournament.
“This event promises to be an unforgettable experience for golf enthusiasts and those passionate about positively impacting our community.”
It specifically noted that the highlight of the tournament would be the incredible hole-in-one winning feat attracting a prize of Chery Tiggo 8 Pro generously provided by Carloha without insurance premium coverage for the tournament.
This prize is said to underscore Chery’s support for sporting initiatives in Nigeria and reflect the brand’s passion for nurturing talent and promoting community engagement through sports.
Director of Sales for Carloha Nigeria, Mr. Joseph Omokhapue, said, “We are glad to be one of the major partners in the NAPE Charity Golf Tournament, and offering an amazing prize for the hole-in-one with Tiggo 8 Pro represents Chery’s dedication to supporting sports in Nigeria, as well as enhancing the excitement and competitiveness of the tournament, making it an event to remember.
“More importantly, this gesture is one of the many ways Carloha is contributing to the underprivileged in our society by associating with the NAPE Charity Golf Tournament.”
By participating in this prestigious event, Golfers have the chance to showcase their skills and also contribute to a worthy cause.
Proceeds from the tournament would go towards supporting local charities, creating a lasting impact on the lives of those in need, the statement added.
The Tiggo 8 Pro, according to the firm, is renowned for its luxury, cutting-edge technology, stylish design, dynamic performance, and it perfectly embodies Chery’s dedication to excellence for on and off-road experience.
The Tiggo 8 Pro features an elegant, high-tech electronic gearshift system that provides effortless and precise control, enhancing safety performance and ease of operation, adeptly tailored for the diverse terrains of Nigeria.
It urged golfers and sports enthusiasts to get ready to swing for success at the NAPE Charity Golf Tournament.
“We look forward to seeing you at the IBB Golf Country Club as we come together to make a difference, promote sports development in Nigeria, and celebrate the Chery brand,” it stated.
As part of its commitment to make vehicle ownership easy and affordable for all, Carloha Nigeria offers a remarkable 6-year warranty/200,000 kilometers, 6-year free service on all Chery vehicles, a flexible auto financing solution with the best price for all vehicles, and 24/7 services and parts support nationwide.
This ensures that owners can enjoy their Tiggo 8 Pro with confidence, knowing they have reliable support and service from Chery for years to come.
Auto
NNPC to establish 40 new CNG stations nationwide
NNPC to establish 40 new CNG stations nationwide
The Nigerian National Petroleum Company (NNPC) has acquired equipment to establish 40 new Compressed Natural Gas (CNG) stations across the country, as part of efforts to expand CNG infrastructure.
This comes as the Federal Government aims to set up 100 CNG stations within six months.
Oluwagbemi Michael, Director of the Presidential CNG Initiative, revealed the plans during an event in Ogun State.
He noted that 12 CNG stations were set up in the past year, six in Abuja and six in Lagos, with further expansion underway.
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This move follows concerns over the limited availability of CNG stations, which has slowed the adoption of CNG as an alternative to petrol.
Michael highlighted ongoing investments in infrastructure, including a recent N122bn funding for private companies involved in CNG distribution.
He also mentioned the government’s plan to distribute one million CNG conversion kits to commercial drivers, which is expected to increase demand and attract more investors to the sector.
Additionally, existing petrol stations are being upgraded to include CNG refuelling points, with 40 such upgrades planned by the NNPC.
NNPC to establish 40 new CNG stations nationwide
Business
MTN threatens to shut down services without tariff hike
MTN threatens to shut down services without tariff hike
MTN Nigeria has warned of a potential shutdown if tariffs are not increased to address the rising operational costs that are threatening the profitability of the telecommunications sector.
During a tour of MTN’s facilities in Ibeju-Lekki, Lagos, MTN’s CEO, Karl Toriola, said the telecom sector has been facing significant financial losses and urgent measures are needed to reverse the trend.
Toriola pointed out that MTN, which currently has around 78 million subscribers, is operating on reserves accumulated over the past two decades, a situation he described as unsustainable.
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The company’s operating costs, especially diesel prices needed to power its base transceiver stations, have surged, adding pressure to its financial performance, he added.
The CEO stressed the importance of returning the telecom industry to profitability, warning that without a tariff hike, MTN might be forced to shut down operations.
“There should be no delusion; if the tariff doesn’t go up, we will shut down,” he said.
He noted that MTN, once one of the largest corporate taxpayers in Nigeria, has seen a decline in its tax contributions due to the financial challenges the sector is facing.
MTN threatens to shut down services without tariff hike
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