google.com, pub-7039602827030546, DIRECT, f08c47fec0942fa0
Connect with us

Economy

Over 100 LGAs To Participate At 15th North East Trade Fair In Bauchi, BACCIMA Says Fair Not Postponed

Published

on

Spread the love

The President Bauchi State Chamber of Commerce, industry, mines and agriculture (BACCIMA) Alhaji. Aminu Mohammed has declared that over 100 Local government areas will participate at the 15th North East Domestic Trade Fair in Bauchi, debunking reports the trade fair has been postponed indefinitely.

Mohammed stated this at a news conference on Wednesday in Bauchi, saying the trade commenced on 25 of April. with pavilions activities and services already in place.

He explained that the Vice President Kashim Shetima was supposed to officially inaugurate the fair on May 6, 2024 but because he went for official engagement outside the country.

“So therefore the report going round that the trade was postponed is just a communication gap , the fair commenced on the 25th of April.

You can see people and business owners erecting their pavilion, others displaying the products and services and all the six states of Adamawa, Bauchi Borno, Gombe, Taraba and Yobe.

“Business owners and citizens should disregard the report that the 15 North East trade fair is postponed, as it is ongoing you can see activities taking place in the fair,” he said.

The President urged all interested participants and exhibitors to continue their registration process for their participation as the trade is already ongoing.

“The trade would later be inaugurated when the Vice President returned to the country, meanwhile the fair is gradually picking shape with sales and services.

“We as the Chamber cannot postpone the inauguration, but the government can do so and fix a new date for the inauguration, while we continue with trade fair exhibition and services,” he said.

He pointed out the fair would last for one month with its commencement from April 25 because the trade fair is a special fair that consists of all the North East states.

Mohammed said About 110 local government areas and over 300 domestic and international business enterprises are expected to participate in the North-East Domestic Trade Fair fair.

Also speaking, Mr Abdu Usman , Director General North East Chamber for Commerce also explains that the trade was not postponed as reported somewhere.

We are the organizers of the trade fair , the North Chamber of Commerce which comprises the six’s states and the North East Governors forum

“We have our own Vice President Kashim Shetima who the NorthEast Governors feel should super head the inauguration and other projects.

Because of the Vice President’s official engagement outside the country that caused the postponement of the inauguration of the fair ,but the trade fair activities would continue.

He said the trade fair is aimed at showcasing the untapped investment potential of the terror-troubled region.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Governor Bala To Establish 10 Million Tons Cement Factory In Bauchi

Published

on

By

Spread the love

· Encourages Investors
· Guarantees Continuous Collaboration

Bauchi State Governor, Senator Bala Mohammed Abdulkadir has reiterated his administration’s commitment to boosting the state’s economy through industrial development in line with his dedication to providing job opportunities to citizens with a focus on youth and women.

Mohammed stated this while receiving the management of the Resident Cement Company Ltd accompanied by the Honourable Commissioner of Natural Resources, Hon. Mohammed Maiwada Bello, at the Bauchi Government House, today.

Mohammed, expressing appreciation for the initiative, reassured them of his administration’s commitment to maximazing the available resources, pledging to exploit the natural resources Bauchi state possess for economic development of the state.

Earlier, Dr. Junaid Abbas, Group Chairman of Resident Cement Factory, applauded Mohammed’s foresight, dedication and unwavering commitment to the development of Bauchi State, expressing gratitude for the warm reception accorded to them.

Dr. Junaid added that the Resident Cement Factory is eager to commence the venture worth $500milion in Gwana district of Alkaleri, in collaboration with Sinoma Nigeria Company, a renowned Korean entity.

Continue Reading

Economy

FG Achieves Major Milestone In Debt Reduction, Pays Off 4.5 Trillion- Finance Minister, Edun

Published

on

By

Spread the love

By Sani Yarima 

As activities marking the celebration of the first anniversary of the President Bola Ahmed Tinubu-led Administration continues, the Federal Government has disclosed that it has taken bold steps towards reducing the N7.3 trillion Ways and Means it inherited with the payment of the sum of N4.8 trillion.  

In a statement signed by Mohammed Manga, Director of Information and Public Relations, said the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun stated this in Abuja during the Ministerial Press Briefing on the achievements of his Ministry in the one-year administration of the President. 

He informed that in addition to having paid the N4.8 trillion, another N2.5 trillion will be paid in the second quarter of 2024.

On Debt Servicing Without Recourse to Ways and Means, the Minister informed further that due to improved fiscal discipline, “The Government has largely financed debt service obligations, including foreign debt service, without resort to Ways and Means Account.”

Such payments he added included outstanding commitments/shareholding to multilateral development banks
(MDBs) and international organizations, including over US$200 million to the Islamic Development Bank. 

Wale Edun stated that on the National Single Window, the Federal government launched the NSW, a technology platform for trade facilitation and import administration with the potential of an annual economic benefit of US$2.7 billion. 

He added that the Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC) is in the process of tax Harmonization and streamlining of tax collection processes which he said has come up with strategies for broadening the tax net as well advanced in the single-digit tax system to reduce the number of taxes in the country.

Briefing on the Oil Revenue Increases, the Minister noted that Oil revenue of  N1.1 trillion was achieved in the first quarter of 2024, as against N460 billion in the same period of the preceding year (2023).

Edun maintained that the oil revenue flowed from an impressive increase in oil production, which recorded 1.7mbpd in the first quarter of this year, up from 1.3mbpd in June 2023. 

The Minister said that the Federal 
Government revenues from GOEs also substantially increased (Q1’2024 ₦835.7B vs ₦154.3B Q1’2023).  

The impressive revenue record of the period under consideration was made possible by the introduction of technology-driven strategy systems to automatically deduct revenue due to
FGN.  

Similarly, the FGN has earned more FX income under the new revenue model.
Specifically, the Nigeria Customs Service recorded unprecedented increases in the first quarter 87% Increase in 2023 revenue mobilization, as well as a 122% revenue increase in Q1 2024 compared to Q1 2023.

In addition, he said that the Federal Inland Revenue recorded a 107% achievement of the 2023 target and a 56% revenue improvement in Q1 2024 compared to Q1 2023. 

Under the Fiscal Policies & Financial Management Edun said the administration launched the Incentives Monitoring & Evaluation Platform (IMEP) to prevent the misuse of tax incentives by blocking and limiting access to those who do not qualify for the incentives.

*We also strengthened the implementation of fiscal policies around the Import Duty Tax Incentive to boost key economic sectors and deliver more sustainable socio-economic impacts.* 

He disclosed that the FGN, via the Debt Management Office (“DMO”), raised ₦4.8 trillion from domestic capital markets to repay outstanding obligations to the Central Bank of Nigeria as it works towards bringing the Ways and Means balance within legal limits and progressed to the final approval stages
of a $2.25 billion single-digit interest loan from the World Bank for a 40-year term with a 10-year moratorium at 1% interest rate.

On Domestic USD Bond Issuance, the Minister revealed that the President has issued an executive order for local issuance of foreign-denominated securities. 

In a move that will showcase the resilience of Nigerian capital markets, *the issuance of the first domestic foreign currency debt instrument is being processed by the capital market*
*firms. 

These bonds will be mainly marketed to both Nigerian and non-Nigerian investors with foreign exchange balances abroad* he said. 

FDIs, MoF, under the leadership of Mr. President, he said, has actively engaged with a broad range of international investors from the Middle East, Europe, and India to showcase the reformed economic policies of the FGN.

*It is anticipated that well-advanced discussions with investors from the Middle East will yield positive results in the near term* Edun affirmed.

He said that the Infrastructure/Housing Finance Fund (MOFI) is partnering with Government Agencies and the private sector to boost investment in infrastructure, and housing, and to provide 25-year low interest rate mortgages.

*It is anticipated that long-term funding from institutional investors will be mobilized via capital market funding*, he noted.

While briefing on Improved Credit Rating, the Minister stated that over the last 12 months, two international credit rating agencies have reviewed Nigeria’s credit rating from a ‘stable’ to a ‘positive’ outlook. 

Wale Edun, who was accompanied to the media briefing by the Permanent Secretary Federal Ministry of Finance Mrs Lydia Shehu Jafiya, and the Permanent Secretary of Special Duties, Federal Ministry of Finance, Mr. Okokon Ekanem Udo.

Heads of Agencies under his supervision as well as Directors of the Ministry explained to the media on the issue of Coordination of Fiscal and Monetary Policies, that through the issuance of government debt securities by the DMO at higher interest rates, MoF has supported monetary policy authorities in attracting the inflow of foreign exchange from FPIs; and in stabilizing the exchange rate of the Naira.

A new Monetary and Fiscal Coordination Committee was established.

He stated that on Financing of Major Infrastructure Projects, MoF has provided internal finances with critical initial funding to kick-start major infrastructure projects such as the Lagos-Calabar Coastal Road.

In his closing remarks, the Honourable Minister of Information and National Orientation Mohammed Idris stated that the detailed presentation by the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun on the state of the Economy in the year review has shown the commitment of the President Bola Ahmed Tinubu-led Administration in its avowed determination to ensure the general improvement in the lives of Nigerians and as such deserves commendation.

He assured that the Government will continue to formulate and implement policies, initiatives, programs, and projects that will impact positively the lives of the citizenry in line with its Renewed Hope Agenda.

Continue Reading

Economy

FCCPC Meets Bauchi Traders On Hike In Price Of Food Items

Published

on

By

Spread the love

The Federal Competition and Consumer Protection Commission (FCCPC) meets with market leaders, traders in Bauchi on a hike on the prices of food items.

Dr Adamu Abdullahi Ag. Executive Vice Chairman of the FCCPC, while briefing newsmen on Thursday in Bauchi, said we had engagement with market leaders of Mudalwal and railway market.

He noted that prices of food items in the market despite the frantic efforts made by the government to stabilise the prices of goods and services doesn’t yield any result.

The Vice Chairman, represented by Mr Dauda Waja, North East,Zonal Coordinator of the Commission said the team was on a fact-finding mission to understand why the prices of food items continue to rise in spite of Federal Government efforts to curb the menace.

He explained that the team of the FCCPC was in the market to interact with executive members of the Traders’ Association, traders and consumers.

“The Commission’s priority remains to unlock the markets and address key consumer protection and competition issues affecting the prices of commodities in the food sector.

“FCCPC’s surveillance efforts suggest participants in the food chain and distribution sector including wholesalers and retailers are allegedly engaged in conspiracy, price gouging, hoarding

“Other unfair tactics to restrict or distort competition in the market, restrict the supply of food, manipulate and inflate the price of food in an indiscriminate manner.
“These obnoxious, unscrupulous, exploitative practices are illegal under the FCCPA,” Abdullahi said

The Vice Chairman added following this exercise, the Commission would develop a concise report of its inquiry and make recommendations to the government in accordance with Section 17(b) of the FCCPA.

“As well initiate broad based policies and review economic activities in Nigeria to identify and address anti-competitive, anti-consumer protection and restrictive practices to make markets more competitive while also ensuring fair pricing for consumers,” he Said.

Also speaking during the engagement Malam Bala Maikaji Chairman, Mudalwal Market Association attributes hike in price of food items to millers of rice and feeds who always buy all the farm products produced in large quantities to boost their business leaving the poor in the mercy of God.

He also blamed the removal of the fuel subsidy as being responsible for the high cost of goods in the market.

The Chairman appealed to the government to encourage general farming by providing farm inputs to farmers and to provide a conducive atmosphere for farmers in the country.

Maikaji also called on the government to reduce the price of fuel to ensure that the cost of transportation is greatly reduced, which would in turn impact positively on the prices of food items.

Continue Reading

Trending

Copyright © 2021 Sahel Reporters