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Kaduna Senator Introduces ‘Factoring Bill’ to Promote Nation’s International Businesses 

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Senator representing Kaduna Central Senatorial district,  Uba Sani disclosed
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Senator representing Kaduna Central Senatorial district,  Uba Sani disclosed on Monday that he would introduce ‘Factoring Bill’ to grow import and export businesses in Nigeria. 

Senator Sani who is the Chairman of Senate Committee on Banking, Insurance and other Financial Institutions, expressed hope that the proposed Factoring Bill will strategically serve as a catalyst for more financial flow in the trade sector as well as complementing the giant efforts of government in diversifying the nation’s economy.

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Speaking at a meeting with the Nigerian Factoring Group at the National Assembly in Abuja,  the lawmaker was “delighted at the opportunity to robustly engage the Nigerian Working Group on Factoring and members of the African Working Group on the promotion of Factoring in Nigeria”. adsbygoogle || []).push({});

He further stated:  “As we are all  aware, Factoring is an essential component in international trade and plays a significant role in the promotion of of export and import activities of a country by providing the needed platform for businesses to accelerate their cash flow.

“Factoring Bill, if passed into law will also promote the integration of Nigeria into the global Factoring market and enhance contributions of Small and Mediums Enterprises. 

“SMEs to non-oil export trade, particularly within the context of African Continental Free Trade Area, thus hoping to support the diversification, objectives of the Federal Government of Nigeria under the Economic and Growth Plan”.

The meeting which was aimed at engaging strategically and forging a partnership to quicken the passage of the Nigerian Factoring Bill had  the managing Director, Intra-African Trade Initiatives, African Export-Import Bank, Secretary General of Factor Chain International (FCI), MD, Nigerian Export-Import Bank and representative of the Central Bank of Nigeria.    

Business and Economy

BECCIMA Lauds FG For Initiating To Establish Cottage Industries In 774 LGAs

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The Benue State Chamber of Commerce, Industry, Mines and Agriculture (BECCIMA) has lauded the Federal Government for establishing cottage industries across all the Local Governments Areas (LGAs) in Nigeria

President of BECCIMA, Dr Paul Ubwa, made the commendation at a news conference on Friday in Makurdi.

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“It is a well thought out initiative by the Federal Government to set aside the sum of one trillion naira to establish cottage industries in each of the 774 LGAs in the country.

“This all important news was disclosed by the Hon. Minister for Special Duties and Inter-Governmental Affairs, George Akume.

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“We the organised private sector in Benue express our sincere appreciation to the government of President Muhammadu Buhari for coming up with this unique initiative. adsbygoogle || []).push({});

“The initiative is aimed at creating wealth for the common man,’’ he said.

According to him, the initiative when implemented will go a long way in eradicating poverty in Benue State and indeed Nigeria and the president’s name will be written in gold for posterity.

“In Benue state, we are hoping that in order to ensure stability, sustainability and longevity of the proposed cottage industries, each should be incorporated as a company with a Board of Directors.

“This should be made up of indigenes of the catchment area or host community.

“The plan will involve the local government council itself, traditional institutions, cooperative societies and associations, youth/women groups, existing entrepreneurs, traditional land owners and other interest groups.

“We are assured of and envisage the support of the Benue State government’’

Ubwa also appealed to the Federal Government and most especially, the Minister of Special Duties and Inter-Governmental Affairs to make Benue one of the pilot states for the take-off of the programme.

“On our part, we stand ready to co-operate with the ministry and other support agencies to ensure success and sustainability of the initiative,’’ he said. 

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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FG Flag-off Gold Processing Cluster in Kogi

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President-Muhammadu-Buhari
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The Federal government on Tuesday carried out the groundbreaking ceremony of the Gold Processing Cluster, located in Mopa, Mopamuro council area of Kogi State.

The Permanent Secretary, Federal Ministry of Mines and Steel Development, Dr. Oluwatoyin Akinlade who led the Federal government team for the event said the projects is part of the FG efforts to refocus the economy from oil depended.

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Dr. Akinlade said the Gold Processing Cluster will also cater for other Gems stones and solid mineral mining activities in the North Central of the country.

“The Ministry of Mines and Steel Development has commenced the implementation of programmes aimed at establishing and accelerating mineral value chain activities through the development of a Mineral Mining cluster in each of the six geopolitical zone. adsbygoogle || []).push({});

“The objective of the project is to Assembly and coordinate the activities of the artisanal and small scale miners in the identified areas based on the identified mineral type for each geopolitical zone.

“The mining cluster is to provide common facilities and coordinated activities to enable easy formalization of the artisanal miners in the identified zones and avail them an opportunity for mineral value addition, as well as creation of market access.

“Furthermore, the cluster shall be adequately equipped with state of the art equipment for the purpose of imparting modern morning expertise and knowledge into the teeming youths across north Central zone. Provision shall also be made for heavy equipment such as excavators leasing by the artisan miners.”

The Kogi State Governor, Yahaya Bello said the state government will consolidate on the idea of the Gold Processing Cluster in diversifying the economy of the state.

Bello who was represented at the event by the state Commissioner for Information and Communication, Mr. Kingsley Fanwo said, “We thank Mr. President for this project. This will spur the economy of the state. It will create jobs and make Kogi the economic hubs of the country.

“It will increase the trading of the state. This underscore the economic blueprint of the state government in making the state a giant amongst other states in term of industrialization.”

Fanwo who promised that the state will ensure proper security of the projects, urged stakeholders to take advantage of the opportunities.

The Permanent secretary said the project is expected to be commissioned by ending of June, and become operational immediately.

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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MPC Retains MPR At 11.5%, Holds Other Parameters Constant

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The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%.

The  Governor, of CBN, Godwin Emefiele who disclosed this while reading the communique in press briefing in Abuja, at the end of the MPC meeting said that the committee decision are: MPR retained at 11.50%, asymmetric corridor of +100/-700 basis points around the MPR, CRR was retained at 27.5%, While Liquid Ratio was also kept at 30%.

Author Profile

Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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