Connect with us

Business and Economy

MPC Retains MPR At 11.5%, Holds Other Parameters Constant

Published

on

Spread the love
adsbygoogle || []).push({});

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.
ALSO READ  Guaranty Trust Bank Swims in IGR Controversy as Forensic Auditor Petitions EFCC
Latest entries
ALSO READ  See why you should not partake in online fraud

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

Business and Economy

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

Published

on

Spread the love

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.

“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.

ALSO READ  Polaris Bank Trains Online Journalists On Objective Reportage

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

“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. 

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.

Continue Reading

Business and Economy

FG Flag-off Gold Processing Cluster in Kogi

Published

on

President-Muhammadu-Buhari
Spread the love

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.

ALSO READ  Wildlife value incalculable - Goni

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.

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.

Continue Reading

Business and Economy

FG Inaugurates MSMEs Steering Committee

Published

on

Amb. Mariam Katagum, Minister of State for Industry Trade and Investment with Dr Dikko Radda, SMEDA D-G during the inauguration
Spread the love

The Federal Government on Thursday inaugurated the National Steering Committee of National Business Development Services Providers (BDSPs) certification and accreditation framework to ensure professional support to Micro Small and Medium Entrepreneurs (MSMEs).

Amb. Mariam Katagum, the Minister of State for Industry Trade and Investment, while inaugurating the committee in Abuja said the certification and accreditation framework would set standard for business development service interventions.

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and MAFITA, a UK aid funded intervention in Nigeria had worked assiduously to develop the framework for MSMEs development in Nigeria.

Katagum said that the committee was apt considering lack of access to affordable and credible business development services which had been one of the major challenges militating against MSMEs growth and development in Nigeria.

The minister, while commending SMEDAN and its partners said that the accreditation would standardise curriculum for deployment of relevant business development services for all functional areas of any small business.

ALSO READ  There is need to promote local manufacturing - NAFDAC

“The framework will also help in the formation of a new generation of professionals that would want to make a career out of strengthening the ecosystem.

“Certification will see prospective participants going through training, assessment and portfolio development, for those who have not yet had any transactional history of working with small businesses.

“At the end of the certification programme, successful BDSPs will be in a position amongst other skills to demonstrate technical knowledge relevant to the effective delivery of the business development service provision to MSMEs.

“Successful BDSPs will use effective facilitation skills to support MSMEs in overcoming challenges apply relevant diagnostic tools in assessing the MSMEs business and provide necessary support based on information derived from same,’’ Katagum said.

The minister said the committee would ensure strict compliance with the pre-certification training conditions, adding that two foremost institutions in Nigeria had been selected, certified to train and present candidates for certification and accreditation.

According to her, these institutions, the Enterprise Development Center (EDC), Pan Atlantic University, Lagos and the Entrepreneurship Support Centre (ESC), Kaduna Business School are currently implementing the training programmes across the country.

ALSO READ  How Islamic Economic Development Model Can Rescue Nigeria Economy – Dr. Hussein Saddam

The ambassador said the committee’s relevance could not be over-emphasised as it was expected to effectively coordinate the certification and accreditation process to ensure that a high level of transparency and credibility on the framework.

Dr Dikko Radda, the Director-General, SMEDAN thanked the committee members for accepting to be part of the national assignment, adding that its aim was to ensure that MSMEs operators were well trained and certified.

He said that the BDSPs had been striving for their services to add value for money hence their services were needed to boost the sector.

Radda appreciated the ministry for its continuous support toward the development of MSMEs entirely.

Mr Waheed Olagunju, former Acting Managing Director of Bank of Industry (BOI) on behalf of the committee thanked the Federal Government for reposing confidence on the members and pledged commitment to achieve its aim.

ALSO READ  WEMA Bank Swims in IGR Controversy as Forensic Auditor Petitions EFCC

Olagunju described that the members of the committee worthy to carry out such assignment and promised to operate according its terms of reference.

Source: NAN

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.

Continue Reading

Copyright © 2021 Informavores Nigeria Communication Enterprises | Powered by ObajeSoft Inc