The President, who spoke in Abuja yesterday while receiving a parting donation of N12 billion security equipment for the Military and the Nigeria Police from the leadership of CACOVID said his government had received so much support from the private sector in addressing social ills in the country.

Items handed over to the President by the Coalition members included 100 Tata 14 ton Troop carriers, 100 Tata 12 ton Troop carriers, 86 Toyota pick-up trucks, 64 Nissan Navara pick-up trucks with their spare parts, 13,000 helmets as well as 13,000 bullet proof vests.

It would be recalled that the World Health Organisation (WHO) had also rated CACOVID as the third largest contributor in the world to the fight against Covid-19 virus, the outbreak of which in 2020 brought the world to its knees.

An excited President Buhari while thanking the CACOVID on behalf of the Military and the Police said: “Today is indeed a very happy day for all Nigerians, and I can happily say that I am the envy of many Presidents in the world. I am exceedingly honoured to be the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, at this time.

“I am gratified to have the honour of leading a country whose private sector willingly galvanises itself to raise funds to enthusiastically support government in resolving social ills. I am proud to say that there is nowhere in the entire world, except in Nigeria, where the private sector has voluntarily come together to assist government efforts.

“Thank you for supporting our Administration’s efforts to strengthen the Police and Military as we face the security challenges that all modern nations face”, Buhari added, noting that such a patriotic gesture was proof that nationalistic determination is still alive in Nigeria, in the face of enormous challenges pervading the world and the country.

Speaking while handing over the items, Chairman of the Aliko Dangote Foundation (ADF), Aliko Dangote, a foremost industrialist who initiated the Coalition with the Group Managing Director of Access Bank Plc, Herbert Wigwe, explained that the Coalition was winding down with the latest donation.

He listed other business leaders brought together under CACOVID to include Mrs. Folorunsho Alakija, Tony Elumelu, Jim Ovia, Segun Agbaje, Abdulsamad Rabiu, Femi Otedola, Adesola Adedotun, Karl Toriola, Haresh Aswani, Raj Gupta, and John Coumantaros, all of who contributed several billions of Naira each and supported the CACOVID effort with advocacy. In all, according to him, over 100 organisations and private individuals contributed to CACOVID.

Mr. Dangote gave reason for the donation saying that as the worst of the Covid crisis waned in Nigeria, the security situation deteriorated, partly due to economic disruptions caused by the shutdown of the global and national economy.
Therefore, to provide additional response support to the Government, the ADF Chairman said CACOVID embarked on another fundraising effort, which enabled it to purchase the items for the Police and the Military.

Recalling the birth of CACOVID, Dangote explained that the Coalition as a timely response to the outbreak of the deadly covid-19 virus was borne out of the previous experience with Ebola elsewhere in West Africa, which made him to recognise the fact that the potential crisis looming was very serious

“And so together with Herbert Wigwe, we set up CACOVID and drafted our peers in the private sector to join our efforts. The CBN Governor joined our efforts very early and chaired the group. We knew straight away that we had a responsibility to act and support the efforts of Government as quickly as possible to avert disaster”, Dangote noted.

Dangote continued; “In addition to the leadership team, we set up a technical committee to guide our purchasing decisions, which was critical, given the prevailing confusion around testing and treatment options, and the lack of successful models anywhere in the world. Members of that committee included leading Nigerian scientists and public health professionals, the DG of NCDC, DG of the Presidential Task force on Covid-19, representatives of WHO, BMGF and the UN.

“In addition, a core team of select staff members from our organisations manned the initiative’s operations Centre 7 days a week for several months planning, coordinating, and delivering on the various activities of the coalition.”

While enumerating all the supports the Coalition has offered the nation in the last two years, Dangote disclosed that the group mobilised its members and raised N62 billion to provide 39 fully kitted isolation centers in all 36 States and FCT; Testing Supplies for almost 1 million tests; Food for 10 million vulnerable individuals across the country; Oxygen and tanks to the most affected states; Support for vaccines delivery and distribution across the Nation; Support to re-open the economy (Travel Portal, IT, airport scanners/PPE and other support) with communications and advocacy campaigns around prevention and against disinformation.

According to Dangote, the donation marks the end of the CACOVID initiative “as we wind down what has been deemed an example of patriotism, solidarity and efficiency in terms of partnership between the public and private sectors. This is a lesson in the power of collaboration for a worthy cause.

“Thank you to my partners on this CACOVID journey. I would like to especially thank the Presidential Covid-19 team led by SGF Mr. Boss Mustapha for their excellent collaboration. My gratitude goes to Mr. President for your unwavering support and that of your entire Government.”

Also speaking on the activities of CACOVID, Mr. Godwin Emefiele, Central Bank Governor, who led the CACOVID Committee told the President he was proud to be part of the Coalition that supported government in its fight against insecurity.

“I am immensely gratified by what CACOVID has achieved in its few years of existence. The nationalist and patriotic drive of my colleagues therein is unmatched anywhere in the world and must be applauded. The Coalition is a good example of what Nigeria must become: a nation of patriotic solidarity of individuals and corporations, and effective collaboration of the public and private sectors,” he said.

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The new plant, which he commissioned in the presence of some 18 governors, ministers, captains of industries as well as prominent traditional rulers, is located at Ibeju Lekki, Lagos Free Trade Zone within the periphery of the Dangote refinery.

A visibly excited President Buhari said the coming on stream of the plant would create huge opportunities in the areas of employment, trade, warehousing, transport and logistics. The Plant, according to the President “will greatly create wealth, drastically reduce poverty and secure the future of our nation”.

He said, “In the agricultural sector, another focal point of our economic policy, we expect a boom as fertiliser is now readily available. Many Nigerians who hitherto practiced subsistence farming because of non-availability of necessary inputs can now take up agriculture as a business. We expect a rise of new breed of agropreneurs who will add value to farming and make the nation self-sufficient in food production.”

According to him, the federal government is now determined more than ever before to provide enabling environment for private sector investors to thrive, adding that his government would continue to improve on infrastructure, power, security and enact relevant laws and regulations that would drive investments in the economy.

President Buhari reiterated that part of the government’s effort in this regard was the partnership with the private sector government via a tax credit scheme, in the rehabilitation of roads across Nigeria under the Presidential Order No. 7.

“As we all know, good roads contribute to easy movement of goods and services across the nation, thus reducing cost of doing business and improving productivity. We are also rehabilitating our railway lines and building new ones to lessen the burden on our roads and create more effective multi-model transportation networks,” he added.

In an earlier welcome address, President of Dangote Group, Aliko Dangote described the new plant as a game changer, as it has the capacity to make Nigeria become self-sufficient in fertiliser production, with spare capacity to export to other markets in Africa and the rest of the world. He added that already, Dangote fertiliser has reached the markets in the USA, Brazil and Mexico.

According to him, the Fertiliser plant, which is the largest granulated  Urea fertiliser complex in Africa, occupies 500 hectares of land, was built at a cost of $2.5 Billion, and is expected to reduce drastically level of unemployment and youth restiveness in the country through employment opportunities. To him, the plant is expected to generate new jobs with top quality fertiliser being available and in sufficient quantities for the farmers.

He stated that agriculture accounts for 20 per cent of the nation’s GDP and that the new plant was an ambitious project that would provide both direct and indirect employment, thereby reducing youth restiveness

Dangote Fertiliser, according to him, would ensure emergence of farmers in the country, providing hundreds of jobs and ushering in a new era of agricultural entrepreneurs, (agroprenuers). “This breed of agroprenuers will take to farming on large scales, providing food and raw materials for our industries,” he added.

Dangote stated that the fertiliser plant is rolling out with innovations that would transform the agricultural sector in the form of extension services for small and medium scale farmers. It has set up a well-equipped fertiliser soil testing laboratory to enable it analyse and identify soil deficiency and the appropriate fertiliser blend.

“Studies have shown that applying the right fertiliser to the soil will boost productivity. This service is to cover all the geopolitical zones, and will surely change agricultural landscape in the country by transforming farming into a lucrative profession.

“Dangote Fertiliser is working with Farmer Associations, Corporate Farmers, NPK Blenders, NGO/development partners and State Governments all over Nigeria, and governments across Africa and beyond who are looking for sustainable approach to improving soil quality and farm yields,” he explained.

Speaking at the occasion, Governor of Central Bank of Nigeria, Godwin Emefiele said Nigeria is indeed indebted to Aliko Dangote for his giant stride to add value to Nigeria’s economy. According to him, “It is great that a Nigerian has taken not just this great initiative of helping to solve our perennial problem of importing petrochemical products including fertiliser but has taken advantage of the emerging huge market opportunity presented by recent global developments.”

Emefiele commended President Buhari for providing all the support needed to put in place economic policies that would reverse the trend of the doldrums, pointing out that the completion of the fertiliser plant is a stellar example of the realisation of the vision.

The CBN governor described the fertiliser plant as timely considering the recent developments in the global market, where prices of wheat, fertiliser and crude oil spiked by over 20 per cent, following the start of the Russia – Ukraine war.

“In addition to the lessons we learnt from the protectionist actions of countries during the early days of COVID-19, this investment is again a glaring testament to the foresight and tireless efforts of Mr. President in encouraging domestic production of items that can be produced in Nigeria, especially agriculture. This would not only help to enable greater productivity of our agricultural sector but also help in insulating Nigeria farmers from depending on imported fertiliser,” Emefiele stated.

He recalled that prior to 2015 when President Buhari resumed office, Nigeria had a fertiliser shortfall of about 3.5 million tonnes per annum compared to the over 6 million tonnes per annum required in the country.

“Then President Buhari inaugurated the Presidential Fertiliser Initiative and charged them with resolving this problem. With sustained efforts, other indigenous companies like Indorama and Notore with a combined capacity of over 2.5 million tonnes per annum have tried to match the market demand, yet the country still faced a huge shortfall of fertiliser supply. Today, Nigeria is self-sufficient in the production of urea, and we are also the leading producer of urea in the African continent,” he added.

The Minister of Agriculture, Dr. Mahmood Abubakar called on other investors to rise up to the occasion, noting that the Dangote Fertiliser would help to solve the problem of fertiliser shortages in Nigeria. He also assured that the government would enforce standard in the industry to maintain quality.

Lagos state governor, Mr. Babajide Sanwo-Olu commended Alhaji Aliko Dangote for always blazing the trail, noting that Lagos state government was happy to be hosting many of his businesses. He added that, “with the largest fertiliser plant in Africa in Lagos and the largest refinery in the world coming soon, there is nobody that would not be proud of Alhaji Dangote.”

The governor stated that Nigeria would quickly forget its many economic problems if another entrepreneur like Dangote could be replicated in other regions of Nigeria.

Sanwo-Olu also said that private investors could always count on Lagos State government when it comes to provision of an enabling environment to make businesses thrive. 

The post President Buhari Impressed With Dangote’s $2.5bn Fertiliser Plant appeared first on Business News in Nigeria.

Unmaskng.com understands that the manufacturers need accessibility to forex for the procurement of raw materials and agro-allied equipment that are not available locally.

Addressing Mansur Ahmed-led executives of the Manufacturer Association of Nigeria (MAN), who pleaded with him to support their businesses by making forex more accessible to them, Buhari assured them that things would change in their favour.

According to the President, the relevant ministry would revisit their concerns about the increase in excise duties on the identified products and other tariff-related matters.

Buhari’s words: ‘‘I have listened carefully to all the challenges enumerated by the President of MAN and would like to assure you that, as we have done in the recent past, we will give consideration to some of the constraints that are yet to be fully addressed, especially those that align with our policies and programmes for economic recovery and sustainable development.

‘‘Let me assure you that this administration is fully aware that the survival of Nigeria lies in agriculture and having a viable domestic manufacturing sector.

‘‘I must emphasise here that when I say agriculture, I also refer to agro-allied business which is the value-added component in the value chain.

‘‘A strong manufacturing sector creates more jobs and wealth for our people.

‘‘It will usher in sustainable economic prosperity because we will produce what we consume as a nation and generate foreign exchange by exporting surpluses and by import substitution.”

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Speaking with stakeholders on the sidelines of the 2021 Finance Bill in Abuja, Ahmed hinted that the Buhari-led government is considering modest increases in taxes and tariffs on certain businesses and individuals over the medium term.

While noting that a couple of reforms and amendments had been recommended in the draft 2021 finance amendment bill, she said more will be introduced in the middle of 2022.

Speaking further, the minister said more fiscal reforms were still in view as the ministry could not take all the proposals collected from stakeholders.

Her words: “While these issues may require most increases in taxes and tariffs on certain businesses, industries, and individuals over the medium term.

“Our aspiration is to do a midterm review with a possibility of another Finance Bill in mid-year 2022 to bring in more amendments.”

Should Nigerians be worried?

This is the worst that the Nigerian citizenry could expect from the government, especially as the world is still battling the effect of the raging COVID-19 pandemic.

It is, therefore, noteworthy to mention that in the midst of this looming development, food prices are skyrocketing at apocalyptic rate, inflation is not favourable to an average Nigerian, and electricity consumption tariffs have gone beyond the roof, wages remain stagnated, and not paid as at when due.

While the incumbent administration may have rationalise these taxes and levies on the grounds that they would aid infrastructures, uncertainty surrounds how advocates of these higher taxes and levies hope the people can endure for much longer.

The post Buhari To Impose New Taxes, Increased Tariffs On Nigerians Next Year appeared first on Business News in Nigeria.

Speaking on the sidelines of the Dubai UAE Expo 2020, tagged ‘Arise Fashion 2021’, Buhari expressed the pride he has in the creative industry, saying that there are increasing job opportunities for young people.

“There’s no doubt that Nigeria’s creative sector holds tremendous potential to unlock Nigeria’s economy and increase employment opportunities for young people.

“The projections are promising as the sector is expected to deliver over $10 billion by the end of 2021, making a tremendous contribution to the country’s GDP,” the President was quoted as saying by the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, who represented him at the occasion.

Citing a recent report on Nigeria’s creative sector, Buhari further revealed that the industry is poised to become the second-largest employer with a potential to produce 2.7 million new jobs by 2025.

“After agricultural, the creative sector is the second largest employer of labour in Nigeria today,” he added.

It would be recalled that in March 2021, the Bank of Industry (BoI) collaborated with the National Council for Arts and Culture, to provide a loan facility for creative industry stakeholders.

The loan facility is a N300 million loan package that was put in place to accelerate the growth of Nigeria’s creative sector.

The post Buhari: Artistes, Filmmakers, Others Will Contribute $10bn To GDP appeared first on Business News in Nigeria.

Unmask NG would recall that a Federal High Court sitting in Port Harcourt, on Monday, August 9, 2021, declared that the Rivers government and not the Federal Inland Revenue Service (FIRS) should collect VAT in the state.

The ruling became pertinent as the Governor Nyesom Wike‘s government dragged the President Muhammadu Buhari-led administration to court

Following the Federal High Court ruling, the matter was taken to the court of appeal, which on Friday, September 10, held that parties should refrain from giving effect to the judgment of the trial court in Port Harcourt pending the hearing and determination of the application of the FIRS to stay execution of the trial court’s judgment.

But speaking on the VAT in Nigeria matter in an interview on Channels TV, monitored by this publication, Ahmed hinted that efforts are ongoing to resolve the issue in an out-of-court settlement.

“I’m not supposed to be talking about issues in court but I do hope that this problem can be solved by sitting on the table; not on the pages of newspaper or disagreements in court because it is possible to solve it on the table, talking of political solution,” she stated.

When asked if the Buhari government was reaching out to the governors and if its representatives had met any of the governors over the matter, the minister responded in affirmative.

In her words, “There are a lot of efforts going on right now. As I said, I don’t want to discuss it because it’s in court so I have to be careful. But there will be a positive political solution. We are working towards an out-of-court solution.”

Understanding VAT in Nigeria

VAT in Nigeria is understood to be a consumption type that the government levies on purchasers in any given instance.

To understand this better, think about the fact that as a consumer, there is a certain percentage amount of money you are mandated to pay on each good and service at every stage of production. For instance, you walk into a store to buy a doughnut, you would be charged VAT.

Please, note that the percentage of VAT you pay on each good and service depends on the existing law of the geographical entity you make your purchase.

VAT in Nigeira is 7.5 percentage. Although it used to be 5 percentage.

The post VAT In Nigeria: Is Buhari Considering Out-of-court Settlement With Wike? appeared first on Business News in Nigeria.

During his keynote address in Paris, France, during the one-day Nigeria International Partnership Forum, Buhari, in spite of the alarming inflation rate and foreign exchange challenges, assured that the country’s economy is going through a re-engineering process and re-positioning.

“Let me stress that Nigeria is open for partnership and cooperation. I invite the French business community to take advantage of the vast investment opportunities in Africa’s largest economy.

“As our development partners, rest assured that we will stand together with you throughout our partnership journey to guarantee our mutual interest,” Buhari stated.

According to the President, the being re-engineering and re-positioning process are expected to make Nigeria’s economy to be globally more competitive and favouring businesses for development.

In his words, “For us in Nigeria, lessons drawn from the pandemic prompted us to redouble efforts to mitigate its socio-economic effects. Despite prevailing uncertainties, our equitable and sustainable reform initiatives resulted in substantial economic gains and steady recovery.

“I can assure you that our administration is on the right path to achieving multi-sectoral progress. We have revitalised the economy by increasing investments in capacity building, health, infrastructure, women’s empowerment, climate change, and food security.

“Today, these actions are yielding self-employment, expanding our human resource pool, and strengthening our national productivity for sustainable development.”

Buhari expressed confidence that his administration is committed to creating a win-win situation at every point.

“I am proud to reiterate our resolve to reduce and ultimately eliminate obstacles to access and retention of FDI. Our investment-friendly policies are backed by the rule of law, practical security policies, and a resilient population,” he added.

Upshot to Buhari’s claims

Unmask NG understands that the president might not have been honest with the French business community, as he lured them into investing their resources in the Nigerian economy.

It is an open secret that in many decades, the most populous African nation is facing her most difficult time, as it relates to insecurity, inflation, and forex instability.

And in any environment that these three challenges co-exist, it is unlikely that businesses would not struggle to thrive.

The post Buhari To French Investors: Bring Your Money To Nigeria appeared first on Business News in Nigeria.

Speaking at the official launch of eNaira in Abuja on Monday, October 25, 2021, the president stated: “We have become the first country in Africa, and one of the first in the world to introduce a Digital Currency to her citizens.”

He added that the adoption of the Central Bank Digital Currency (CBDC) and its underlying technology, called blockchain, can increase Nigeria’s GDP by $29 billion over the next 10 years.

According to Buhari, the introduction of the eNaira would enable the government to send direct payments to citizens eligible for specific welfare programmes as well as foster cross border trade.

President Buhari said that alongside digital innovations, CBDCs can foster economic growth through better economic activities, increase remittances, improve financial inclusion and make monetary policy more effective.

”Let me note that aside from the global trend to create Digital Currencies, we believe that there are Nigeria-specific benefits that cut across different sectors of and concerns of the economy.

”The use of CBDCs can help move many more people and businesses from the informal into the formal sector, thereby increasing the tax base of the country,” he said.

The post Buhari Brags About eNaira, Says He’s The First African President To Float Digital Currency appeared first on Business News in Nigeria.

Amongst other things, the publication stated that the Nigerian President failed woefully in his promises, including tackling corruption, which was his campaign message in 2015.

Below are the 10 points the magazine made against Buhari

1. When violence erupts, the government does nothing or cracks heads almost indiscriminately.
2. Economic troubles are compounded by a government that is inept and heavy-handed.
3. Mr. Buhari, who was elected in 2015, turned an oil shock into a recession by propping up the naira and barring many imports in the hope this would spur domestic production. Instead, he sent annual food inflation soaring above 20%.
4. He has failed to curb corruption, which breeds resentment. Many Nigerians are furious that they see so little benefit from the country’s billions of petrodollars, much of which their rulers have squandered or stolen.
5. Nigeria’s insecurity could be curbed if Mr. Buhari could focus on the nation’s unemployment crisis by cutting government waste, amidst other practical economic measures.
6. Two factors help explain Nigeria’s increasing instability: a sick economy and a bumbling government. Slow growth and two recessions have made Nigerians poorer, on average, each year since oil prices fell in 2015.
7. The police are understaffed, demoralised, and poorly trained. Many supplement their low pay by robbing the public they have sworn to protect.
8. Before COVID-19, 40% of them were below Nigeria’s extremely low poverty line of about $1 a day. If Nigeria’s 36 states were stand-alone countries, more than one-third would be categorised by the World Bank as “low-income” (less than $1,045 a head). Poverty combined with stagnation tends to increase the risk of civil conflict.
9. The Nigerian Army is only strong on paper.
10. The secret police should stop ignoring court orders to release people who are being held illegally.

Do you agree with the aforementioned criticism of Buhari’s government?

The post 10 Points UK Magazine The Economist Made That Rubbished Buhari appeared first on Business News in Nigeria.

The interview which held in the early hours of the day, had the president discussed issues affecting the country.

Below are some important quotes from the interview which aired on Arise TV:

1. “If you allow hunger, the government is going to be in trouble and we don’t want to be in trouble. We are already in enough trouble.”

2. “These positions have to be earned. There are people who have been there for 10 to 15 years.”

3. “That IPOB is just like a dot in a circle. Even if they want to exit, they’ll have no access to anywhere.”

4. “You know these people more than I do, and you are democratically elected to protect your people. Don’t sit idly expecting me to do everything, take action.”

5. “There are Kanuris, there are Hausas, there are Fulanis in Niger Republic just as there are Yorubas in Benin. You can’t absolutely cut them off.”

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