Business
Firm Urges FG To Ban Electricity Meters Importation
An electricity meters
manufacturing company; Momas Electricity Meters Manufacturing Limited, Lagos, has urged the Federal Government to ban the importation of electricity meters.
Making this known to Journalists in Lagos, the chairman of the company, Mr Kola Balogun, said that the appeal was necessary because many indigenous companies had made their mark in meter production.
He said that the indigenous companies should be supported to enhance their growth stressing that government should not allow foreigners to dominate local metre production.
“There is need for government and electricity distribution companies to promote indigenous meter manufacturing companies to prevent foreigners from taking over our local market,” he said.
Balogun said that indigenous meter manufacturing companies had standardized their products and should be encouraged through the Local Content Act.
“The business would be sustained if electricity distribution companies patronized local players to protect the huge investments made into their business.
“The patronage of local firms will generate more employment for job seekers, develop capacity building and reduce capital flight.
“Meters manufactured by indigenous firms are of global standard and quality. We are aware of the local content act, but our concern is how the act is being driven and monitored to ensure compliance, especially in the power sector, and there is the need for government to drive and enforce the act in the power sector, he added.
However, the Nigerian Electricity Regulatory Commission (NERC) said it would stop the importation of meters if local manufactures assured it of meeting local demands.
Dr Dam Amadi, NERC chairman had said in Abuja at the 6th Annual Distinguished Lecture of the Nigerian Institute of Quantity Surveyors that NERC was committed to promoting local content in the power sector.
Corlins Walter
Business
CBN Predicts 4.17% GDP Growth In 2025
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.
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