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The Department of Petroleum Resources (DPR) says it is currently working toward reducing barriers to entry, regulatory transaction cost and enhance collaborative endeavours as necessary ingredients for creating conducive business environment.
The Acting Director, DPR, Mr Ahmed Shakur made this known at the 18th ongoing Nigerian Oil and Gas Conference in Lagos, yesterday.
Shakur said the agency had commenced processes of optimising robustness of the regulatory framework for development and growth of the midstream as an enabler of incremental GDP contribution from the oil and gas industry.
He said that Nigerian government, in alignment with its transparency, initiated the Executive Order 001- Ease of Doing Business and the “7 Big wins” policy by President Muhammadu Buhari.
Shakur said this reiterated the importance of reducing approval cycle, entry barriers and regulatory transaction costs as necessary ingredients for creating conducive business environment.
“It is in realisation of these critical deliverables, that a wholistic automation process, through information technology and infrastructure deployment to enhance global competitiveness of the Nigerian oil and gas industry were put in place.
“To this end, we are focussing on petrochemicals, refining and infrastructure to support gas for power and manufacturing.
“We are also working to incentivise deep play exploration to enhance our reserves growth. We will continue to automate our processes and drive efficiency gains.
“This annual event plays a critical role in highlighting and promoting Africa’s huge oil and gas resource potential to the world,’’ he said.
The DPR chief said NOG provides the platform that brings together stakeholders in both public and private sectors, captains of industry, professionals, key decision makers and influencers with strategic knowledge of the oil and gas value chain.
He said it also provides an avenue to meet, share knowledge, exchange ideas, gain insight, discuss emerging industry issues and proffer solutions.
“Lessons learnt from this gathering are applicable in the operating environment.
“The theme of this year’s conference is: “Driving Nigeria’s Oil and Gas Industry Toward Sustained Economic Development and Growth’.
“This reflects the need for the Nigerian oil and gas industry to remain efficient and innovative in reacting to the emergence of cheaper renewable energy resources and sustain the relevance of hydrocarbon resources to the global energy mix.
“The conference has indeed provided a pedestal for the exchange of ideas through the vast human capital resource it provides and high-end perspectives from experts and professionals to propel Nigeria’s oil industry to the next level.
“ The contribution from this unique gathering over the years, has increased our confidence in the successful operation of the sector,’’ he said.
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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