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Sanwo-Olu Closes 2023 Lagos International Trade Fair, Assures Commitment To Infrastructural Development

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The Executive Governor of Lagos State, Mr. Bbajide Olushola Sanwo-Olu, has assured Lagosians of his administration’s commitment to providing infrastructural development in order to make the state safe, secure and functional for businesses and lives.

The Governor, who was ably represented by the Lagos State Head of Service, Mr. Olabode Agoro, said this at the Lagos State Special Day/ Closing ceremony of the 2023 Lagos International Trade Fair held at the Banquet Hall of the Tafawa Balewa Square, Lagos on Sunday with the theme; “Navigating Economic Challenges, Forging a Path to Prosperity”.

Sanwo-Olu noted that all efforts must be geared towards the support of businesses to provide jobs, enhance the standard of living and guarantee that the economic prospers amidst the prevailing economy situation.

He therefore, said as a testament to his administration’s commitment, the state had supported over 12,710 Macro, Small and Medium Scale Enterprises (MSMSEs) to access over N8.4 billion loan through the Lagos State Government Employment Trust Fund.

“I cannot agree less with the intend with the theme of this event, given the prevailing economy challenges all efforts must be geared towards supporting businesses to grow because when businesses strive, jobs are created and standard of living is enhanced and prosperity is guaranteed.

As a testament to our commitment, my administration has supported over 12, 710 Macro, Small and Medium Scale Enterprises(MSMSEs) to access over N8.4 billion loans through the Lagos State Government Employment Trust Fund.

We have also provided support to explore particuar measures to ensure our production process, given cognisance to the local content to maximise profit.”

Delivering the Welcome address the Lagos State Commissioner, Ministry of Commerce, Cooperative, Trade and Investment, Hon. Folashade Ambrose Medebem, noted that this year’s theme for the 2023 LITF was timely and pertinent coupled with the current age of unprecedented challenges, compound with the economic global shock.

She said to navigate the economic challenges and forge a path to prosperity, the ministry is committed to interfacing with the business community to foster a conducive environment and enhance the ease of doing business in the state.

The President Lagos Chamber of Commerce and Industry (LCCI), Asiwaju (Dr) Micheal Olawale-Cole  in his opening remarks commended the Lagos State government for its outstanding performance over the years.

Olawale-Cole said the theme underlined the importance of relationships and networking among businesses for wealth creation, trade partnership and productivity growth.

He therefore urged government at all levels to continue addressing the enabling environment issues in the country, with focus on infrastructure, insecurity, implementation of policies to address the monetary policy performance.

Present at the event include; the Oba of Lagos represented by Chief Lateef Aderigbigbe, the Opeluwa of Lagos, Mrs Bukola Taiwo Akoshile representing the First Lady of Lagos State, Dr. (Mrs) Ibijoke Sanwo-Olu, Hon. Abiodun Tobun, Chairman, House Committee on Works and Infrastructure, National President, Nigeria Association of Chambers of Commerce, Otunba Dele Oye amongst others.

Business

See Reason banks are asking customers to renew BVN and NIN linkage

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The Nigerian banks are currently pushing their customers to  link their National Identification Number (NIN) and Bank Verification Number (BVN) as the March deadline fixed by the Central Bank of Nigeria (CBN) approaches.

 

This has caused a lot of uproar amongst customers who received messages from their banks. Complaining that the exercise is a repetition as they had linked all the details before now.

According to Nairametrics report, it was gathered that many may have linked their BVN but not the NIN as required by the new directive.

 

For tier 2 and 3 accounts and wallets, the CBN’s directive said they must be linked with both BVN and NIN, while only tier 1 accounts have the option of BVN and/or NIN.

 

According to bank sources, some customers who had linked their BVN have also been discovered to have irregularities in their details and they would be required to perfect their records with the banks to avoid being blocked.

 

Why banks are sending messages

 

Some bank officials who spoke with Nairametrics under the condition of anonymity said they were only sending messages to tier 2 and 3 customers, who have not linked the two numbers to their accounts.

 

“This is a directive from the Central Bank, and we have to ensure that our customers are well informed and that is why we are sending messages to those that have not fulfilled these requirements.

“In most cases, you have customers with tier 2 and tier 3 accounts, who have only linked their BVN and not NIN. But the directive is that they must be linked and that is why those who have linked their BVN will still get the same message for BVN and NIN. But what they will need to do is to just link their NIN,” one of the sources said.

“In some cases, you found out that the information in the BVN submitted by the customers and that of their NIN do not tally. This set of customers will need to redo the exercise to regularize their details,” another official added.

Customers lament

 

Meanwhile, bank customers in Nigeria have been lamenting as they receive messages from their banks asking them to link their NIN and BVN. Many of the customers said this exercise has been done and wondered why the banks are asking them to repeat the same.

 

To worsen the case, the customers are required to visit their nearest bank branch to do the linkage. Many of the customers who believed they had done the linking in the past expressed worry that they would have to go through the rigors of queueing at the bank again.

 

The CBN’s directive

 

The CBN on December 1, 2023, announced that all bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will be placed on “Post no Debit” effective April 2024.

 

The new directive was contained in a circular issued by the central bank and sent to all deposit money banks. The central bank also stated that all the BVN or NIN attached to and associated with all accounts/wallets must be electronically revalidated by 31 January 2024.

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CBN begins sale of dollars at N1,301 per USD 

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The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to Bureau de Change (BDC) operators in the country.

 

This was contained in a memo signed by Hassan Mahmud, the director of Trade and Exchange Department at the apex bank.

 

According to the memo,  the move is part of CBN’s “strategic step” to increase liquidity and strengthen the naira against “manipulators”.

 

Mahmud noted that the CBN will sell the United States dollars to BDC operators at N1,301 per USD.

 

The BDC operators are expected to sell to customers at not more than 1% above the purchase rate from the CBN.

 

Recall that the naira recently traded as high as N1,800 to the dollar.

 

The statement reads: “Following the on-going reforms in the foreign exchange market, aimed at achieving an appropriate market determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.

 

“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$ – (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, 27th February 2024).

 

“All BCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1 %) above the purchase rate from CBN.

 

“All eligible BDCs are directed to make the Naira payment to the designated CB ForeignCurrency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentations, for disbursement at the appropriate CBN Branches – ABUJA, AWKA, LAGOS and KANO)”

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Nigerian Breweries releases new prices of drinks

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The Nigerian Breweries Plc recently announced an upward price change for its Stock-Keeping Units (STUs) with effect from February 19.

 

A letter dated February 12 titled: ‘Price review notification,’ by the Zonal Business Manager (West), Lekan Awosanya, reads in part: “This is to inform you that we are constrained to review the prices of some of our SKUs effective from Monday, 19th February 2024. This review has become necessary because of the continued rising input cost and the need to mitigate the impact.

 

“In appreciation of our great partnership and your commitment, we will deliver at the current prices all open orders that are fully funded and created in our system before 00.00hrs on Monday, 19th February 2024.

 

“While thanking you for your commitment to our great partnership, be rest assured that we will continue to support your sales/distribution efforts as always. For further clarification, please do not hesitate to contact your Regional Business Manager.”

 

Here is the new price list

 

1. GULDER – N950

 

2. STAR – N850

 

3. 33 EXTRA – N850

 

4. HEINEKEN – N1300

 

5. LIFE – N850

 

6. LEGEND – N1250

 

7. TIGER – N750

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