Business
Sanwo-Olu, SEC, NGX, IFC Renew Call For Gender-Focused Initiatives
In the hope of creating increased opportunities for women in leadership, employment, and entrepreneurship in the Nigerian private sector, Governor, Lagos State, Babajide Sanwo-Olu, the Securities and Exchange Commission (SEC), the Nigerian Exchange Limited (NGX) and the International Finance Corporation (IFC) have all renewed calls for more gender-focused initiatives.
The calls were made at the inaugural edition of the Gender Leader Awards (GLA) held in Lagos on Thursday.
Being implemented under the Nigeria2Equal (N2E) program, the GLA is designed to recognize and celebrate private sector companies leading the way in gender equality performance. The hybrid event brought together captains of industry, capital market regulators, policymakers, and investors among others.
Delivering his keynote address, Sanwo-Olu, commended the IFC and NGX.
According to him, the programme is transforming the landscape for gender equality across the nation. He noted that no nation can achieve its full potential without harnessing the full opportunity women present.
In his words, “Gender equality is not only a normal imperative, but also an economic necessity, as it is essential for sustainable development and the overall prosperity of our nation.
“Therefore, I am proud to say that Lagos State is at the forefront of these efforts, and we are dedicated to promoting initiatives that empower women and girls and provide equal opportunities for all.
“We know that women face challenges but when they do, they face them squarely. We have also seen that when women are in the picture, things move faster, we get value and we see quicker and better results”.
Thereafter, he commended the companies who participated in the Nigeria2Equal programme while reassuring that his administration is willing to partner with more organisations that focus on promoting interest in women and the girl child in the society and the country at large.
“Your unwavering dedication to reducing gender gaps and fostering a more equitable workplace serves as an inspiration for us all.
“As you celebrate your accomplishment, let us keep instilling beliefs around gender diversity and continue to challenge the status quo, break down barriers and ensure that men and women alike have equal opportunity to contribute to the growth and prosperity of our nation”, Sanwo-Olu said.
In her opening remarks, Regional Director, Central Africa, Liberia, Nigeria and Sierra Leone, IFC, Dahlia Khalifa, citing a World Bank report, pointed out that the global economy suffered a staggering loss of $172 trillion, due to the disparities in lifetime earnings between women and men.
A loss, she described as global, which all economies are suffering.
“When there is an ecosystem that provides equal opportunities for women and men, more women thrive and that can contribute more meaningfully to Nigeria’s economic growth. Increasing women’s participation in leadership positions can foster diversity”, Khalifa said.
Corroborating Khalifa, Chief Executive Officer, NGX, Temi Popoola, said that as a leading multi-asset exchange catalysing Africa’s sustainable development, NGX’s commitment to business practices that support diversity and inclusion is resolute.
Popoola stated that all stakeholders in the market and society at large have a responsibility to drive change not only within organisations but in society at large.
“We must employ our influence to advocate for policies and practices that promote gender equality. We must challenge the status quo and actively work towards dismantling the systemic barriers that hold women back”, he said.
In a goodwill message, Director-General, SEC, Lamido Yuguda, who was represented by Deputy Director, Exchanges at SEC, Mahmud Mukthar, lauded NGX and IFC’s efforts and called on companies to engage in activities that promote gender equality and the creation of more opportunities for women to ensure a more inclusive capital market and the economy as a whole.
“As a regulator, with the mandate of protecting investors, the SEC welcomes all initiatives that promote investor confidence and enhance the efficiency of the capital market. I assure you, the SEC has continued support, engagement and collaboration in providing a level playing field for all listed companies to thrive,” he said.
. . . Tinubu Lauds NNPC Ltd, Partners Over Three Commissioned Gas Projects
In line with its renewed hope agenda, the Federal Government has reiterated determination to utilize Nigeria’s abundant gas resources towards revamping her industrial growth and kick-starting economic prosperity.
Biztellers reports that President Bola Ahmed Tinubu made the assertion while commissioning three critical gas infrastructure projects executed by the NNPC Limited and its partners in Ohaji-Egbema, in Imo State and Kwale, in Delta States, on Wednesday.
The three projects commissioned include the expansion of the AHL Gas Processing Plant, the ANOH Gas Processing Plant and the 23.3km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline Projects.
He said, “It is pleasing that approximately, 500MMscf of gas in aggregate would be supplied to the domestic market from these two Gas Processing Plants, which represents over 25% incremental growth in gas supply.
“In practical terms, this translates into more gas to the Power Sector, Gas-Based Industries, and other critical segments of the economy.”
The President pointed out that from the onset, his administration was clear of its intention to leverage on the virtually unlimited capacity of gas to deepen domestic gas utilization, increase national power generation capacity, revitalize industries, and create multiple job opportunities for economic growth.
He said aside the Presidential Compressed Natural Gas (CNG) Initiative which is aimed at moving Nigerians away from petrol and diesel as vehicular combustion fuel, significant progress has also been recorded in incentivizing gas development through Presidential Executive Orders.
While congratulating the projects partners (NNPC Limited, Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) and Seplat Energy for the successful implementation of the three projects, Tinubu particularly charged the NNPC Limited to, as the national energy company of choice, sustain its relentless efforts and record more successes in the energy sector for the benefit of all Nigerians.
President Tinubu described the commissioning as a highly significant milestone for Nigeria as it demonstrates his administration’s efforts to accelerate the development of critical gas infrastructure geared at enhancing the supply of energy to boost industrial growth and create employment opportunities.
He said the projects were fully in line with the Federal Government’s Decade of Gas initiative, and his administration’s quest to grow value from the Nation’s abundant gas assets while concurrently eliminating gas flaring and accelerating industrialization.
“I wish to assure the citizenry that these are just the beginning, as the federal government is stepping up its coordination of other landmark projects and initiatives that will ensure the earliest realization of gas fueled prosperity in our country.
“Consequently, I wish to assure investors in the energy space that this is an investment enabling government and we will not relent in facilitating the ease of doing business,” the President noted.
Earlier in his address, the Minister of State for Petroleum Resources (Gas) Rt. Hon. Ekperikpe Ekpo highlighted the efforts of his ministry to continue to champion the utilisation of gas as a transition fuel as Nigeria moves towards achieving clean energy efficiency and security by 2060.
Ekpo commended the President for his leadership and support towards the success of the three projects.
In his remarks, the GCEO NNPC, Mele Kyari described the commissioning as a demonstration of Mr. President’s commitment and support to grow the domestic utilization of natural gas for power generation, as feedstock for gas-based industries and overall rapid industrialization of Nigeria on the back of the enormous gas resources in the country.
Kyari assured that as part of its mandate, NNPC Ltd remains committed to maintaining energy security by executing more strategic gas projects for the benefit of Nigeria.
The Nigerian Government has listed her April 2024 Savings Bonds worth N4.214 billion on the Nigerian Exchange Limited (NGX) platform.
This was disclosed in the market bulletin signed by the Head, Issuers Regulation Department of NGX, Godstime Iwenekhai.
According to the bulletin, “Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on Nigerian Exchange Limited (NGX) on May 13, 2024.”
Details of the Bonds include FGS April 2026, 1.228 million units valued at N1.228 billion at a coupon rate of 17.046%, while FGS April 2027, 2.986 million units amounted to N2.986 billion at a coupon rate of 18.046%.
The bonds are backed by the full faith and credit of the FGN and charged upon the general assets of Nigeria, according to the debt office.
FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.
The retail savings bond product was introduced by the DMO on behalf of the FGN in 2017 to democratise its activities in the bond market by making it easily accessible to Nigerians to ensure continuous development of the domestic market and bridge infrastructure deficit which has been a constraint to economic growth.
Nigeria’s inflation rate surged to 33.69% in April 2024, up from 33.20% in March, according to the latest data from the National Bureau of Statistics (NBS).
The Consumer Price Index (CPI) report, released Wednesday, shows a 0.49 percentage point rise within a month.
Year-on-year, the inflation rate has surged by 11.47 percentage points, compared to 22.22% in April 2023, highlighting the ongoing economic challenges and rising costs for consumers.
The report reads “In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 head line inflation rate which was 33.20%.
“On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.
This shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%).
“This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of in crease in the average price level in March 2024.”
Prices of food and basic commodities have surged dramatically in recent weeks, as Nigerians grapple with a soaring cost of living and one of the nation’s most severe economic crises.
The crisis has been intensified by the government’s removal of petrol subsidies and the unification of forex windows.
The naira, which had appreciated against the dollar in April, has since plummeted from about N1,100/$1 to roughly N1,500/$1.
Following the latest inflation report from the National Bureau of Statistics (NBS), the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is anticipated to review the country’s interest rate, currently set at 24.75%.
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