New tenure will be tough, Buhari warns

President Muhammadu Buhari has held a special meeting with members of his cabinet where he told them that the new four-year mandate given to his administration would be tough.

He told them that he would pursue his campaign promises of securing the country, transforming the economy and the fight against corruption.

The cabinet ministers were in the State House, Abuja, on Friday to congratulate him on his electoral victory.

AfCFTA: Boosting Industrial Revolution through Intra-Africa Trade

The shelves of many supermarkets in Nigeria boast of a large amount imported products, including toothpicks from China, toilet paper and milk from Holland, sugar from France, chocolates from Switzerland and matchboxes from Sweden.

Yet many of these products can be produced in Nigeria or found in much closer African countries with industrial bases, the News Agency of Nigeria reports.

Buhari Urged to Beam Searchlight on BPP Activities

The Registrar, Chartered Institute of Purchasing and Supply Management of Nigeria (CIPSMN), Mohammed Aliyu, has called on President Muhammadu Buhari to closely monitor the activities of the Bureau of Public Procurement (BPP) to avoid economic waste.

Aliyu who made the call in Abuja at the Annual General Meeting (AGM) of the Institute, noted that government can effectively supervise activities of BPP when the National Council on Public Procurement had been inaugurated.

MPC: Policy Parameters Unchanged as Fears of More Hawkish Stance Soften

As we expected in our Pre-MPC note, the Monetary Policy Committee (CBN) of the Central Bank of Nigeria (CBN) retained all policy rates during its last meeting for the year which held this week. The eleven members of the MPC in attendance unanimously voted to maintain Monetary Policy Rate (MPR) at 14.0% with the asymmetric corridor of +200bps/-500bps, Cash Reserve Ratio (CRR) at 22.5% and Liquidity Ratio (LR) at 30.0%.

Africa –World’s Next Big Growth Market

Africa will become the world’s next big growth market, akin to the Asian boom, McKinsey, a management consulting firm said on Tuesday.

“While other geographies are seeing incremental growth, global companies that get in early and join the African champions shaping the right strategies, can sustain double-digit profit growth over the next few decades,’’ it noted.

The report drew the conclusions from a survey of 3,000 McKinsey client engagements, in-depth proprietary research and interviews with 40 of Africa’s most prominent business and development leaders.

A New Minimum Wage of ₦30,000/Month?

After over a year of negotiations, labour unions, the Federal Government and States appear to have come to an agreement to adjust the minimum wage to N30,000/month. This represents an increase of 66.7% over the current minimum wage of N18,000/month. Local media reports state that the proposed wage is yet to receive final approval from President Buhari, but we expect the President to approve it given that the FG and state governments led the negotiations.

African Free Trade Not Yet Priority

Nigeria has replied the African Union Commission and lobbyists that it is not in a hurry to pen the African Free Trade Agreement (AfCFTA).

The decision of the federal government is hinged on the implication signing the agreement would have on the nation’s economy.

The Special Adviser to the President on Economic Matters, Dr Adeyemi Dipeolu, said on Wednesday in Ibadan at the 60th anniversary lecture of the Department of Economics, University of Ibadan.

World Bank Approves $611m for UBE

The Word Bank has approved a grant of $611 million to strengthen Universal Basic Education and tackle challenges in education sector in Nigeria.

The Minister of Education, Alhaji Adamu Adamu, commended Word Bank for the initiative on Wednesday at the launch of Better Education Service Delivery For All (BESDA) in Birinin Kebbi .

The minister, who was represented by the Vice Chancellor, Federal University Birnin Kebbi, Prof. Bello Sheahu, said the government was grateful to the bank for the grant.

Nigeria’s Paint Industry to Hit $377m Growth by 2025

Nigeria’s paint industry is projected to record five percent growth rate from its present estimated $268 million (N96.50 billion) to $377 million (N135.80 billion) by 2025, a business expert has said.

Chris Kiwamu, Managing Consultant, Kirsten Turner Consulting, made the projection in Lagos, South-West Nigeria, during the 30th Annual General Meeting (AGM) of the Paint Manufacturers Association of Nigeria.

He spoke on the theme: “Strategic Roadmap for the growth of the Nigerian paint industry.”

Global Fund announces $660m grant for Nigeria

The Global Fund, an International Financing Organisation, has announced an additional humanitarian grant of 660 million dollars to tackle HIV/AIDS, Tuberculosis and Malaria epidemic in Nigeria.

Its Executive Director, Mr Peter Sands, announced this at a news conference on Wednesday in Abuja.

Sands noted that the grant was expected to last for a three-year period to include more people on the treatment of the diseases.