Day: June 21, 2024

Experts have called for the adoption of good regulatory governance principles to tackle the implications of overlapping regulatory functions on business operations and the manufacturing sector.

They made the call on Thursday in Lagos at the Manufacturers Association of Nigeria (MAN), Ikeja branch, 2024 Chief Executive Officers (CEOs) breakfast meeting.

The News Agency of Nigeria NAN reports that the meeting had as its theme: ‘Harmonising Regulatory Compliance: The Impact of Overlapping Regulatory Function on Business Operations’.

Dr Muda Yusuf, Founder, Centre for the Promotion of Private Enterprises(CPPE), said the call was particularly important as this was not the best of times for manufacturers and investors in the economy.

Yusuf stated that regulatory risk was one of the biggest risks that businesses had to cope with in the Nigerian economy.

This, he noted, could manifest as overlapping regulatory regimes, too many regulations, sporadic and frequent regulatory changes and absence of dispute resolut
ion mechanism between businesses and the regulators.

‘There are several cases of overlapping regulatory functions creating challenges for manufacturers and its impact is with respect to cost, irritation and distraction of having to attend to numerous agencies of government.

‘Because manufacturing business is long term, regulatory risk is a major source of worry for manufacturers as manufacturers do not have the luxury of switching easily from one product line to another.

‘Hence, the need for regulatory risk needs to be kept to the barest minimum,’ he said.

The CPPE boss also stressed the urgent need to harmonise the applicable exchange rate for the computation of import duty.

He said the import prohibition of 41 items by the former Central Bank of Nigeria (CBN), Godwin Emefiele, was a classic case of overlapping and conflicting functions of the CBN and fiscal authorities on trade.

Yusuf noted that while the policy lasted, it created a lot of confusion in the international trade ecosystem as items that w
ere on the CBN import prohibition list were not on the fiscal policy prohibition list.

He stressed that the regulator’s purpose and regulatory objectives should be clearly defined and communicated to the regulator, the regulated, and the general public.

‘Governance arrangements for regulators should promote efficiency, effectiveness and integrity.

‘Stakeholders should be able to predict, with a high degree of confidence, what decision a regulator is likely to make in particular circumstances.

‘Regulators should engage systematically with stakeholders through transparent, formal mechanisms that guard against ‘regulatory capture’ by one or more stakeholders.

‘Also, regulators should be accountable to the government and parliament, the regulated entities, and the general public for their decisions and use of resources,’ he said.

President, MAN, Otunba Francis Meshioye, said that while regulations were essential for safety and quality, the overlapping and sometimes contradictory regulations increased operat
ional costs and ultimately hindered business growth.

He noted that Nigeria’s regulatory landscape was characterised by a multitude of agencies, each with its own set of rules and requirements.

Meshioye said that though the intention behind these regulations was often to protect the public interest, ensure compliance, and promote industrial standards, the lack of coordination and harmonisation among regulatory bodies created bottlenecks to businesses.

‘These bottlenecks have adverse effects such as operational inefficiencies, increased compliance costs, delayed production, uncertainty and risks.

‘It is pertinent to note that the need for harmonisation of regulations is not about reducing standards or compromising on safety and quality but about creating a more coherent, predictable, and business-friendly regulatory environment,’ he said.

Elder Robert Ugbaja, Chairman, MAN Ikeja Branch, underscored the importance of collaborative efforts in addressing regulatory challenges and driving positive change.

Ugb
aja called for the development of practical strategies that promote regulatory harmonisation that had the potential to unlock the full capacities of Nigerian businesses and industries.

Source: News Agency of Nigeria

The Devatop Centre for Africa Development, an anti-human trafficking and human rights organisation, has urged state governments to strengthen enforcement of laws and implementation of policies protecting children against exploitation.

The Group Project Manager, Mr Andrew Adaji, gave the advice on Thursday at the group’s commemoration of the World Day Against Child Labour.

The event, which held in Ikeja, was tagged: ‘TALKAM Against Child Labour’.

The World Day Against Child Labour is celebrated every June 12 to raise awareness and activism against child labour.

This 2024 edition had the theme: ‘Let’s Act on Our Commitments: End Child Labour’.

The News Agency of Nigeria (NAN) reports that Devatop Centre for Africa Development is focused on combating human trafficking, gender-based violence and irregular migration, as well as supporting survivors and at-risk youths.

Adaji called on governments, organisations and individuals to intensify efforts in ending child labour and ensuring children’s rights to educ
ation, health and a safe environment.

He emphasised the need for concrete actions and fulfillment of commitments toward eradicating child labour.

‘Governments should enforce the Child Rights Act and provide free and quality education.

‘They should support families with economic opportunities to reduce poverty which is a key driver of child labour.

‘Also, there is need for sensitilisation, public awareness campaigns to educate communities about the harm of child labour,’ he said.

The manager also advised parents and guardians to refrain from engaging children in harmful work or exploiting them for financial gain.

According to him, every child deserves education, protection and childhood free from exploitation.

‘Parents should ensure their children attend schools regularly and complete their education.

‘They should provide a safe and nurturing environment for their children to grow, he said.

Mrs Mienye Badejo, South-West Zonal Director, Ministry of Labour and Employment, in her keynote address, said th
at no child should be exploited in any way.

In the address titled: ‘Our Corporate Responsibility In Promoting and Protecting the Rights of Child Domestic Workers’, Badejo said that children should be treated as children, not as adults.

She said that eradicating child labour required collaboration of everyone.

‘Let us unite in the common cause of ensuring that every child in Nigeria is afforded the opportunity to grow, dream and learn.

‘They should be given the chance to contribute meaningfully to the prosperity of our great nation without the burden of exploitative child labour, ‘ she said.

Earlier, in her goodwill message, Mrs Comfort Agboko, Commander, National Agency for the Prohibition of Trafficking in Persons, Lagos Zone, called on all stakeholders to intensify interventions against child labour.

According to her, there is a difference between child work and child labour.

She said that no child should be reduced to a slave even within the family circle.

The zonal commander said that there was ne
ed to carry out evidence-based interventions with key performance indicators that would directly impact positively on children.

Source: News Agency of Nigeria

The 2024 World Intelligence Expo (WIE) commenced on June 20th in Tianjin. Themed ‘Intelligence: Expansive Development Space, Sustainable Growth Driver,’ the expo was co-hosted by the people’s governments of Tianjin and Chongqing municipalities.

Chinese President Xi Jinping sent a congratulatory letter to the expo, pointing out that AI, as an important driving force for a new round sci-tech revolution and industrial transformation, will have a far-reaching impact on global economic and social development and human civilization progress. In his letter, Xi also noted that China has attached great importance to the development of AI, actively driven the deep integration of the Internet, big data and AI with real economy to cultivate and build the intelligent industry, accelerate the development of new quality productivity, and provide new momentum for high-quality development.

Chen Min’er, secretary of the CPC Tianjin Committee, addressed the opening ceremony of the expo. Wan Gang, chairman of China Associatio
n for Science and Technology, delivered the keynote speech. Hu Henghua, mayor of Chongqing; Wu Zhaohui, vice president of Chinese Academy of Sciences; Liu Liehong, head of the National Data Administration; Long Teng, vice minister of the Ministry of Science and Technology; and Shan Zhongde, vice minister of the Ministry of Industry and Information Technology, addressed the expo, respectively. Tianjin Mayor Zhang Gong presided over the opening ceremony.

In his speech, Chen Min’er pointed out that Tianjin has been adhering to sci-tech innovation and industrial innovation at the same time, actively propelling exploration and practical applications in the realm of AI, and accelerating the development of new quality productivity to better empower its high-quality development and living. Chen added, ‘Leading sci-tech innovation with intelligence, Tianjin will rev up the Rand D and application of some key core technologies, vigorously develop the sci-tech service sector, streamline the supply and demand channels fo
r sci-tech achievements, boost sci-tech and innovation parks to improve their quality and efficiency, and accelerate the inter-sector application of AI to help innovation and breakthroughs in the fields of life science, low-carbon technology, and future research.

According to Hu Henghua, Chongqing is speeding up in digital industrialization and industrial digitization to build itself into a new digital economy highland. The 2025 World Intelligence Expo is scheduled to be held in Chongqing. Hu invited everyone to delineate a new AI landscape together, share golden opportunities during the digitization of Chongqing, and co-build a promising future in the AI era.

Wu Zhaohui suggested strengthening the inter-discipline cooperation to consolidate the AI research foundation, enriching AI scenarios with applets, and deepening industry-institute interactions to build an AI innovation ecosystem.

Zeng Yi, chairman of China Electronics Corporation; Chen Zhongyue, chairman of China Unicom; Yang Yuanqing, chairman and
CEO of Lenovo; and Zhou Hongyi, founder of Qihoo 360 delivered speeches.

Source: News Agency of Nigeria

The Federal Government says it is committed to ensuring that its relations with the EU continues to evolve by actively promoting partnership in all facets of their cooperation.

The Minister of Budget and Economic Planning, Atiku Bagudu, communicated this at a reception held on Friday in Abuja to receive the 11 EU ambassadors to West Africa who arrived from Brussels.

The News Agency of Nigeria (NAN) reports that the ambassadors were received by Ms Samuela Isopi, the EU Ambassador to Nigeria and ECOWAS at her residence in Abuja.

Speaking to the guests, Bagudu, reiterated Nigeria’s commitment to advancing regional cooperation in areas of rule of law, democracy, climate change, migration, amongst others to make life better for the citizenry.

The Minister of Youth Development, Dr Jamila Ibrahim, said that President Bola Tinubu’s administration was committed to empowering young people with the view of making them the catalysts for economic development in the country.

She said that one the approved laudable po
licies and initiatives to be implemented by the administration was 30 per cent inclusion of youths in government.

‘The launch of the presidential initiative on youth enterprise clusters to make young people the drivers of the economy and improve their access to finances is commendable,’ she said.

Earlier, Isopi said that the essence of the gathering was to foster partnerships and strengthen ties.

NAN reports that the 11 ambassadors are expected to hold series of meetings with the Nigerian government and communities during their visit.

Source: News Agency of Nigeria

The Nigeria Employers’ Consultative Association (NECA) says it is preparing a platform for ensuring an opportunity for government to interact with organised businesses for rewarding economic reforms.

NECA Director-General Adewale-Smatt Oyerinde made this known at a news conference on Wednesday in Lagos,

According to him, the organisation will hold Employers’ Summit, expected to drive conversations surrounding the private sector and economic development.

He said that the third edition ‘is apt as it is coming at a time of new reforms.

‘The summit is not basically to interrogate those reforms, but to deepen or share the nexus between the reforms and private sector.

‘Also, it is on how government can actually leverage the agility of the private sector to navigate through these reforms and achieve the desired outcomes.

‘This is a fundamental summit, which time has come to play a major role in the context of the growth of the private sector, economy, and competitiveness of businesses’.

Also, the Chairman of
the Summit, Mr Olumuyiwa Adebayo, said that some of the goals of the summit would include fostering dialogue.

‘In supporting government, it means we need to support them in policies, call it to order when we need to do so and this is always through advocacy.

‘We believe that sharing innovative practices is key between the private sector and government officials.

‘This is because whatever policy we have is only going to be implemented by the private sector as the case may be because it is the engine room for any economy around the world,’ he observed.

In her remarks, the Co-Chairman, Mrs Victoria Uwadoka, said that there must be effective communication and collaboration between the government and private sector for development.

‘We want to work together to develop strategies that will really drive economic growth.

‘Through this summit, we need to reinforce our role as private sector as the engine of national development.

‘We believe that the outcome from this engagement as we have done in other years wi
ll be driven through the government, but we will continue the conversation.

‘Thi is the beginning of a dialogue; this is what the summit is,’ she said.

The News Agency of Nigeria (NAN) reports that the 2024 Nigeria Employers’ Summit would be held between June 25 and June 26 in Abuja.

The theme of the summit is, ‘Economic Renaissance: Harnessing Government Reforms and Private Sector Agility ‘

Source: News Agency of Nigeria

A Non-Governmental Organisation (NGO), the Tabitha-Abimbola Foundation, says providing hope to indigent and disadvantaged Nigerians should not be a task for government alone.

The Founder, Mrs Abimbola Agbebiyi, noted that many citizens across various communities were in search of hope, which could be provided by well-meaning Nigerians ,both at home and abroad.

She said that her foundation was created out of the need to support those in need.

According to her, the foundation started out officially on June 25, 2023 ,and will commemorate its first anniversary on July 10.

The NGO would be re-launched and an office unveiled on the the anniversary , with the theme: ‘Inspiring hope, Transforming lives’, she said in a statement on Thursday.

Agbebiyi said that the foundation had the vision to combat the scourge of poverty that had continued to limit the potential of women (widows, single mothers).owing to lack of access to resources.

She said that the re-launch and the unveiling of office in Ikeja ,Lagos, would
give the foundation a platform to share its vision, introduce initiatives and provide opportunities for collaboration and engagements.

‘Our desire is to bring these women out of devastating situations through our various economic empowerment initiatives.

‘Our mission is to create a world where these persons ,regardless of their background or circumstances ,can have access to essential resources and support.

‘We look for a world where women can make significant contributions in the home and in the society at large.

‘Driven by this passion, we are not just committed to upholding the principles of charity and social justice in our work, but also strive to make these positive impacts by promoting education and healthcare access in underserved communities.

‘One family at a time, until our impact is felt across Nigeria and beyond its shores,’ Agbebiyi said.

The founder said that the foundation was dedicated to helping the poor with special focus on indigent women and less privileged children in the society.

She added: ‘With determination as our driving force, we embarked on a journey of transformation.

‘As a steadfast advocate for change, we have partnered with corporate organisations and individuals to rewrite the story of the marginalised, nurturing a future built on sustainable development.’

Speaking further on the birth of the organisation , Agbebiyi said that the foundation started with project L.E.A.R.N- (A Street to School Initiative).

‘What began as a passion to provide support for indigent women in local communities is slowly evolving into a multi-faceted empowerment and endowment initiative which has continued to expand.

‘At inception, the foundation embarked on a mission to empower indigent women with the resources they need to reach their full potential.

‘But it is taking a step further by delving into uplifting children from economically disadvantaged backgrounds by offering them not only free education, but also providing them with educational materials to aid learning.’she said

According to
her, with reports of school age children roaming the streets increasing at an alarming rate , the foundation decided to join hands with government to bring down the scary number.

‘We are full aware of the various factors responsible for this; from insecurity to poverty, ignorance, gender inequality, religious and cultural influences among others.

‘Our goal is to give the needed educational support to out-of-school children and disadvantaged young people.

‘Every child deserves education in a clean and safe environment. This is our unwavering commitment to their educational journey.

‘In the last 12 months, The TABITHA-ABIMBOLA Foundation has written an inspiring story of impact. Spurred by the testimonies of transformation of lives and guided by our unwavering dedication to humanity.

‘We have touched the lives of women and children, wiping away their tears and putting smiles on their faces,’ she said.

Agbebiyi said that with ‘Project Feed’ ,the foundation had fed many families through the distribution of
food items with the recent one tagged ‘iléyá food pack’

She said that it was carried out in collaboration with the office of the Senior Special Assistant to the President on Community Engagement (South-West), Miss Moremi Ojudu.

Source: News Agency of Nigeria