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page 17 Brexit poses danger to Nigeria’s economy – Industrialists By Francis Arinze Iloani The Abuja Chamber of Commerce and Industry (ACCI) has said that…

page 17

Brexit poses danger to Nigeria’s economy – Industrialists

By Francis Arinze Iloani

The Abuja Chamber of Commerce and Industry (ACCI) has said that Britain’s decision to leave the European Union (EU) will have negative results on Nigeria’s economy.

Analysing the effect of Britain’s exit from the EU (Brexit) in Abuja, the President of ACCI, Mr Tony Ejinkeoye, said that the bilateral trade between Nigeria and the UK, currently valued at 6 billion pounds and projected to reach about 20 billion pounds by 2020, may be disrupted as trade agreements contracted under the umbrella of the EU have to be renegotiated.

“Data from the National Bureau of Statistics shows that the UK was Nigeria’s largest source of foreign investment in 2015. A decelerating British economy could impact a drop in investment, trade, and also remittances from the Nigerian diaspora who sent home over 20 billion dollars in 2015,” he said.

Ejinkeonye said that Brexit will no doubt create anxiety for Nigeria’s policy makers due to slide in global markets at this time that Nigeria is trying to revive the economy which is at the edge of a recession and only recently liberalized her foreign exchange market.

He said before now, the foremost assessment among foreign policy analysts around the world is that the exit would reduce rather than enhance the UK’s standing and influence.

“Now that the referendum has taken place, the first practical impact of Brexit is that the pound and Euro is already falling against the dollar on the foreign exchange markets, which is encouraging for the Naira,” he said.

He said the markets anticipate that Brexit may be bad for the economy and investors are likely to move their money out of the UK and Nigeria may benefit.

“In addition, reduced trade and investment from Britain may not necessarily be taken up by the rest of the EU,” he said.

He said that a shrinking UK economy would definitely have a significant impact on aid programmes to Nigeria, especially DFID programmes, which have been a burning political issue in the UK.

FMBN, Aso Savings to solve housing deficit

By Daniel Adugbo

The Federal Mortgage Bank of Nigeria (FMBN) has urged Aso Savings and Loans Plc to speed up the packaging of National Housing Fund (NHF) loans for estates funded by the bank.

Acting Managing Director/ Chief Executive, FMBN, Mr. Richard Esin, gave the advice when Aso Savings & Loans Plc paid a courtesy call on the bank.

Esin said there was need for collaboration between the two organizations particularly in addressing the housing deficit in the country.

Responding, the Managing Director, Aso Savings & Loans Plc, Mr Adekunle Adedigba sought for a partnership with the FMBN and pledged his commitment to work with the bank to achieve the long term objective that existed between the two organisations.

NITDA to setup e-libraries in Plateau

By Zakariyya Adaramola

The National Information Technology Development Agency (NITDA) will help Plateau State build human capacity and equip all the secondary and tertiary institutions across the state with e-libraries, the state Deputy Governor and NITDA Acting Director General have jointly announced.

Prof. Sonni Tyoden and Dr Vincent Olatunji told journalists during former’s courtesy visit to NITDA in Abuja apart from the introduction of electronic libraries (e-libraries) , the agency would also build the ICT capacity of the students to enable them get abreast with global trends in ICT development.

“We felt that we should come and interact with the agency and see what value it can add to governance and social economic development in Plateau state,” Prof Tyoden said.

Dr Olatunji said NITDA would also help the state to draft an ICT policy that is in accordance with modern needs and realities.

Royal Ceramics signs pact with dealers on exclusivity

By Abbas Jimoh

A foremost tile manufacturer in Nigeria, West African Ceramics Ltd. has signed agreements with major building material dealers on store exclusivity in notable building material markets across the country.

Spemann of the organisation, Emmanuel Udoro, said yesterday in a statement that the exclusivity store initiative which has many dealers signed-on across the country was demonstrated with the inauguration of the first Royal Exclusive Store in favor of Uche-Tex Links Ventures, a major building material dealer at the Mararaba Building Material market in the outskirt of Abuja.

He quoted the General Manager, West African Ceramics Ltd Mr. Bhaskar Rao during the launch as saying: “The Royal Exclusive Store is a one-stop shop for all products under the Royal brand stable which will no doubt elevate the trade experience of our dealers to a whole new modern level.”

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