Economy

We will explore benefits of African Continental Free Trade Area – Oyo Govt.

By Web News 354

By Iyabo Adebisi

Oyo State Governor, Engineer ‘Seyi Makinde, has said that his administration would fully explore the benefits of the African Continental Free Trade Area (AfCFTA) to expand the state’s economy.

The governor stated this at the opening ceremony of the Consultative Forum on the Development of the African Continental Free Trade Area (AfCFTA) Sub-national Implementation Strategy for Oyo State held at the International Conference Center, University of Ibadan.

He said the state would act as a significant player in AfCFTA with a view to unlocking more of its economic potential to provide job opportunities and uplift the people of the state from poverty to prosperity.

The governor added that the Oyo State Government would leverage its geographical location to maximize the benefits of AfCFTA by fostering cordial relationships with other African countries.

Governor Makinde identified seven areas in which the AfCFTA would be beneficial to Oyo State.

Expatiating on the areas, Makinde said: “Since 2019, agribusiness has been one of the key drivers of the Oyo State economy. With cash crops like cocoa, cassava, maize, yams, and cashew nuts, we have agricultural produce that we can export to other African countries. We still have work to do in improving farming methods and adopting technology for value addition. 

“This leads us to point number two: facilitating the establishment of agro-processing industries to convert these raw produce into high-value exports.  

“I must say that this is the route that we have chosen here in Oyo State. We have made it one of our key policies to create an enabling environment for the private sector to thrive. Presently, we are working on constructing agro-industrial hubs. One at Fasola, in Oyo West Local Government Area, which is about 90% complete and the other, which we just started at Eruwa in Ibarapa East Local Government Area.

“We are open to further private public and development agency partnerships.

“A third way that AfCFTA can benefit Oyo State is in trade and logistics.”

The governor added, “AfCFTA’s liberalisation of services trade can benefit Oyo State’s education, healthcare, and ICT sectors. Also, taking advantage of our international border, we can attract students, medical tourists, and tech-based businesses from neighbouring countries”.

“To do this, we have to position Oyo State as a hub for quality education and healthcare services. So, this is one area we should be paying attention to. As I always say, the best thing we can leave behind after our tenure is institutions for the future. Of course, policies drive institutions.”

According to the governor, “AfCFTA provides opportunities for Small and Medium-sized Enterprises (SMEs) to access larger African markets. And here in Oyo State, we have thousands of SMEs. Some are already trading internationally, but with AfCFTA a lot more can be done. The upside is that this will create more job opportunities for our dear state and contribute to growing our economy.”

In a remark, Chairperson of the technical working committee who also doubles as the Special Adviser, International Trade and African Continental Free Trade Area (AfCFTA), Ms Neo Theodore Tlhaselo, said the Consultative Forum on the Development of the African Continental Free Trade Area (AfCFTA) Sub-national Implementation Strategy for Oyo State is mandatory as set by the AfCFTA. 

Secretariat in the crafting of a domesticated AfCFTA strategy to delve into a crucial conversation about future of trade. 

She added that the Oyo State Government has a unique comparative advantage that sets it apart from other states through agribusiness, manufacturing, investment, and market expansion which would add more value to the economy of the state.

In his goodwill message, the Osun State Commissioner for Commerce and Industry, Rev’d Bunmi Jenyo, while promising the Osun State Government’s support to the vision, lauded the developmental strides of Governor Makinde in transforming Oyo State and urged the South West states to prioritize and maximize opportunities to invest in manufacturing, harness opportunities in agriculture and tourism. 

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

2025: Tinubu Presents ₦49.7trn Tagged Restoration Budget to NASS

By Web News 468

President Bola Tinubu, on Wednesday, presented a total budget of N49.7tn to the joint session of the National Assembly.

The budget tagged, “Restoration budget, securing peace and building prosperity.”

Tinubu noted that the budget seeks to restore macroeconomic growth and build the economy.

He commended the resilience of Nigerians amid growing economic indices

“In the year 2024, it was projected at 3.2%, and against predictions of our country, we have made significant progress. Our economic economy grew by 3.46%. The improvement we have witnessed in the year 2024 budget has led all of us into the 2025 budget.”

The president told the joint Assembly of the National Assembly that inflation will decline according to the budget projections.

He also pledged a reduction in Foreign Exchange.

He said, “The budget projects inflation will decline from the current rate of 34.6% to 15% next year. The exchange rate will improve from approximately N1700 per dollar to N1500 and the base crude oil production assumption of 2.06 barrels per day.

“The projections are based upon the following observations. Reduce the importation of petroleum products alongside increased exports of finish, petroleum products, and bumper harvest, driven by enhanced security, reducing reliance on food imports, and increasing foreign exchange influence through foreign portfolio investments.

“I have crude oil output an export coupled will substantial reduction and upstream oil and gas production costs.”

Giving the breakdown, Tinubu stated that Health “Defence and Security will gulp, N4.91tn; Housing, N4.06tn; Health, N2.48tn and Education, 3,58tn.”

He assured Nigerians that the time for lamentation is over and the time to act is now.

Laying the budget, he said, “I hereby lay down the 2025 budget before the National Assembly, titled, ‘Restoration budget, securing peace and building prosperity.”

Punch/Adetutu Adetule

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

Osun, SMEDAN to Forge Partnership for Economic Growth

By Web News 497

By Funmi Ojo

Osun State Government has assured the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN of its partnership.

Governor Ademola Adeleke, who gave the assurance in Osogbo at the opening of the 2024 SMEDAN/MSME Opportunity Fair in the Southwest, said the government and SMEDAN are partners in the growth and development of the national economy.

Governor Adeleke explained that the government has a duty to strengthen the capacities of small businesses by implementing ease of doing business which involves harmonizing taxes, providing infrastructure, opening access to finance and ensuring security for business operations.

He noted that businesses must be strengthened regarding management capacity, branding, marketing and networking which SMEDAN had been acting on. 

The governor commended the management of SMEDAN for its passionate commitment to developing and strengthening small businesses.

He directed the Commissioner for Commerce and Industry to work on the signing of a new MOU between SMEDAN and the Osun State Government stressing that they must forge a very robust relationship to grow small businesses in the country.

Earlier, the Director General of the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, Dr Charles Odii had commended Governor Adeleke for his policies towards enhancing the economy of Osun State.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

Renewed Hope: 250 Oyo State Elders Get 200k Grant

By Web News 447

By Seyifunmi Olarinde

Nigeria’s First Lady, Senator Oluremi Tinubu has presented two hundred thousand naira cash each to 250 Elders in Oyo State under her Renewed Hope Initiative Elderly Support Scheme.

During the second edition of the programme held at the Oyo State Government’s House in Ibadan, Senator Tinubu noted that the welfare programme would support the elders and the vulnerable in Society.

Represented by the wife of the Oyo State governor, Mrs Tamunominini Makinde, she called on the elderly to maintain a healthy lifestyle and always ensure that they get adequate rest and commended the medical personnel who were attending to the elders.

The First Lady identified the lack of good research, documentation and a database as a bane of seeking qualitative health services.

Senator Tinubu explained that the grant had been increased from what was given last year which was 100,000 thousand naira, considering the economic situation and to support the elders during this festive period 

Oyo State Commissioner for Women Affairs and Social Inclusion, Mrs Toyin Balogun advised the beneficiaries to invest the money judiciously by considering investing in some medium-scale businesses.

Some of the elders, The newsletter Editor of the National Council for Women Society, Dr Lanre Sanya, and Mrs Alice Babatunde thanked the first lady for the gesture.

The highlight of the programme was the attending elders’ visit to the medical personnel on the ground at the event for various medical check-ups which included, blood sugar, high blood pressure, and malaria among others.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

Oyo Workers to Receive N80,000 Minimum Wage by January 2025

By Web News 749

By Iyabo Adebisi

Government workers in Oyo State will begin to enjoy the 80,000 naira as minimum wage from January 2025.

A statement from the Commissioner for Information and Orientation, Prince Dotun Oyelade, says the Oyo State Government has reached an agreement with organized labour on the implementation of the minimum wage and consequential adjustments.

The Secretary to the State Government, SSG, Professor Olanike Adeyemo and the Head of Service, HoS, Mrs Olubunmi Oni, led others in signing the agreement on behalf of the government while Comrade Kayode Martins of the Nigerian Labour Congress, NLC and Comrade Bosun Olabiyi of the Trade Union Congress, TUC, alongside other labour leaders signed for the organised labour.

The negotiating council agreed that the new minimum wage salary structure shall be effective nominally from July 1st, 2024 but financially from January 1st, 2025.

According to the commissioner, those who retire between July 1st and December 31st 2024 will have their retirement benefits calculated based on the new minimum wage.

The statement implores all ministries and extra-ministerial departments to be more aggressive in their revenue generation drive to significantly improve the internally generated revenue, IGR of the state.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

Shippers’ Council Applauds Abiodun for Industrial, Infrastructure Drive

By Web News 379

By Bimbola Bamgbose 

The Executive Secretary and Chief Executive Officer of the Nigerian Shippers’ Council, Mr Ukeyima Akutah, has commended Ogun State for its leadership in driving Nigeria’s industrial revolution.

Mr Akutah attributed the achievement to the state’s remarkable performance on the Ease of Doing Business Index.

Speaking during a visit to the Ogun State Governor’s Office in Oke-Mosan, Abeokuta, on Monday, Akutah emphasized that the state’s strides align with President Bola Ahmed Tinubu’s policy agenda to modernize production systems, boost industrialization, and foster economic prosperity and job creation.

He highlighted the Ogun State Government’s significant investment in infrastructure development as a critical enabler of industrial growth, which complements the Federal Government’s efforts toward sustainable transformation and industrialization.

During the visit, Akutah led a delegation of council directors and senior officials to present an Outlined Certificate of Compliance to the Governor for the newly commissioned Inland Dry Port in Papalanto.

The project, flagged off by the Minister of Marine and Blue Economy, Alhaji Adegboyega Oyetola, is expected to further enhance the state’s industrial capacity.

Akutah lauded Governor Dapo Abiodun for his unwavering commitment to fostering a business-friendly environment and for advancing critical infrastructure development to stimulate productive economic activities.

In response, Governor Abiodun expressed gratitude for the Nigerian Shippers’ Council’s support and the issuance of the Certificate of Compliance, noting its importance in the successful take-off of the Papalanto Inland Dry Port.

Describing the port as a pivotal project aimed at decongesting Lagos Ports and boosting industrial activities in Ogun State, the Governor highlighted its strategic role in enhancing the state’s status as Nigeria’s leading industrial hub.

He further explained that the adoption of a Multi-modal Transportation System by his administration would ensure the port’s efficiency and support the Federal Government’s industrialization agenda.

The Papalanto Inland Dry Port is set to reinforce Ogun State’s position as a critical player in Nigeria’s industrial growth and economic transformation.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

Ogun MDA’s Commence Budget Defence

By Web News 310

By Omolara Adasofunjo

Ogun State House of Assembly says the 2025 budget defence by Ministries, Departments and Agencies of government would provide an opportunity for thorough evaluation, transparency and accountability in the allocation and utilisation of public funds to create value for the government’s resources.

The Chairman of, the House Committee on Finance and Appropriation, Mr Musefiu Lamidi stated this in his opening remarks during the commencement of the 2025 budget defence held at the Assembly Complex,  Oke-Mosan,  Abeokuta.

Mr Lamidi, who noted that the exercise was a significant event in the governance process; emphasized that the focus of the exercise was not merely on figures but on the impact of the proposed program and projects of MDAs on the people of the State.

The Committee Chairman also stressed the need for all Commissioners and heads of Ministries, Departments and Agencies to be physically present at the budget defence of their Agencies for them to be in tune with the vision and mission of the appropriation bill.

Defending the ministry’s budget, Commissioner for Women Affairs and Social Development, Mrs Adijat Adeleye, said that N1.050bn had been earmarked for recurrent expenditure, while N468.4m was earmarked for capital expenditure.

She explained that the total expenditure for the next fiscal year stood at N1.5bn; assuring that the ministry would continue to invest in women, men, young and old in a gender-responsive manner through participatory approaches for sustainable development.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

Tax reforms meant to reduce burden  – NOA

By Web News 415

By Mojisola Oladele

The Director General, National Orientation Agency, NOA, Mallam Lanre Issa-Onilu has reiterated that the ongoing Tax Reforms Policies by President Bola Tinubu are aimed at making the tax payment system flexible and less burdensome for Nigerians.

Mallam Issa-Onilu stated this in an interview with Radio Nigeria, Gold FM, in Osogbo, on issues bothering the state of the Nation including the Tax Reform Bills, HIV/ AIDS, Security Awareness and Discouraging Get Rich Syndrome amongst the Youth.

Represented by the Director, Community Development, Mrs Olubukola Olorunfemi, the NOA DG explained that the existing Tax system was old, hence there was a need for a total overhauling, for the benefit of Nigerians.

Mallam Issa-Onilu noted that the four tax bills including the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill and Joint Revenue Board Establishment Bill under consideration at the National Assembly aimed to stop double taxation, reduce the tax burden of low-income earners, make the process simple and transparent.

Speaking on reducing HIV/ AIDS in society and get-rich-quick syndrome amongst the youths, the NOA DG, cautioned Nigerians against unprotected sex and advised them to ensure they know their HIV/AIDS status to curtail the spread of the virus.

Mallam Issa-Onilu admonished youths not to shun the “get rich quick syndrome and to remain focused on their academic, vocational and career pursuits.

He urged parents and guardians to ensure the proper upbringing of their children as this would enhance their future and the well-being of society.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

OSHA Urges Members to Continually Update Public on Government Activities

By Web News 405

By Mojisola Oladele 

The Osun State House of Assembly wants the Ministry of Information and Public Enlightenment as well as the State Broadcasting Corporation, OSBC to keep the Public abreast of government activities and achievements in the state.

The Chairman House of the Assembly Committee on Finance and Appropriation, Mr Saheed Fatunmise and The Chairman, of the House Committee on Media and Public Affairs, Prince Adekunle Oladimeji, gave the advice during the ongoing 2025 budget defense exercise, held at the Assembly Complex, Osogbo.

They described the media as a platform for reliable information, hence, the need for the Ministry to ensure the dissemination of facts and truth to the public.

The Lawmakers emphasized the need for the Ministry to embrace Digital Billboards as another means of information dissemination and cautioned against leakages of government revenue, and also urged the State Ministry of Agriculture and Food Security to ensure proper use of the newly procured tractors and other farm implements to attain food sufficiency across the state.

Exchanging views with Parliamentary Reporters, the Special Adviser to the Governor on Asset Management, Mrs Fausat Bolanle Adebanjo advised people to desist from encroaching into government lands.

Other Ministries Departments and Agencies, MDAs who appeared before the Budget Defense Committee including; the Ministry of Transportation, 

Osun State Agricultural Development Corporation, OSSADEC, Osun State Agricultural Programme, OSSADEP,  Ministry of Lands and Physical Planning, Office of the Surveyor-General, Osun State Capital Territory Development Authority, Osun State Property Development Corporation and Osun Assets Management Agency.

Economy

Debt Profile: DMO Data Vindicates Us – Osun Govt

By Web News 289

By Funmi Ojo

The Spokesperson to Governor Ademola Adeleke of Osun State, Mallam Olawale Rasheed says the data released by Debt Management Office has vindicated Governor Adeleke-led administration on the debt profile of the state.

He said as against the falsehood published by an online news platforms and amplified by the All Progressives Congress (APC), State External Debt according to the DMO has reduced by 15% while Domestic Debt reduced by 42%.

In a statement, Mallam Rasheed noted that the Domestic debt of Osun was 148.37 billion naira as at December 2022 but reduced to 86.06 billion naira as at June 2024 while Foreign Debt as at December 2022 was 91.78 million dollars but reduced to 78.17 million dollars as at June 2024.

He said, the truth remains that Osun State Debt profile has actually reduced under the leadership of Governor Ademola Adeleke in the last two years as data doesn’t lie and cannot be hidden.

“What that means is that the Domestic debt of Osun reduced by 42% and also the External debt reduced by 15% within two years of our administration.

“What this also mean in terms of figures is that Governor Adeleke has paid back #62.31billion as domestic debt and paid off $13.61million in foreign debt, this is the burden the APC led past administration imposed on the people of the state. If this administration didn’t inherit those debt, these said amounts would have been better used for the good people of Osun state.

Mallam Rasheed pointed out that the online medium failed to do fact check adding that Governor Adeleke has not taken any loan.

“There is transparency and accountability in this government. We are concerned about the welfare of the people and we will keep doing that”.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

FG Rolls out National Construction and Household Support Programme

By Web News 329

President Bola Tinubu has approved the National Construction and Household Support Programme during the National Economic Council meeting on Thursday in Abuja.

According to a statement issued by the presidential spokesman, Ajuri Ngelale, the programme is aimed at boosting agricultural productivity, strengthening the economy, and providing immediate economic relief for Nigerian households.

Ngelale added that the programme, which was supported by the NEC, includes financial allocations and infrastructure projects across all geo-political zones in the country.

He added that a key component of the programme is the approval of the N50,000 uplift grant to be distributed to 100,000 families per state for three months.

He disclosed that the programme will also cater to infrastructure projects, including the Sokoto-Badagry Highway, which will traverse seven states and is considered key for agricultural sustainability. He added that the states along this axis form the food belt of the nation.

Other infrastructure initiatives include the ongoing Lagos-Calabar Coastal Highway and the Trans-Saharan Highway. Tinubu also approved full counterpart financing for the Port Harcourt-Maiduguri Railway and the Ibadan-Abuja segment of the Lagos-Kano Standard-Gauge Railway.

In addition to the projects, Ngelale said the NEC approved the allocation of N10 billion to each state and the Federal Capital Territory for the procurement of buses and implementation of the Compressed Natural Gas uplift programme.

According to the presidential spokesman, provisions were also made for labour unions and civil society organizations.

During the NEC meeting, Tinubu urged state governors to collaborate in meeting the needs of citizens and boosting food production in the country.

He said, “Our states must work together to deliver on the critical reforms required of us to meet the needs of our people. Time is humanity’s most precious asset. You can never have enough of it. It is getting late.

“We are ready and able to support you in the form of the mechanization of your agricultural processes and the provision of high-quality seedlings.

“We are prepared to provide solar-powered irrigation facilities to support our farmers across seasons, but we must now produce. We must produce the food our people eat, and it will require coordination and intentionality between members of the National Economic Council (NEC).

“There is nothing we are doing that is more important than producing high-quality food for our people to consume, buy, and sell. We create jobs in the production of it. And that is before we generate wealth by exporting the excess. It is not beyond us to achieve this for Nigerians.

“How much support do you need from me, and in what form? I am prepared to provide it. But we must achieve the result. We must deliver on our targets at all levels. Please report back following your consultations and submit to my office within seven days.”

Punch/ Oluwayemisi Owonikoko

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

Dangote Refinery on Fire

By Web News 236

Report at our disposal indicates that a section of Dangote Refinery located in Ibeju-Lekki, Lagos State, was on Wednesday gutted by fire.

In a trending video, our correspondent saw a cloud of thick smoke billow into the sky from the facility.

A section of Dangote refinery in flames. Source: X

The sound of an explosion could also be heard in the video.

The cause of the fire is, however, yet unknown as of the time this report was filed.

According to Punch, the Group Chief Branding & Communications Officer, Dangote Industries Limited, Anthony Chiejina, confirmed the fire incident.

A section of Dangote refinery in flame. Source: X

“We have swiftly contained a minor fire incident at our effluent treatment plant (ETP), today Wednesday 26th of June,” he said.

Economy

New Exco Takes Charge in Radio Nigeria Staff Unity Multi Purpose Coop. Society

By Web News 384

By Mosope Kehinde

A new executive for the 2024-2025 cooperative year for Radio Nigeria Ibadan Staff Unity Multipurpose society has been commissioned at its 4th annual general meeting.

The executive members are Mr. Adedayo Ajeleti as president, Mrs Anthonia Akanji as vice president, Mr. Ayodele Ojo, Treasurer; Mr Oladimeji Oyeniyi, Secretary.

Others are Mrs. Jacinta Odubanjo, Welfare; Mrs. Olutola Daramola, Ex Officio; Ms Aderonke Olajide, Ex Officio.

Responding, the new president, Mr Adedayo Ajeleti said his team counted on the support of members and appealed that the cooperation enjoyed by past executives would be extended to the new leadership.

The immediate past president of the society, Mrs Olutola Daramola noted with joy that the cooperative society was able to attend to all requests by members. She explained that the largest amount of loan was also disbursed to members in the year under review.
Mrs Daramola said the society embarked on investments which yielded profits, urging the newly commissioned executive to prioritize more investments that are viable and can improve the society.

Mrs Olutola Daramola

Earlier, representative of the Oyo state ministry of cooperatives and investment, Mrs Bunmi Oladewa tasked the new executive on accountability, prudency, fairness and building on the legacies of the immediate past leadership.


The society, with eighty-one members declared over two point one million naira as surplus against the two million naira declared in 2023.

Photos

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

Ameliorate sufferings of masses, Ibadan Residents Appeal to Govt

By Web News 227

By Olawale Asake / Dayo Adu

Fun seekers who visited Agodi Gardens in Ibadan, Oyo State, have urged the Federal Government to find lasting solutions to the current economic hardship which they said is hitting hard on the finances of the poor Nigerians.

They made the appeal while speaking with Radio Nigeria who visited the Gardens and saw people celebrating Eid El Kabir 2024 with their family members.

One of them, Mr Kazeem Adepoju said, he brought his children to the Gardens not because he had enough, but to make them happier during the Sallah, saying, the celebration is once in a year.

On her part, a business woman, Mrs Kafayat Owolabi appealed to Leaders in Government to fulfil the electioneering promises they made and make life bearable for the people.

Mrs Owolabi who thanked God for the grace to witness the Eid El Kabir celebration, called on government to address the issue of economic dwindling.

At the Gardens, fun seekers including parents, youths and Children were seen drinking, eating and catching fun while music was playing for them to rock.

Similarly, fun seekers trooped out to the University of Ibadan Zoological Garden to expend the Eid El fitri holiday.

The fun seekers who are families, groups and individuals assumed relaxing positions to enjoy what the zoological garden facilities offered them.

Some of them who spoke to Radio Nigeria explained that the trip had afforded them the opportunity to ease out stress and meet new friends.

Although, they bemoaned the economic situation of the country which had forced them on low-key celebration, calling on government to tackle the indices inflating prices of goods and commodities in the country. 

They however, expressed the belief that the public holidays declared by the federal government would enable them carry out their personal administration and also bond with their families.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

We Are Determined To Alleviate Hardship among Osun Residents – Adeleke

By Web News 304

By Funmi Ojo

Osun State Governor, Senator Ademola Adeleke says his administration is focused on boosting local economy and alleviating hardship among the people by empowering market men and women as well as artisans.

Governor Adeleke stated this at the official issuance of cash backed cheques running into millions of Naira to cooperatives societies at Ife and Obokun/Oriade federal constituencies.

Addressing Cooperative societies members at Ile Ife City Hall and Ijebujesa town hall, Governor Adeleke said the funds being disbursed to the local cooperatives were designed to support grassroots businesses and to ensure financial inclusion for the vulnerable segments of the society. 

“We are here in pursuance of financial inclusion for artisans and local businesses. Our administration is determined to financially empower our grassroot traders” as “the Cooperative platform provides the best path to achieving our agenda on financial inclusion.

“You would all recall that the first Osun State Cooperative Summit was held in January, 2024. Part of the fall out of the summit was our government’s declaration that a sum of One Billion Naira would be released to the cooperative sector. My government is implementing that decision as can be attested to by stakeholders.

“The Cooperative sector in the state comprises the Federation of Osun State Cooperative Limited  ( FOSCOOP) and the newly established Ward Based Cooperative societies. In effect, there are now a minimum of about 332 Ward based cooperative societies in Osun State all of which have received about One Million Naira each. 

“To date, the amount of loans released to the Federation of Osun State Cooperative Limited (FOSCOOP) is about Seven Hundred Million Naira (N700.000,000) . The loan disbursement is being handled in batches.

Governor Adeleke maintained that his administration had released funds for the rehabilitation and upgrade of the Odeomu Cooperative College and as well directed the Ministry of Cooperative and Empowerment to ensure proper linkage between the College and the state universities to deepen the capacity of the College through academic exchanges in relevant fields.

The Governor urged beneficiaries of the first phase of the loan disbursement to invest it judiciously in their businesses.

“Our government will be following up. We promise to reward beneficiaries who grow their businesses from this exercise. We will not relent in our support to grow the local economy through financial inclusion”.

In a remark, the Ooni of Ife, Oba Enitan Ogunwusi, Ojaja II commended the initiative, describing it as a strong way to reach the grassroots of small businesses.

Ooni Ogunwusi added that the cooperative approach would boost the local economy and provide much needed funds for the small business operators to thrive and survive.

Earlier, the Commissioner for Cooperatives and Empowerment, Mr. Bayo Ogungbangbe noted that this was the first time cooperative movement would be so supported.

Governor Adeleke disclosed that the Federation of Osun State Cooperatives and the 332 Ward based Cooperatives were beneficiaries of the disbursement.

Meanwhile, the governor announced the commencement of distribution of federal and state rice to every segment of the society.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

We are committed to upholding workers’ welfare – Adeleke

By Web News 341

By Funmi Ojo

Osun State Governor, Senator Ademola Adeleke says his administration has paid gratuities a total sum of N4,319,080,056.62 to State local government retirees from December 2022 to date.

Governor Adeleke who stated this at the presentation of 1.5 billion naira Bond Certificates to Pensioners in Osun said total Bonds released to State and local government retirees from December 2022 to date is 12.7 billion naira.

He noted that the total of the bonds surpassed the the total of 11.1 billion naira bonds released in 12 years of past administrations.

“On presentation of bond to retirees from December 2022 to date, our government has presented bond worth Six Billion, Fifty Three Million, Five Hundred and Forty Seven Thousand, Six Hundred and Seventy Five Naira (N6,053,547,675.49) for 930 Retirees.

“From December 2022 to date, including that of today, the amount paid is Six Billion , Six Hundred and Sixty Five Million, Six Hundred and Ninety Seven Thousand, Eight Hundred and Fifty Two Naira (N6,665,697,852.87) for 1,355 retirees.

“Today, I am presenting a total of One Billion , Five Hundred and Eighty Eight Million, Four Hundred and Five Million and Four Naira (N1,588,405,004.85 ) for 247 retirees at state level. For local level, a total of Two Billion , Four Hundred and Twenty Million, Nine Hundred and Fifty Three Thousand, Four Hundred and Twenty Six Naira (N2,420,953,426.71). The total I am presenting as bond today for both states and local retirees is Four Billion, Nine Million, Three Hundred and Fifty Eight Thousand (N4,009,358,431.00)

“I invite us to note as I did on the gratuities payment comparison that my two predecessor for 12 years released bond worth Eleven Billion, One Hundred and Fifty Million, Eight Hundred and Seventy One Naira (N11,150,871,889.00)”, the Governor affirmed.

Governor Adeleke who commended the Head of Service for his ingenuity and efficiency said his administration achieved the uncommon feat by thinking out of the box and by personal sacrifices among his team.

“One method that we employed was to approve the recommendation of the Head of Service to improve on the monthly releases for gratuities and bonds so that we can accommodate as many as we can on a monthly basis. And so what we did was to increase such monthly by 100%. As we speak, regular and full payment of pensions continue unabated”.

Governor Adeleke while reaffirming his government’s commitment to upholding workers’ welfare as the number one priority on his governance agenda, said he will devote time to paying off the pension and half salary debt while also providing succor to the workforce.

Earlier, the Head of Service, Mr. Leye Aina said the Governor was committed to putting smiles on the faces of civil servants and retirees.

In their separate remarks, the representatives of the pensioners, Mr. Gbenga Oyadare and Alhaji Oluwatoyin Ayinde commended Governor Adeleke for not neglecting the retirees by paying their pensions and wage award as and when due.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

French Firm to Support Establishment of Oyo Agribusiness Market

By Web News 287

By Iyabo Adebisi

Director-General of the Oyo State Agribusiness Development Agency (OYSADA) and Executive Adviser on Agribusiness to Governor ‘Seyi Makinde, Dr Debo Akande, has stated that a French firm, SEMMARIS-Rungis International Market, is set to support the establishment of an international wholesale agribusiness market in the state.

He stated this when a delegation of the firm, including its Head of International Projects, Timothée Witkowski and Consultant-Market Specialist, Steve Allen, paid a courtesy visit to the governor in Ibadan.

According to the OYSADA DG, the investors plan to complement the Makinde administration’s efforts in the agribusiness sector with the establishment of the market, which would be a major market for agribusiness and for farmers.

He added that the investors had, before the visit to the governor, gone round the state to see the infrastructure built by the governor in the last five years, the Fasola Agribusiness Industrial Hub and major markets in the state.

Akande said: “What they plan to do is to support us in establishing the International Wholesale Agribusiness Market in Oyo State, most likely in Ibadan.

“This is to complement a lot of work the governor has been doing in agribusiness in the state. This will be a major market for agribusiness and for farmers as well. They have gone round to see most of the facilities that have been built by the governor in the past five years. They have been to lseyin-Moniya road, Fasola Agribusiness Industrial Hub, Bodija Market, Akinyele Market and others to see what is currently on ground and what they can do to advance on that.

“What they have in France, which we are mirroring ourselves after, is a global market, the largest wholesale market globally and we have seen it. If you go there by 5 a.m, you won’t see anybody because most of the products in that place have been taken by trailers, moving to diverse places in Europe.

“So, we are anticipating that the growth of agribusiness and agriculture within our state would demand us to have that kind of a centralised system for the wholesale agricultural market. We are building and developing the foundation and when things grow as we are building agricultural industrial hubs in different locations including Fasola, Eruwa, Ijaye, this would be needed and would be required.”

The OYSADA DG added that the direct benefit of the wholesale market to the people of the state is that the state is becoming highly industrialised and also helping to develop a systematic approach to what farmers in the state would be producing.

“If a big company wants to come and buy two million tonnes of cassava or yam packed, where will they be getting them from? Currently, they source from different farms and villages, but they would not need to do that any longer because most of these things would be centralised in a place where the farmers can sell them.

“The farmers will have companies to sell to and these companies can now sell to big companies, which is the concept behind wholesale.

“If you have a large company that is interested in using cashew, use soya beans or process products as well, it knows the centralised place to come and pick in high volume. It is not now to go to different farms and villages to get 2 tonnes, 3 tonnes and what have you. And this means access to markets for our farmers. It means our farmers will now have access to sell their products at a good price.”

He maintained that apart from the infrastructure and facilities put in place by Governor Makinde, the state has improved security with the creation of the Oyo State Security Network Agency codenamed Amotekun, while it has also been increasing its resources on security and will continue to do so.

Earlier, SEMMARIS-Rungis’ Head of International Projects, Witkowski, said Oyo State had great potential and that its central location and the efforts of Governor Makinde had made it a strategic location for the development of wholesale infrastructure for food supply in Nigeria.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

NGO Distributes Food Items to 500 People

By Web News 547

By Funmilola Obagbayegun

The increased level of poverty amidst the current economic challenges warrants more care for the less privileged. 

Chief Executive Officer of a non-governmental organization, Hope of Praise Foundation, Mrs Tinuola Babafemi gave the advice in Ibadan during distribution of food items to 500 people at Oke Bola. 

 Mrs  Babafemi explained that the exercise was borne out of the determination to help the vulnerable in the society, especially in the light of the present economic situation rocking the country. 

Mrs Babafemi said hunger has taken toll on the poor, and urged well meaning Nigerians to do more to help indigent Nigerians. 

Beneficiaries of the food distribution which included men, women and children, expressed gratitude to Hope Foundation for the milk of kindness. 

Items distributed are beans, rice, garri and vegetable oil

Economy

FCCPC Makes Fact-Finding Mission to Markets in Osun

By Web News 431

By Mojisola Oladele

The Federal Competition and Consumer Protection Commission, FCCPC, visited some major markets in Osun State on a fact-finding mission to ascertain the factors responsible for the hike in food prices.

Radio Nigeria correspondent reports that the officials of the Commission visited Olufi Market in Ayedaade Local Government and Ifon Market in Orolu Local Government areas of the state.

The FCCPC South-West Zonal Coordinator, Mrs Janet Odo said the visit was to interact with traders’ associations and marketers to ascertain the factors responsible for the continuous hike in food prices in the country.

Mrs. Odo said the commission’s surveillance findings revealed that wholesalers and retailers were allegedly engaging in conspiracy, price gouging, hoarding, and distorting competition in markets across the nation.

She stressed that the visit was to verify the allegations and also sensitize traders on fair market prices.

Mrs. Odo said the FCCPC officials were able to interact with traders, consumers, and those in supply chains to determine the main cause of the hike in food prices.

She emphasized that the commission’s priority remains to unlock the markets and address key consumer protection and competition issues affecting the prices of commodities in the food sector.

“The whole essence is to ensure that the competition and consumers’ protection aspect of our mandate is being executed to ensure that consumers get fair pricing of food commodities.”

“We have been able to gather some facts in the two markets visited, and it will be collated, reviewed, and used as a point of advising the Federal Government.”

In separate interviews ,the leader of the market women association at Olufi Market, Mrs. Bukola Ogunyinka and the leader, market men association in Ifon Market, Mr Muniru Adeyeye, who explained that the hike in food prices was not the fault of the traders, claimed that the removal of the fuel subsidy led to increase in prices of food items.

“We are not the ones inflating the prices of food items. The removal of fuel subsidy, which is reflected in the cost of transportation, is responsible for this.” Mr. Muniru Adeyeye

Also a student, Mary Adetoye, who was in the market to buy food items, said the prices of the food items was getting out of the reach of the poor and appealed to the government to urgently intervene in the situation.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

Oyo Unveils Plans to Train Youths

By Web News 242

By Iyabo Adebisi

Oyo state government has rolled out a mega empowerment programme to train and equip 500 youths with basic entrepreneurship and business management skills across 33 local government areas in the state. 

The commissioner for Youth and Sports Development, Miss Wasilat Adegoke announced this during a press conference at the Governor’s office, Ibadan.

She stressed that beyond development of sporting activities, other aspects of economic development of youths for self-reliance has always been prioritized by the current administration. 

Miss Adegoke also explained that the pilot scheme would target young graduates from tertiary institutions with a starter pack provided for them by the state government upon completion of the programme, noting that a link would be provided for them to apply online.

A Director of Youths Development, at the ministry of Youths and Sports, Mrs Kudirat Mustapha disclosed that 15 beneficiaries would be selected in each of the local government areas of the state through a transparent, credible process for the programme. 

An implementing partner for the programme, Dr. Jasper Ezenwaka assured that their firm would provide technical support cutting across financial and business sustenance skills, skills to boost their employability as well as leadership and mentorship tutelage amongst others 

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

2,822 Entrepreneurs in Ogun Benefit from Naira Operational Grant

By Web News 287

By Oluwatoyin Adegoke

2,822 entrepreneurs in Ogun State have benefited from the second phase of the 1billion Naira Operational Grant for Micro and Small Scale Enterprises.

The programme is part of measures to cushion the effect of Covid-19 on people of the State.

The first disbursement was done in 2023, during which 1,000 entrepreneurs in micro enterprises received N100, 000 each, while those in the small scale categories received N350,000 each. 

Speaking during the Symbolic Cheques presentations to beneficiaries, Governor Dapo Abiodun, represented by his Deputy, Mrs Noimot Salako-Oyedele, said small scale enterprises remained crucial in the process of promoting entrepreneurship, fostering innovation, and driving inclusive economic growth.

Governor Abiodun explained that beneficiaries were carefully identified as genuine entrepreneurs nominated by key stakeholders in the society.

While appreciating President Bola Ahmed Tinubu for initiating the scheme, the Governor promised that the disbursement would be extended beyond initial June 2024 closing date, urging beneficiaries to use the grants wisely and responsibly.

Earlier, the Commissioner for Finance, Mr Dapo Okubadejo had pointed out that the disbursement, was aimed at mitigating the effect of COVID-19 pandemic and providing support for small and medium scale business owners in the state.

He implored them to make judicious use of the money, to serve as social as protection for the poor and vulnerable members of the society while supporting their ventures, especially agricultural businesses. 

Also,the Speaker ,Ogun State House of Assembly, Mr Oludaisi Elemide implored beneficiaries not to see the grant as national cake but to use it for the purpose it was meant for. 

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

OYHA Approves Makinde’s Request to Secure N10bn Loan

By Web News 279

By Mosope Kehinde

The Oyo State House of Assembly has approved the request of Governor Seyi Makinde to access N10billion loan facility to provide counterpart funding for World Bank Assisted projects UBEC-SUBEB matching grant.

The approval was sequel to a letter of request sent to the Oyo State House of Assembly by Governor Seyi Makinde.

The letter read by the Speaker, Mr. Adebo Ogundoyin indicated that the State counterpart funding was required to facilitate the release of donor funds to Oyo State 

According to the letter, World Bank Assisted Projects are meant to complement the drive by the Oyo State Government to improve the welfare of the citizens of the State.

The facility which is to be secured from Fidelity Bank is repayable for a period of 30months.

In their deliberations, some of the lawmakers who spoke on the request expressed concern on the state of the economy across the country which has made life virtually unbearable for citizens.

They therefore appealed to Governor Makinde to continue to give priority to projects and programmes that will enhance the living standards of the people.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

Crusade against Dollarisation: EFCC Asks Embassies to Charge in Naira

By Web News 287

The Economic and Financial Crimes Commission has read the Riot Act to foreign missions based in Nigeria, banning them from transacting in foreign currencies, and mandating the use of Naira in their financial businesses.

The EFCC has also mandated Nigerian foreign missions domiciled abroad to accept Naira in their financial businesses.

The move, the EFCC noted, is to tackle the dollarisation of the Nigerian economy and the degradation of the naira

The anti-graft commission, in an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” expressed reservations and displeasure “regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar(s).”

In a letter dated April 5, 2024, which was addressed to the Minister of Foreign Affairs, Ministry of Foreign Affairs, the EFCC Chairman, Ola Olukoyede expressed dismay over the invoicing of consular services in Nigeria by foreign missions in dollars.

The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which makes currencies issued by the apex bank the only legal tender in Nigeria.

The letter read, “I present to you the compliments of the Economic and Financial Crimes Commission, and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar ($).

“This practice is an aberration and unlawful as it conflicts with extant laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.

“It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’.

“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.”

The commission added that the refusal by some missions to accept the naira for consular service in Nigeria and also comply with the foreign exchange regulatory regime in fixing the exchange of the cost of their services is not only illegal but represents an affront to the country’s sovereignty symbolised by the national currency.

Such a situation, EFCC added, undermines Nigeria’s monetary policy and aspiration for sustainable economic development.

The letter continued, “This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.

“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”

Such a situation, EFCC added, undermines Nigeria’s monetary policy and aspiration for sustainable economic development.

The letter continued, “This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.

“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”

Punch/Simeon Ugbodovon

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

AOFAW Empowers Women with Grants, Tools

By Web News 459

…National Matron, Dr. Afolashade Shona bags Business Woman of the Year Award

By Olawale Asake

A Non-Governmental Organisation under the auspices of the Association of Female Artisans Worldwide, Nigeria, AOFAW, has initiated plans to empower all groups of skilled women Artisans in the country

It is part of AOFAW’s bid to rid the society of poverty, especially among the female gender in Nigeria, a move led by AOFAW’s National President, Dr. Jumoke Aborode, with a vision of empowering all groups of skilled women Artisans in the Country through financial assistance, establishing Skills Acquisition Centres and Commercial Hub for them to perform their trades.

National Matron of AOFAW, Dr. Afolashade Shona disclosed this while fielding questions on a Radio Live Programme in Lagos.

Dr. Shona said empowering Nigerian Women Artisans in Tailoring, Catering, Hairdressing, Makeup Artists, and other female-dominant skills would make them contribute meaningfully to national development and be self-sufficient in Society, saying the Association has been assisting young women economically to enhance their livelihood.

She added that the empowerment programme is targeting every Woman all over the 36 States of the Federation, who will need to form groups in line with their skills so that they would have access to affordable grants and training.

Dr. Shona stated that the Association has some Centres in Ondo State already where many women are benefitting from the gesture extended to them by the Association of Female Artisans Worldwide, Nigeria, urging other States to expect the same in the interest of all.

The Matron of AOFAW noted that the Association is also sponsoring some young women to the College of Education on Scholarship as part of ways to contribute to national development, devoid of crimes and criminality being caused by Women due to lack of poverty or idleness.

She advised women to always strive for the best in society, irrespective of background and status, saying once they are hardworking, intelligent, diligent and trustworthy, they would stand tall in Society and become a force to reckon with.

She added that all that the Association is doing is through self-efforts of like-minds who want society to be a better place for women to live and prosper in it.

On the issue of hike in the prices of Commodities in the Markets across the Country, the Entrepreneur and Philanthropist said the government needs to work on the Naira Depreciation to Dollars which she said has contributed to the current economic challenges confronting the nation while citizens are suffering to make ends meet.

Dr. Shona appealed to the Traders and Artisans to be moderate without adding to the unnecessary prices to the goods they purchased at a very lower rate.

In another development, Dr. Shona was recently honoured with an Award as the Business Woman of the Year at City People Awards for Excellence 2024 held in Lagos State, which is in addition to many other Awards she has received in various areas including education,  and service to humanity.

She appreciated her husband for being an ever-supportive man in her life, describing her as the Pillar of Support, the Kabiyesi who always encourages her to do more for humanity, with a promise not to relent but rather, she will continue to contribute to progress and prosperity of humanity.

The Multiple Award Winning Entrepreneur, Manufacturer, Lover of Children and Human Capital Development, Dr. Afolashade Shona who is also the Yeye Atorise of Ikeja High School, Lagos, is a business leader with zero tolerance for low performance whose business interests include Amusement Parks and Food items manufacturing.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

Customs Seizes Goods Worth N380M in 23 Days

By Web News 340

By Olusegun Folarin 

The Nigeria Customs Service says efforts are ongoing to tackle identified challenges hindering the flow of business across the country’s land borders as Ogun Area One Command records 380 million Naira worth of seizures within 23 days.

The new Customs Area Controller, for the Command, Mr James Ojo stated this in Abeokuta, while giving account of his achievements since assumption of office about three weeks ago.

He also announced that the command generated more than 14 million Naira as revenue through baggage assessment and auction sales of intercepted petroleum products.

Mr Ojo lamented that the persistent smuggling of contraband items would continue to hamper the nation’s economic growth and promised that those carrying out legitimate trades would be given the necessary support to thrive.

While warning those he described as economic saboteurs to desist from smuggling and embrace legitimate cross-border transactions, the Customs Area Controller said government’s policy on the prohibition of rice importation through land borders would help to boost local production and self-sufficiency.

He restated the dangers of allowing cannabis sativa and foreign-used pneumatic tyres into the Nigerian markets also announced that  a total number of 103  seizure were made during the period under review.

The items listed by Mr Ojo included  1,309 parcels of cannabis sativa, 1,596 pieces of foreign used pneumatic tyres; 2,922 bags of foreign parboiled rice of 50kg each and 32 bales of used clothes.

Other intercepted contraband items on the list were 1,643 Cartons of frozen poultry products, and 22,600 litres of Premium Motor Spirit.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group