By Emmanuella Anokam
Abuja, Jan. 14, 2021 The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, on Thursday inaugurated a steering committee for the implementation of the Export Expansion Facility (EEF) to boost non-oil exports.
Adebayo at the virtual inauguration of the committee warned that the economy would remain vulnerable to external shocks with attendant effects of devaluation, inflation and unemployment, if the country did not grow its non-oil exports.
The minister in a statement by his Special Assistant on Media, Ifedayo Sayo, said that export growth was at the centre of the strategy for diversifying Nigeria’s sources of foreign exchange.
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ECONOMY
The Manufacturers Association of Nigeria, MAN, has called on the Federal Government to address the infrastructural deficit in the country to make the nation truly competitive following the take-off of the African Continental Trade Agreement, AfCTA, this month.
MAN also expressed fears that unless proper implementation of the rule of origin, Nigeria may become a global dumping ground.
Speaking with Vanguard, MAN’s Director of Economics and Statistics, Ambrose Oruche, said the government must quickly address infrastructure issues like roads, as well as prioritise manufacturing in terms of interest rates on loans and easy access to imported raw materials.
– Winthrop Aldrich
Coming at a perilous period of a second wave of the debilitating COVID-19 pandemic and a second economic recession in five years, the recent increase in electricity tariff by 50 per cent by the Nigerian Electricity Regulatory Commission (NERC)says much about the inhuman and anti-people policies of the current administration!“Haba, have Nigerians not suffered enough?” a concerned citizen ventilated his anger, as soon the increase in the electricity tariff became a news item.
Of course, we have. If we are not battling against the increase in Value Added Tax (VAT), it is that of the incessant increase in the pump price of petrol in a so called oil-producing country. One does not need rocket science to understand the domino effects such aberrant increases have on the cost of living here in Nigeria. The prices of foodstuffs have skyrocketed. So it has affected that of transportation, healthcare delivery, house rents, communication, even as Nigerians battle again
Vanguard News
Electricity tariff hike: Anger, resentment greet latest plan
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Tunde Oso
Stakeholders in different sectors of the economy have expressed disgust and resentment at the latest plan of electricity tariff hike. Many sectoral leaders have opposed the tariff increase, maintaining it is “ill-timed” and disregards the challenges faced by Nigerians.
Firing the first salvo, the Manufacturers Association of Nigeria (MAN) urged the Federal Government to reconsider, while the Electricity Consumers Association of Nigeria rejected the tariff hike.
Nigerians were ushered into the new year with news of a further increase in electricity tariffs in a Nigerian Electricity Regulatory Commission NERC order signed by the new Chairman, Sanusi Garba and one of its Commissioners, Dafe Akpeneye, which instructed DisCos to increase tariffs effective January 1, 2021.