We’re Reforming Economic, Business Environment To Promote Efficiency – Tinubu

President Bola Tinubu says his administration is working assiduously to reform the nation’s economic and business environment to promote efficiency. Tinubu said this on Sunday during a bilateral meeting with the Chancellor of the Federal Republic of Germany, Olaf Scholz and his entourage, in the Presidential Villa, Abuja. Tinubu and the chancellor engaged in three separate meetings before addressing a joint press briefing. According to the Nigerian leader, the country has a very high deposit of gas availability and the investment environment as well as liquid natural gas is improving. Tinubu said his administration had improved the nation’s business environment, saying, “we are going through several reforms.” He also said that Nigeria was ready to encourage investment in gas pipelines and that the LNG would facilitate the shipment of liquefied gas to Europe. According to him, the government will continue to promote the opportunity for the growth of businesses and their partners. Tinubu said, “We are reforming our economic and business environment to promote efficiency. “You might have read or been aware that we have removed oil subsidy. “We’re going through tax reforms to eliminate double taxation and give you better returns on investments.” According to the president, there are principles that will ensure that investment grows well and is protected. He added, “We definitely welcome you to the collaboration; we’re happy this is happening to us. “I believe that my friend will add more to the value of Nigeria’s environment; we have discussed that. “I’ve made a commitment to you that we’ll promote efficiency, ease of doing business and remove all conflict areas that might be possible immediately.” On the Federal Government’s alleged refusal to retrieve over 12,000 Nigerians who were unable to make Germany’s asylum provision and were at risk of deportation, Tinubu said that such persons were welcome to return home. He, however, disclosed that both countries were working on regularising the stay of those who were economic refugees.” The president said there was a very deep discussion in this direction, urging the separation of economic refugees from real refugees. “We have a programme, to work in partnership, to really ensure normal migration and deepen the relationship in that area. “I’m not making any demands; if they are Nigerian citizens, they are Nigerian citizens and they are welcome back home. “Nothing should send them away; we are ready to enter into a partnership to improve the migration situation. “Since other young and vibrant people can go through the process according to the immigration law of the country, to accept them as long as they are of good behaviour and good character. “We are ready to work together in that direction,” Tinubu said. Also responding to the migration question, Scholz said the debate was on and, very soon, the grey areas would be addressed. He said, “The first is yes, there is a need, in Germany, for people that have talent and that want to work in our country in a way which is a regular path for migrants. “We are working intensely in this field and we want to get (make) more progress and get things agreed in detail. “The second part of this is also an agreement that those who do not have the right to stay in my country can go back and should go back. “But this is where cooperation is also important; we will do so and it will be an important aspect of our work together.” The German chancellor regretted that minerals were ‘just about extraction’ as they ended up in other countries rather than for Nigeria’s development. “It is also important that we use the way of developing your economy in the fields of the minerals you have. “I think that the investments into this structure must be easy but also beneficial for your country. “It is something that bothered me a lot in the past that, sometimes, it is just about extraction which is not enough. “There should be one bit more for making it feasible that some parts of the economic development can be used in the countries of origin. “This is not the case today in our world but, if we change this a little bit, it will change a lot and work on this field is also important for us.” According to Scholz, a lot of investments have to be taken, adding,” looking at infrastructure; it’s not just about roads and railways. “It is also about electricity, the infrastructure using the grid, making it feasible that all the produced energy or the power that is already there could go to the people. “Finding a way how we can develop the economy in this field will also be important.” 

SMEDAN Empowers 40 Entrepreneurs With Laptops, ICT Skills

The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) has trained and empowered 40 entrepreneurs with Information Communication Technology (ICT) and digital skills in Ebonyi. The Director-General of SMEDAN, Dr Olawale Fasanya, said this during the closing ceremony of a three-day training and empowerment programme held in Abakaliki on Friday. The programme was targeted at young entrepreneurs to improve micro small and medium enterprises. Fasanya, who was represented by Mr Chigozie Asochukwu, SMEDAN Coordinator in Ebonyi, said that the importance of ICT in doing business cannot be over-emphasised. He said the empowerment programme, which was in collaboration with Dole International Company Ltd., was aimed at giving business owners e-commerce know-how to increase their contributions to the nation’s GDP. He reiterated the agency’s commitment to business growth, urging the beneficiaries to practice what they had learnt. “This will go a long way in enhancing productivity, customer engagement and give the entrepreneurs a competitive advantage in doing businesses. “It will help in digital knowledge and tools needed to grow businesses online as well as enable efficient communication, data management and analysis. “This is a three-day training and the participants were engaged in three module including Google digital skills, digital market fundamental and business formalisation,” Fasanya said. Mr Njoku Ozoemena, who spoke on behalf of “City Boys Movement”, said the training became necessary to enhance e-commerce in the country. Ozoemena hailed the Federal Government for putting up the programme and urged the trainees to utilise the knowledge. One of the beneficiaries, Kelechi Njoku, lauded SMEDAN for exposing them to modern skills for business and pledged to utilise what she had learnt. The agency later gave laptops to the trainees to enable them promote their businesses. 

GTCO’s H1 profit before tax increases by 217%

Guaranty Trust Holding Company Plc, has reported a profit before tax of N327.4billion, representing an increase of 217.1 per cent over N103.2billion recorded in the corresponding period ended June 2 The group released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group’s loan book increased by 22.8 per cent from N1.89 trillion recorded as at December 2022 to N2.32 trillion in June 2023, while deposit liabilities grew by 37.0 per cent from N4.61 trillion in December 2022 to N6.32 trillion in June 2023. The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N8.5trillion and N1.2 trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.7 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.6 per cent in June 2023 from 5.2 per cent December 2022, however, Cost of Risk (COR) closed at 3.7 per cent from 0.6 per cent in December 2022 owing to worsening macros which caused significant increase in ECL variables. The Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said; “Our half year audited results reflect the strong business fundamentals underpinning the GTCO franchise, the quality of our past decisions in future proofing our balance sheet for challenging times, and the sound practices that guide our day-to-day operations. “Despite the challenges in the business environment, notably inflationary pressures and exchange rate fluctuations, we are starting to see the gains in the transformation of our businesses following our transition to a Holding Company structure. Improved profitability and a solid performance across key metrics reflect efficiencies and justify the investments we continue to make in technology, product development, and our people.”  “We recognise the impact prevailing economic and market conditions have on people and livelihoods and we remain committed to seeking better outcomes for our customers by ensuring that our products and service offerings support our customers and their businesses through their evolving realities, whilst also taking every opportunity to optimise stakeholder value,” he added. Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 61.4 per cent, Pre-Tax Return on Assets (ROAA) of 8.8%, Full Impact Capital Adequacy Ratio (CAR) of 24.7 per cent and Cost to Income ratio of 27.7 per cent. GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside new businesses in payment, funds management and Pension Fund Administration. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.