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FG Provides Update on Ease of Doing Business Index Effort

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  • FG Provides Update on Ease of Doing Business Index Effort

In response to the World Bank’s Ease of Doing Business Index which rates Nigeria 169 out of 190 countries surveyed, the federal government through Presidential Enabling Business Environment Council (PEBEC) has provided updates on its effort to move the country 20 places up the standings before the end of the year.

Nigeria was adjudged one of the most unfriendly countries for businesses by the World Bank after scoring low on business enabling indicators such as trading across borders, payment of taxes, getting electricity, resolving insolvency, registration of property, getting credit and starting a business. Nigeria was 94th on the index in 2006.

Speaking at the March edition of the business dialogue organised by the Nigerian-American Chamber of Commerce in Lagos with the theme “Improving the ease of Doing Business in Nigeria”, Coordinator PEBEC and Senior Special Assistant to the President on Industry Trade and Investment, Dr. Jumoke Oduwole said the council has already swung into action and is being backed by the political will of President Muhammadu Buhari.

According to her, the council early this year gave the secretariat a task of coming up “with things that could be done within a short time to make an impact on our ranking at least 20 spaces this year. On 21st February, the council approved a 60-day national action plan.”

On what has been done so far, she said, “on starting of business, we promised reduction of registration time from ten to two days, which has been one. We are working with the states on reduction of time cost for registration of property. On electricity, the part that concern getting connected to the grid, the minister has given directives to the DISCOs to reduce the number of steps from nine to five.

On getting credit, we are working with the legislators to pass two critical bills within the next 30 days on the collateral pedigree and credit bureau to make sure that SMEs can have better credit access. On taxing, there has been lot of e-filling reforms and engagement. FIRS was on a tour of office training on all the steps that can be taken on the software and took feedback on usability issues from accounting firms that use the software.

Oduwole stated that among other measures, the president has issued a directive to reduce the amount of documents required for clearing goods at the ports.

“On importation, we found that Nigeria has about four forms unlike other countries and two other forms. The President has issued a directive that it should be reduced. Also, the new consolidated immigration form contains 15 questions, which is global standard for everybody departing. Nigerians don’t need to fill anything while coming in unless they have something to declare to the Customs.

We are working and supporting FAN and the Federal Ministry of Aviation to solve issues such as budget constraints, equipment, single window project for the sea port and airport: port community communication. All these works are ongoing. On starting a business, CAC and FIRS have integrated their portals so business registration is now easy. Please do notice the little changes. It will take time, but bear with us. We are working to make this climate conducive for business.” she said.

On his part, President of the Nigerian stock Exchange Mr. Aigboje Aig-Imoukhuede challenged the government to work on attitudinal change of agents delivering public services to ensure quality delivery.

The former Access Bank boss said the bank attained growth by committing itself to quality service delivery, hence Nigerian government must to see itself as a company that delivers services to customers and as such train its agency personnel in order to gain the trust of Nigerians.

“I don’t think we can change our ease of doing business rankings without changing the attitudes of those who lead our service delivery. For instance, until the Customs man says ‘beyond catching smugglers, I would cry with every importer whose goods are unduly delayed in our ports,’ we are not providing services. We are currently trapped in this constraint of our political and social dynamics where those who govern don’t understand that their job is to serve. It is that attitude that must change. Otherwise, it would be one step forward and Customs or Immigration taking twenty steps backward,” he stated.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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