Business

‘We Won’t Tolerate Excuses on ERGP Implementation’

Published

7 years ago

May 23, 2017

‘We Won’t Tolerate Excuses on ERGP Implementation’

The Federal Government on Monday warned all heads of government agencies that it would not tolerate any excuse from them for not meeting their respective targets in the implementation of the Economic Recovery and Growth Plan.

The Head of the Civil Service of the Federation, Mrs. Winifred Oyo-Ita, and the Minister of Budget and National Planning, Senator Udo Udoma, gave the warning at a dialogue session with Permanent Secretaries and directors-general on the ERGP implementation road map in Abuja.

The ERGP, which was recently launched by President Muhammadu Buhari, has three broad objectives with five key execution priorities.

The objectives are restoring the country to a positive and sustained growth path, investing in the Nigerian people to improve their living standards, and building an economy that is globally competitive.

Oyo-Ita, who spoke first, called the attention of those who attended the meeting to the fact that in the past, the government had not been able to effectively implement some of its programmes.

She said while the Federal Government, through the Ministry of Budget and National Planning, had taken adequate measures to put in place a plan that was acceptable to all stakeholders in the economy, its holistic implementation was mainly that of the public sector.

She said, “Nigeria is known for having wonderful plans but what seems to be lacking is effective implementation. The implementation of government programmes lies with the public sector. I want to appeal to you the permanent secretaries and chief executive officers that this is not the time to pass the buck and make excuses.

“That is why we are meeting with you today and having this dialogue; we don’t want to hear excuses on how the ERGP will not work. What we need now are intelligent ideas on the way forward and I know we will succeed.”

On his part, Udoma said that the plan was the government’s strategy to change Nigeria from a nation of consumers that depended on imports for survival, to a self-reliant country of producers.

The minister admitted that in the past, the implementation of government programmes had not been too encouraging owing to lack of effective implementation strategies.

He added that the current administration was determined to reverse this trend.

Explaining how the economic recovery plan would be implemented, Udoma stated that the first step was for the government to focus on its priorities, adding that this would be followed by the establishment of clear accountability and development of detailed action plans.

He said other implementation strategies would involve mobilisation and allocation of resources to priority areas, creation of an enabling policy and regulatory environment, and setting up delivery units to monitor and drive progress.

The minister stated, “We are developing a road map for a step-by-step delivery of each of the strategies. Each strategy will be further broken down into component activities, sub-activities and actions.”

“Each action will then be supported by clearly assigned responsibilities, which will be sequenced against clear milestones and timelines for ease of monitoring. Accountability for the delivery of the ERGP lies with the lead MDAs for each strategy.”

The Permanent Secretary in the Ministry of Budget and National Planning, Mrs. Fatimah Made, said the ministry was determined to ensure the success of the plan, adding that the need to get more inputs from stakeholders to guide the implementation process informed the dialogue.

She explained that the plan, if effectively implemented, would enable the government to stimulate economic activities.

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Samed Olukoya

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

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Merger and Acquisition

Bitmama Inc. Acquires Payday, Expanding Fintech Footprint in Nigeria

Published

10 hours ago

December 5, 2023

Investors King

Nigeria’s blockchain payments platform Bitmama Inc. has successfully acquired Payday, a virtual card service provider.

The acquisition, facilitated through Bitmama’s cross-border payments product, Changera, signals a pivotal shift in the industry and consolidated the blockchain payment platform by acquiring 100% of Payday’s customer base.

Launched in 2021, Changera is set to absorb key personnel from Payday, spanning various departments like marketing, customer service, and engineering.

While specific details of the financial terms remain undisclosed, a source close to the matter revealed that the acquisition process is approximately “85% complete.”

For the over 300,000 customers formerly under Payday’s purview, the transition to Changera’s care promises a seamless experience, with minimal noticeable changes.

Despite Payday CEO Favour Ori’s integration into Bitmama’s team remaining uncertain, Changera is well-positioned with an established leadership and a robust technical team.

A senior member of Bitmama’s management assured that Payday’s brand will persist but will now operate under the broader umbrella of Changera, supported by its stablecoin infrastructure.

This integration aims to address operational challenges faced by Payday, such as industry-wide charge-back fraud, disruptions in Mastercard services, and the departure of senior team members.

Post-acquisition, Bitmama plans to embark on an ambitious roadmap, including the development of a new solution enhancing foreign exchange (FX) transactions for African businesses.

Anticipated for launch in Q1 2024, this solution aims to facilitate smoother and more efficient B2B cross-border financial interactions.

The acquisition of Payday by Bitmama aligns with the broader trend of strategic consolidations within the fintech industry, reflecting a pattern where companies seek partnerships and acquisitions to overcome market challenges and scale operations.

This move mirrors similar strategic consolidations, including the acquisition of Chaka by Risevest in September 2023, underscoring the industry’s drive towards collaborative growth.

Business

How Much is Dollar to Naira Today December 5th 2023 in Black Market

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 5th, 2023, the dollar to naira exchange rate is 1 USD to 1170 NGN at the black market.

Published

12 hours ago

December 5, 2023

Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 5th, 2023, the dollar to naira exchange rate is 1 USD to 1170 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1170, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1170 and ₦1165 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1170 and sold for ₦1165.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Selling Rate	1165
Buying Rate	1170

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
12/4/2023	US DOLLAR	815.955	816.455	816.955
12/4/2023	POUNDS STERLING	1030.3064	1030.9377	1031.5691
12/4/2023	EURO	883.8425	884.3841	884.9257
12/4/2023	SWISS FRANC	934.3353	934.9078	935.4804
12/4/2023	YEN	5.5522	5.5556	5.559
12/4/2023	CFA	1.5594	1.5694	1.5794
12/4/2023	WAUA	1267.6093	1268.386	1269.1628
12/4/2023	RIYAL	217.5068	217.6401	217.7734
12/4/2023	DANISH KRONA	118.5292	118.6018	118.6745
12/4/2023	SDR	1087.0968	1087.763	1088.4291

Investors King understands that although the dollar to naira opened at N1170 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Tuesday, December 5th, 2023, individuals in the black market purchased one US dollar for N1170 and sold it for N1165. This shows that the value of the Naira declined when compared to Friday, December 1st, 2023 when the local currency was exchanged at N1155 to a Dollar and a Dollar was purchased at N1150.

To stay informed about the dollar to naira exchange rate, there are several reliable sources that you can turn to. Here are some tips for staying up-to-date:

Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

Merger and Acquisition

Oppenheimer Acquires Full Control of Nigeria’s GZ Industries in Bet on Economic Revival

Published

4 days ago

December 1, 2023

Investors King

Jonathan Oppenheimer, scion of South African billionaire Nicky Oppenheimer, has secured full ownership of Nigeria’s largest beverage can manufacturer, GZ Industries Ltd.

Oppenheimer Partners Ltd. concluded the acquisition of the remaining shares from Affirma Capital, formerly known as Standard Chartered Private Equity.

While financial details were not disclosed, the private equity firm previously held a 37.5% stake in GZ Industries, a major supplier of cans to global brands such as Coca-Cola.

The move positions Jonathan Oppenheimer to play a pivotal role in shaping GZI’s growth trajectory in sub-Saharan Africa.

With urban, educated adults in the region leading global sugary drink consumption with 12.4 servings per week, GZI’s strategic importance in meeting this demand is underscored.

Oppenheimer Partners initially invested in GZI in 2018, coinciding with the establishment of a factory in South Africa, where the company now commands a 20% market share.

GZI, a producer of 3 billion aluminum cans annually in Africa, competes with Nampak Ltd., which is currently undergoing restructuring efforts.

Affirma Capital’s exit from GZI aligns with its broader investment strategy in Africa, having invested in 11 companies since 2008, with eight successful exits returning over $800 million to investors.

Jonathan Oppenheimer, part of the wealthy Oppenheimer family, inherits a substantial role in GZ Industries, further diversifying the family’s portfolio, which amassed significant wealth through the 2012 sale of their stake in De Beers for about $5 billion.

The family’s combined net worth is estimated at $9.4 billion, according to the Bloomberg Billionaires Index.

As Nigeria’s President Bola Tinubu outlines ambitious spending plans for 2024, the acquisition positions GZI strategically in a potentially thriving economic landscape.