- Govt Begins 60-day Action Plan on Ease of Doing Business
The Federal Government will on October 2 begin another 60 days action plan on the ease of doing business in the country.
Minister of Industry, Trade and Investment Okechukwu Enelamah, stated this at the end of an expanded Presidential Enabling Business Environment Council (PEBEC) meeting at the Presidential Villa in Abuja. The meeting was chaired by Vice President Yemi Osinbajo.
Enelamah said: “We have had a very success enabling business environment council meeting. It was an expanded meeting where the Chief Justice of Nigeria was there, representative of senate president, Lagos and Kano governments and all the key ministers and heads of agencies were there.
“It was a stock taking meeting. We have taken stock of what we have achieved already, the journey so far with a plan on the way forward, the idea being that we want to have a second round of the national action plan which is is even more ambitious than the first one. We really want to make it easy for people to do business in Nigeria.” he said
Secretary of PEBEC Dr. Jumoke Oduwole said the National Competitiveness Council of Nigeria is collaborating with the council on the subnational project.
According to her, the council is working with all the states and the FCT in order to make sure that the states are involved.
She said “We are taking ease of doing business state wise. And we are collaborating widely with the private sector, all state governments, the National Assembly.
“We are going to have an omnibus bill that will wrap up all the irritant but most importantly, we are lunching a new 60-day action plan starting from 2nd of October running to the 30th of November and we are going to have the press pack that will contain all the reforms that all the MDAs are going to be working on.
“It’s going to be a very exciting time and we are looking forward to tangible deliverables for the Nigerian people.
“We are targeting SMEs. We want the business climate to be simpler, you don’t need to know anybody to do business effectively in Nigeria. Larger companies ally of the time have different kinds of problems, we want systemic change for small and medium size enterprises. We had the acting DG of NAFDAC, DEC, DG of SON, we had heads of police, immigration, customs, ports authority, the airport, the judiciary.
Senator Bala Ibin Na’allah, who represented the Senate President, Bukola Saraki, said the National Assembly would not fail to support moves to ease doing business in Nigeria.
Barclays Tell High Net Worth Investors to Shun Africa and Other Emerging Economies
Barclays to High Net Worth Clients, Stay Off Africa and Other Emerging Economies
Barclays, one of the world’s largest investment banks, has started advising high net worth clients to stay off Africa and other emerging economies.
According to Barclays, despite the recent recovery noticed in emerging-market stocks, investors are better off avoiding the risks that still abound in emerging nations. Barclays Plc, however, advised high net worth clients to focus on U.S equities despite the S&P’s breakneck rally.
The investment bank said emerging economies do not have enough fiscal buffers to spend their way out of the COVID-19 pandemic and will likely continue to struggle in the near-time compared to the US with 12 percent of gross domestic product fiscal-support.
It said the huge US stimulus may halt rebound in emerging-markets stocks as more money is expected to flow into the world’s largest economy and its European counterparts.
“Compared to the U.S., emerging-market economies appear more vulnerable,” said Haider, the London-based managing director and head of global growth markets. “Their central banks have less room to maneuver, their governments may not be able to provide unlimited support and equity markets, given their sector mix, can be more challenged by an economic slowdown.”
Barclays added that even after 33 percent rebound in stocks of emerging markets since the panic selloff subsided in March, stocks are still down by 9 percent from year-to-date while the US S&P 500 stocks are up by 45 percent. Presently, their stocks trading at a 36 percent discount to US stocks, up from 25 percent three months ago.
Crude Oil Rises to $43.1 Per Barrel on Production Cuts Extension
Crude Oil Hits $43.1 Per Barrel Following OPEC’s Production Cuts Extension
Brent crude oil, against which Nigerian oil price is measured, rose by 1.25 percent on Monday during the Asian trading session following OPEC and allies’ agreement to extend crude oil cuts to the end of July.
OPEC and allies, known as OPEC plus, agreed to extend production cuts of 9.7 million barrels per day reached in April to July on Saturday.
In the virtual conference, delegates agreed that members, including Nigeria and Iraq presently struggling to attain a 100 percent compliance level must keep to the agreement or be forced to do so in subsequent months.
Nigeria, Iraq and others failed to keep to the cartel’s agreement in May after reports show that Nigeria only managed to attain a 19 percent compliance level during the month while Iraq struggled to attain just 38 percent in the same month.
Russia and Saudi Arabia, the two largest producers of the group, warned members to stick to the agreed quota if they want to rebalance the global oil market.
“While the errant producers such as Iraq and Nigeria have vowed to reach 100% conformity and compensate for prior underperformance, we still think they will likely continue to have some commitment issues over the course of the summer,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.
“The potential return of Libyan output could also cause considerable challenges for the OPEC leadership.”
Earlier on Monday, Brent crude oil hits $43.1 per barrel, more than a month record-high, before pulling back slightly to $42.83 per barrel.
Gold Dips by 2 Percent on Better Than Expected Job Report
- Gold Dips by 2 Percent on Better Than Expected Job Report
Gold prices declined by 2 percent on Friday following a better than expected US non-farm payroll report.
The report showed an increase of 2.5 million payroll numbers against a decline of 7.5 million predicted by many experts.
The surprise number boosted investors’ confidence in US recovery as many dumped their haven investment (gold) for the stock market.
“We had significantly stronger-than-expected U.S. payroll numbers – an increase of 2.5 million versus an expectation of a decline of 7.5 million – that 10-million swing has brought forward expectations of the economic recovery in the United States,” said Bart Melek, head of commodity strategies at TD Securities.
Spot gold immediately declined by 1.9 percent per ounce to $1,678.81 while the U.S. gold futures slid 2.6 percent to settle at $1,683.
Gold was also being pressured by stronger yields and a slightly firmer dollar, “meaning the opportunity cost to hold gold in the portfolio has gone up,” Melek added.
The surprise didn’t stop there, US Dow Jones was up 614 points despite the protest going on the US and US-China tension.
Also, NASDAQ rose by 29 points while the S&P index added 50 points increase.
Note: Investors generally increase their investments in gold and other haven assets during a crisis to avert risk exposure and do the opposite once they sense a better economy.
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