These are the five things to know to start your Thursday:
Okonjo-Iweala describes statement alleging attacks over visit to Tinubu as false
Ngozi Okonjo-Iweala, the head of the World Trade Organization (WTO), denied claims that she’s facing criticism for visiting President Bola Tinubu.
She called the statement false and meant to create problems among Nigerians.
She posted on Twitter, urging people to ignore it.
Earlier, Okonjo-Iweala met with President Tinubu at the Aso Villa in Abuja. After the meeting, she talked to reporters about their discussion on creating jobs for young people and supporting women and children.
This came two months after their meeting in France at a summit. Okonjo-Iweala has been Nigeria’s Finance Minister and had a high position at the World Bank. She emphasized that the statement about her visit to Tinubu is untrue.
NECA worries over rising rate of business divestment, capital flight
The Nigeria Employers’ Consultative Association (NECA) has voiced concern about the growing trend of business relocation and divestment, deeming it unfortunate.
Adewale-Smatt Oyerinde, NECA’s Director-General, stated that this trend contributes to the rising unemployment rate, leading to increased crime and security issues.
He emphasized that private businesses, which make up over 93 percent of employment in developing economies, play a vital role in economic growth.
Oyerinde urged urgent intervention, acknowledging the government’s current efforts but calling for more collaboration with the private sector.
He recommended incentives to attract foreign investment and prevent business closures, especially in sectors like cosmetics, services, pharmaceuticals, aviation, and construction.
He also highlighted the need for prompt ministerial appointments and agency boards to drive economic programs.
Expert advises FG to cut governance costs for revenue boost
Akpan Ekpo, Lagos Chairman of the Foundation for Economic Research and Training, has advised the Federal Government to focus on reducing the cost of governance to increase Nigeria’s revenue.
Ekpo emphasized the need for a significant reduction in governance expenses, highlighting that it’s more crucial than just addressing revenue issues.
This, he stated, would free up funds for investments in infrastructure, education, and healthcare, driving economic growth and subsequently boosting government income.
Ekpo also expressed concerns about the newly formed presidential committee on fiscal policy and tax reforms, noting conflicting mandates and even questioning the inclusion of a 400-level student on the committee.
The committee aims to enhance Nigeria’s revenue profile and create a more competitive business environment while aiming for an 18 percent tax-to-GDP ratio in three years.
NDDC Report: More than N612bn worth of Niger Delta projects cancelled and Abandoned
A recent report from the Niger Delta Development Commission (NDDC) has uncovered that a significant number of projects in the Niger Delta region have been terminated or abandoned.
The report, titled “A sea of opportunities in the Niger Delta region,” reveals that a total of 1,587 projects valued at N612.4 billion have been affected.
Specifically, 1,262 projects worth N407.75 billion have been terminated, while 325 projects valued at N204.64 billion are stalled or abandoned.
This accounts for 7.4 percent and 1.9 percent of the total contract values respectively.
However, the report also indicates that 7,140 projects valued at N1.66 trillion, representing 41.9 percent of the total contract value, have been completed.
The NDDC is seeking to implement Public Private Partnership models to enhance development efforts in the region.
China to require all apps to share business details in new oversight push
China’s Ministry of Industry and Information Technology (MIIT) has announced that mobile app providers in the country must register their business details with the government, tightening control over the industry.
Apps failing to comply will face penalties after a grace period ending in March next year. This move is primarily aimed at curbing online fraud but will impact all apps.
Experts suggest it could limit the number of apps and particularly affect small developers. The requirement may also affect foreign-based developers who previously published apps through Apple’s App Store without Chinese government documentation.
The rule could impact social media apps and mini apps within platforms like WeChat.