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Foreign exchange issues prompt multinationals to exit Nigeria, Says Finance Minister

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-Multinationals left Nigeria due to lack of liquid foreign exchange market.
– Government establishes willing buyer, willing seller foreign exchange market.
– Tax reform proposals aimed at simplifying doing business for manufacturers.

Finance Minister Wale Edun attributes multinationals exit from Nigeria to the lack of a liquid foreign exchange market.

However, the government has addressed this issue by establishing a willing buyer, willing seller foreign exchange market.

Edun notes that recent executive orders have improved the investment climate for the gas sector.

“We are working tirelessly to create a conducive environment for investors, and the direction of travel is towards improvement.” – Wale Edun.

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Business

FG Unveils Incentives to Boost Foreign Direct Investments

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– FG offers incentives to attract foreign direct investments
– Incentives include tax breaks, duty waivers, and deferred payments
– NEPZA aims to create a favourable business environment

The Federal Government has announced plans to attract foreign direct investments by offering incentives to businesses operating in Nigeria.

These incentives include customs duty waivers, tax breaks, and deferred payments to alleviate financial burdens.

The Managing Director of Nigeria Export Processing Zones Authority, Olufemi Ogunyemi, stated that the move is in response to challenges posed by foreign exchange constraints and unreliable power supply.

He noted that the incentives aim to reduce production costs and encourage companies to maintain their operations within Nigeria.

Ogunyemi emphasized the importance of corporate social responsibility, requiring investors to contribute to societal development through CSR initiatives.

He believes that economic growth should be coupled with sustainable community impact.

The incentives are expected to support existing businesses and attract new ventures looking to establish and expand their operations in Nigeria.

By providing a favourable business environment, NEPZA aims to drive economic growth and development.

 

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Business

SEC Urges Capital Market Stakeholders To Embrace Innovation For Sustainable Growth

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SEC DG.
– SEC urges capital market operators to embrace innovation
– Regulatory Incubation programme to support fintech businesses
– Risk management frameworks essential for market stability

The Securities and Exchange Commission (SEC) has emphasized the importance of innovation in driving sustainable growth and development in the capital market.

According to the Director General, Emomotimi Agama, innovation is crucial for efficiency, transparency, and resilience in the market.

Agama stressed that the SEC is committed to supporting innovation and growth through its Regulatory Incubation programme, which allows fintech businesses to operate within a controlled regulatory environment.

This programme aims to ensure investor protection and market stability while fostering financial technology advancements.

The SEC’s efforts are guided by the Revised Capital Market Master Plan (CMMP 2021-2025), which prioritizes technology and innovation to expand the depth and breadth of the Nigerian capital market.

Agama warned stakeholders about associated risks, such as cybersecurity threats and regulatory complexities, and emphasized the need for robust risk management frameworks.

“In its efforts to support innovation and growth in the market, the SEC has established a programme of assessment called Regulatory Incubation to help new fintech businesses,” Agama said.

The SEC will ensure appropriate safeguards are in place to protect investors and maintain market stability.

 

 

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