For years, businesses that have wanted to automate their business processes and capture transactions electronically have had to rely on monolithic enterprise resource planning (ERP) solutions to do so. But as powerful and feature-rich as the old-school ERP system is, it also has a number of drawbacks.
It’s expensive to implement, difficult to adapt to changing business conditions, and, perhaps worst of all, often dictates how companies should run their businesses. Now, however, we are seeing a shift from traditional ERP to new-age business management solutions.
Architected for an era of mobile, cloud, and big data technologies, these next-generation platforms are designed to support modern ways of working. They’re built using the latest technologies, but offer traditional ERP benefits such as integration of processes and systems across the enterprise, a single view of corporate data, and the ability to improve process discipline.
Yet, because they are built with agility in mind, they are faster and cheaper to implement and change than traditional ERP systems. They are also easier to customise and change – meaning that they can be configured for the business rather than the business needing to reshape itself around the software.
This change is overdue, considering that more than 33 percent of businesses are dissatisfied with their ERP solution due to the high cost of maintenance and lack of flexibility and usability. If your business is one of them, here are a few things to take into consideration when shopping for a new business management system:
Evaluate your company’s needs
Start by performing a complete review of all of the requirements in accounting, manufacturing, engineering, data collection, and any other essential departments. Evaluate what is working now and what isn’t. Take stock of which processes are inefficient and make note of why. This will help you improve your business rather than repeating old mistakes as you choose a new solution.
Preparing for a new age of digital disruption
One of the most significant reasons to upgrade your ERP platform is to get ready for the next wave of disruptive digital technologies, including big data, the Internet of Things, the cloud and the mobile enterprise. With the advent of trends such as Industry 4.0, we are rapidly moving to a smarter and more automated business environment, and our business management solutions must keep up.
Is your platform ready for a world of massive data volumes, and intelligent, connected sensors and devices in the workplace? A business solution older than five years will probably not be architected for collecting, analysing and processing data from millions of sensors, devices and end-users. Your business solution should give you the ability to react in real-time to business trends – an example is using data to interact with customers in increasingly personalised ways or to rapidly adapt your manufacturing output in response to a sudden change in demand.
Think about the user experience
Whatever business management solution you choose should give employees the ability to access data anytime and anywhere as well as on the device of their choosing. It should also make it easy for them to access the data they need quickly and seamlessly. The user interface should be clean and tailored to the employee using it, no matter where they are in the world.
Insist on scalability and flexibility
Today, growth means doing more with less. That means a system should support the growing demands of your business as it expands and changes. Find out whether the system has a growth path for your business, whether that means expanding into new geographies, adding more employees, or accessing new features and functionality as your business evolves.
By Keith Fenner, Chief Sales Officer Sage X3 AAMEA at Sage Enterprise
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
For years, businesses that have wanted to automate their business processes and capture transactions electronically have had to rely on monolithic enterprise resource planning (ERP) solutions to do so. But as powerful and feature-rich as the old-school ERP system is, it also has a number of drawbacks.
It’s expensive to implement, difficult to adapt to changing business conditions, and, perhaps worst of all, often dictates how companies should run their businesses. Now, however, we are seeing a shift from traditional ERP to new-age business management solutions.
Architected for an era of mobile, cloud, and big data technologies, these next-generation platforms are designed to support modern ways of working. They’re built using the latest technologies, but offer traditional ERP benefits such as integration of processes and systems across the enterprise, a single view of corporate data, and the ability to improve process discipline.
Yet, because they are built with agility in mind, they are faster and cheaper to implement and change than traditional ERP systems. They are also easier to customise and change – meaning that they can be configured for the business rather than the business needing to reshape itself around the software.
This change is overdue, considering that more than 33 percent of businesses are dissatisfied with their ERP solution due to the high cost of maintenance and lack of flexibility and usability. If your business is one of them, here are a few things to take into consideration when shopping for a new business management system:
Evaluate your company’s needs
Start by performing a complete review of all of the requirements in accounting, manufacturing, engineering, data collection, and any other essential departments. Evaluate what is working now and what isn’t. Take stock of which processes are inefficient and make note of why. This will help you improve your business rather than repeating old mistakes as you choose a new solution.
Preparing for a new age of digital disruption
One of the most significant reasons to upgrade your ERP platform is to get ready for the next wave of disruptive digital technologies, including big data, the Internet of Things, the cloud and the mobile enterprise. With the advent of trends such as Industry 4.0, we are rapidly moving to a smarter and more automated business environment, and our business management solutions must keep up.
Is your platform ready for a world of massive data volumes, and intelligent, connected sensors and devices in the workplace? A business solution older than five years will probably not be architected for collecting, analysing and processing data from millions of sensors, devices and end-users. Your business solution should give you the ability to react in real-time to business trends – an example is using data to interact with customers in increasingly personalised ways or to rapidly adapt your manufacturing output in response to a sudden change in demand.
Think about the user experience
Whatever business management solution you choose should give employees the ability to access data anytime and anywhere as well as on the device of their choosing. It should also make it easy for them to access the data they need quickly and seamlessly. The user interface should be clean and tailored to the employee using it, no matter where they are in the world.
Insist on scalability and flexibility
Today, growth means doing more with less. That means a system should support the growing demands of your business as it expands and changes. Find out whether the system has a growth path for your business, whether that means expanding into new geographies, adding more employees, or accessing new features and functionality as your business evolves.
By Keith Fenner, Chief Sales Officer Sage X3 AAMEA at Sage Enterprise
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
President Muhammadu Buhari has said that his government and Nigeria can not afford to pay forty two ministers and that not all the minister nominees that have been screened will have portfolios.
Moreso he went on to say that the country Nigeria was ‘material and morally vandalized’ and that he will reduce the numbers of ministries.
Buahri in an interview with Channels TV and Nigerian Television Authority in New Delhi in India said that he is working with a team of people introduced to him by others that he trust and must work with them.
Buhari while reacting to question on the the divide in the National Assembly over Rotimi Amaechi’s confirmation as minister said he did not walk into the presidency alone hence he can not work alone and that some of those having problems at the National Assembly he has never meet them.
‘This is team work I said I know people but there are people that I accept from other people in our team that I trust without even knowing them.
‘May be those that are having problem in the National Assembly I doubt if I have meet him in my life but then I am working with others.
‘I did not work into the presidency alone. I have to defend on all the three tiers of government from all part of the country.
Backing the 36 Minister nominees Buhari said that he can not work out outside the constitution and that ministers must be appointed in conformity with the constitution of the Federal Government in that ministerial appointment must reflect the 36 states of the country.
And that these minister nominees though representing their sates some will not have portfolios but will be part of his cabinet.
‘We can not work outside constitution there must be a cabinet representative from each state.
‘There use to be forty two minister but I think we can bearly keep half of that now because we can not afford it.
‘Other may not be substantive ministers but they will seat in the cabinet because that is what the constitution said and we can’t operate outside the constitution
‘We are reducing the number of ministries we can’t afford to pay.
Buhari in the interview also said that the country has no money to pay salaries as the government had to seek the Central Bank governor to look for ways to pay states workers’ salaries.
‘Where is the money? Do you know the Federal Government has to help twenty seven states out of thirty six to pay salaries?.
‘Nigeria can not pay salaries Nigeria had to summon the Governor of the Central Bank to see how it could pay salaries not to talk of projects, agreement signed with foreign countries, counter funding and so on. The country was material vandalized and morally so.
On his ambition to see that the dreaded Boko Haram group is crushed by December the president said that his is optimistic on the capabitiy of the military and other government agencies in crushing the terrorists and feels sorry for those who think otherwise or have given up on wining the war against terrorist.
“I am an optimistic person. I am sorry for those who have already given up. I remain confident that our military and other law enforcement agencies are more than equal to the task.
“Don’t forget that I made an earlier statement to the effect that the Nigerian military and police earned accolades all over the world: Liberia, Sierra Leone, Sudan, etc.
“They earned international respect and then here you are, the Nigerian military and other law enforcement agencies could not secure 14 local governments out of 774 until the government was changed.
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
The National Lottery Regulatory Commission (NLRC) says it has remitted over N5 billion to the National Lottery Trust Fund (NLTF) in the past 10 years of its operation for execution of people oriented projects.
The Director General of the Commission, Mr. Adolphus Ekpe, disclosed this yesterday, during the 2015 Lottery Achievers Award, to mark the 10th year anniversary of lottery regulation in Nigeria held in Abuja.
Ekpe told the audience that the figure was made possible despite the daunting challenges and misconception the Commission had gone through beginning from 2005, when lottery regulation and lottery industry were not known and appreciated by the Nigerian public.
‘‘So far, over N5 billion has been remitted to the NLTF for the execution of good causes projects. This was possible, though with stark reality of educating the people about what lottery truly represents.
‘‘The general public was hardly aware of the existence of the National Lottery Regulatory Commission or its sister agency, the National Lottery Trust Fund in 2005. Even after five years, public perception of lottery was negative and viewed as a venture not for decent members of the society, as it was equated more with gambling,’’ said Ekpe.
Confronted with this stark reality, the DG disclosed that the Commission embarked on aggressive nationwide enlightenment, sensitization and rebranding campaigns to change the negative perception of lottery across the country, which is considered as a viable revenue source to the economy.
‘‘We are happy to note that all the enlightenment efforts have helped in changing the perception of the general public today towards lottery business as a tool for national development,’’ he explained.
In addition to this, the NLRC henchman also stated that the Commission been able to record other milestones in the area of job creation by increasing its work force from 11 in 20015 to 1500 in 2015 in line with government’s employment agenda.
He also stated that the Commission had expanded into 14 states across the country and further granted 20 licenses to different indigenous firms with a mandate to run the business of national lottery in Nigeria.
To achieve effective and efficient monitoring and regulation of all lottery activities, the NLRC boss said the Commission had singed memorandum of understanding with the Nigerian Police, Economic and Financial Crime Commission and the Nigeria Communications Commission to combat illegal lottery operators.
For the NLRC to realize its full potential as a viable source of revenue generation that can impact the GDP significantly, he said the Commission had concluded plans to commence the automation of the monitoring and regulation of lottery in Nigeria, become the highest revenue generating agency in the country, secure enhanced salary package for its staff and move into its own office complex.
This he said is part of four four-point agenda of the Commission aimed at taking national lottery to enviable level.
Earlier in his address, the Chairman of the 10th Anniversary committee, Barr. Henry Uwadiae said the Commission was not unmindful of the potentials of lottery as a great revenue earner for the government and a potent means of infrastructural development and wealth distribution.
‘‘We have been able to educate, conscientize and disabuse public misconceptions that lottery is an honest business regulated in over 130 countries of the world to boost national economic development.
‘‘From a humble beginning in 2005, the National Lottery Commission has been able to bring lottery from the seeming obscurity to national limelight, contributing modestly to national good causes.’’
However, Uwadiae said much can be achieved if the enabling environment is created and lottery is done the right way in Nigeria.
According to him, the event was meant to review, appraise progress and appreciate the contributions of individuals, corporate organizations and stakeholders to the growth and development of lottery business in Nigeria.
He urged the award recipients to see their recognition as a clarion call for higher synergy and collaboration with the NLC in its quest to make lottery business attractive to be able to generate handsome revenue to contribute significantly to national development.
While making case for adoption of lottery as a major revenue source to the economy, Uwadiae appealed to all Nigerians to support the various initiatives by government through NLC to sanitize the lottery industry and clear the coast of illegal operators.
‘‘We must all unite together against scammers who are unrelenting in giving lottery a bad name. It is only when lottery is done with integrity that the much expected participation and by extension, revenue would be guaranteed.
‘‘We are also not unaware of the deep-rooted and huge misconceptions and negative social cultural and religious perceptions inhibiting the optimal realization of the potentials of lottery in Nigeria.
The various activities of the anniversary from the awareness road walk to the stakeholders conference and lottery exhibition, focused on how to reposition the lottery industry, turn the human capital of the nation into an economic asset, with an annual revenue yield amounting to billions of naira,’’ he added.
The theme of the 10th year anniversary is: Repositioning the Lottery Regulation in Nigeria for National Development.
Highlight of the event was presentation of awards to different recipients.
The award was classified in six categories of staff; media; meritorious service; post humous; promotes and licensees awards.
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Top actress cum producer,Lilian Amah-Aluko, is stopping at nothing in actualizing her dream of becoming the next president of the Association of Movie Producers, AMP.
The well rounded thespian, recently declared her intention to run for the prestigious office of the president of the association in their forthcoming election.
Although there are indications that the embattled actress may not be the favoured candidate, she, however, appears undeterred as she gathered the industry stakeholders and eminent Nigerians last Friday, for a fundraising dinner in support of her ambition.
Held at the prestigious Protea Hotel in Ikoyi, Lagos, the event was anchored by popular acomedian, Teju Babyface and actor, Bambino Anaechina. It had in attendance the likes of Mrs Oyindamola Ogunsanwo who represented the First Lady of Lagos State, Mrs. Ambode, Keppy Ekpeyong Bassey, Sam Obiakheme, Franca Brown, Tunji Bamishigbhin, Alhaji Teju Kareem, Yomi Fash Lasso, Mr and Mrs Sam Boye, Kate Adepegba and Memuna Yahaya. Others were Mrs Jackie Omotosho, Obi Madubuogu, Chief Phillip Odi, Wisdon Nwankwo, Judith Nwachukwu, Agatha Amata, Kalu Ikeagwu, Dan Chris Ebie, Olatunbosun Olaigbe, Franca Brown among others.
In her remark, Aluko, who was inspired by one of Pope Francis quotes said; “I am running for the presidency of our revered, valued, and totally denigrated association because I have identified key areas where I would like to and believe I can make an impact, that will take the association to a different level and bring a huge change to the industry.”
“Having served for two terms as vice president under the leadership of President Emeritus Paul Obazele and the out-going President Mr. Zik Zulu Okafor, I know that steering the ship of this association needs more than any one man can muster. It requires the combined effort of a dynamic team of individuals to table their various skills.”
She added that together with her team, her vision will include working to expand the entire ecosystem for all members thereby lifting ‘our noble association to national and global prominence.’
Lilian presentation, however, was greeted with a standing ovation as many stakeholders at the event extolled her virtues, describing her as “a woman of substance who has the strong will, courage, vision, honesty and rare commitment to succeed as the first female president of Association of Movie Producers, AMP.”
Among them was respected public commentator, Agatha Amata who passionately vouched for her as a go-getter. She therefore, appealed to members of AMP to give her the needed votes that will enable the screen goddess to redirect the association.
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
President Muhammadu Buhari has departed New Delhi India for Nigeria after a 4 day official visit to New Delhi India to attend the 3rd India-Africa Forum Summit. See photos:
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
As the controversy over the N1.4 trillion fine on MTN lingers, the Nigerian Communications Commission (NCC) has given MTN Nigeria a deadline of 16 November to pay the fine imposed on it for failing to register the personal details of 5.1 million subscribers.
This deadline is coming after the South Africa’s stock exchange, JSE Ltd, launched an investigation into the timing of the operator’s announcement of its penalty.
According to a report, the spokesman for the Nigerian Communications Commission, the country’s telecoms watchdog, was quoted as saying that the outcome of the discussion may affect the date.
A statement by MTN said its CEO is still in talks with the Nigerian authorities and its senior management and advisers also talking to JSE, after the announcement of the fine knocked around 20 percent off the company’s stock price.
‘‘That’s why they are having the discussion so that they can reach a solution,” the spokesperson said.
The report also said Nigeria’s presidency and internal security agency are involved in the talks.
As for the JSE probe, the head of the regulatory division, Andre Visser, said “the investigation will follow due process to establish whether there have been any breaches of the listings requirements and can be a lengthy process.”
Under South African capital markets rules, companies are required to immediately warn shareholders of price-sensitive information.
Meanwhile, Fitch Ratings has revised MTN Group’s outlook to negative, owing “to the risk of a significant cash outflow due to a substantial fine imposed on MTN’s Nigerian operations, which could increase leverage and pressure MTN’s credit metrics.”
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ABUJA – President Muhammadu Buhari has described the death of the immediate past senator who represented Plateau North senatorial
district, Senator Gyang Pwajok as a great loss to both Plateau State and Nigeria in general. It will be recalled that Pwajok who died on Wednesday was also Peoples Democratic Party (PDP) governorship candidate in the April 11, 2015 election. News of his death reached President Buhari in the course of his official engagement in India from where he offered heartfelt condolences to his family, the government and people of Plateau State. The president also extolled late Pwajok’s invaluable contributions to the enthronement of peace in his state and development of the country “His life touched so many people. He was loved by so many. That is why there is grief all over the state and many parts of the country,” he said, praying God Almighty to comfort all who mourn Senator Pwajok and grant his soul eternal rest.
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
NATIONAL leadership of the Peoples Democratic Party, PDP, has accused the presidency of undue interference in the Judiciary, Legislature and the Independent National Electoral Commission, INEC, which it said was unacceptable.
Specifically, the PDP accused the presidency of using the Department of State Service, DSS to influence election petition tribunal and court rulings in favour of the APC.
Rising from a meeting held at the Ondo State Governor’s Lodge, Asokoro, Abuja, the PDP National Caucus also lampooned Senators elected on the platform of All Progressives Congress, APC, for confirming former governor of Rivers State, Chibuike Rotimi Amaechi as a minister, saying the action was a death knell on APC’s war against corruption.
Amaechi was on Thursday confirmed by Senate when all but one Senator in the PDP caucus walked out of the Senate Chambers.
Hailing its senators who staged a walk out from the Senate Chambers during the confirmation of Amaechi, the PDP describing the action as good for democracy.
It said: “We salute the courage and unity of purpose of our senators especially as demonstrated in the Senate chambers in their collective stand against impunity and corruption, in line with the wishes and aspirations of the Nigerian people. The PDP states that what the APC senators did is a death knell on their party’ s pretentious war against corruption.
“The PDP further notes that whilst former APC governors are being rewarded with ministerial appointments, their PDP counterparts are being hounded and harassed in the selective war against corruption. The party reiterates its commitment to the unity of Nigeria and the continued development of democracy in the country.”
In a communiqué signed by its National Publicity Secretary, Chief Olisa Metuh, the the opposition party urged President Muhammadu Buhari to, as a matter of urgency, intervene and save the nation’s democracy from drifting into a dictatorship.
The Communiqué read: “The National Caucus carefully reviewed the political developments in the nation’s polity and resolved as follows.
“That there is serious cause for concern in the nation’s political environment, especially as it concerns the survival of the nation’s democracy.
“That the gains recorded in the 16 years of nurturing of democracy in the country by the PDP is rapidly being eroded with non-functioning of basic tenets of democracy and perpetuation of actions tilting towards dictatorship.
“That the insensitivity of the ruling government to very critical issues being raised by the opposition is a huge threat to viable democracy and dangerous to the peace, unity and progress of the country.
“That the undue interferences by the executive arm of government on the activities of the judiciary, legislature and INEC using the DSS is clearly unacceptable to the PDP as well as the Nigerian people and the party resolved to vigorously resist such.
“That the party finds it offensive and provocative, the judiciary’s handling of cases involving it in election tribunals in some states, particularly, Akwa Ibom, Rivers, Imo, Taraba, Ogun, Plateau and Lagos states. The tainted judgements of these tribunals, which are evidently products of arm-twisting from the nation’s security operatives under the direct command of an APC member remains unacceptable to us.
“The PDP states that the conclusive evidence of external influence on the Rivers State governorship election tribunal is the fact that it was able to deliver its judgement within 24 hours, in a case that had nearly 100 witnesses, 1000 pieces of documentary evidences and nine counsel’s final written addresses; each not less than 40 pages. The decision, in view of the rather interesting history of the case, indicates that the judiciary, like the PDP and the Nigerian electorate are victims of the
APC-led Federal Government.
“The party expects the judiciary, as an institution to restore its image by taking immediate measures to protect itself from political interferences as well as ensure that needed steps are taken at the appellate levels to remedy the embarrassing ruling by some of the election petitions tribunals.
“The party has also noted clandestine moves by the APC to use various agencies of government, to manipulate the processes and rig the outcome of the forthcoming governorship elections in Kogi and Bayelsa states in their favour and vowed to deploy every means within the law to resist such.
“That the party calls on President Muhammadu Buhari, as the leader of the country, to stand up for justice and equity and halt the undemocratic attitudes of agents of government in the interest of peace and stability.”
APC dismisses allegations
Meanwhile, the All Progressives Congress (APC) has dismissed the allegation, describing it as a rehash of the opposition party’s infantile whinnying which will not save it from going down unless it rebrands most urgently.
APC spokesman, Alhaji Lai Mohammed in his reaction said: ‘’It is time for the PDP to take a long, hard look at itself in the mirror and change everything that is ugly about the party, instead of wasting its energy and time on irrelevancies,’’ the party said in a statement issued in Lagos on Friday by its National Publicity Secretary, Alhaji Lai Mohammed.
It said the PDP cannot continue to do things in its trademark old, crooked ways and expect a different result.
“The PDP just doesn’t get it, despite being the architect of its own fall from power. The days of winning elections with the aid of slush funds, brigandage, deceit and rigging are gone forever, hence the PDP must return to the drawing board to fashion out decent and empirical ways of repackaging and selling itself to Nigerians, just like the opposition did when they decided to come together,’’ APC said.
The party said the PDP’s ceaseless and ill-advised attack on the judiciary, now its favourite whipping boy, the endless put-down of government agencies and the demonization of everyone but itself will fetch the party nothing but political grief.
“Instead of a blanket and unsubstantiated accusation against the judiciary over the election petition tribunal rulings in Rivers and Akwa Ibom, the PDP would have shown itself to be a serious party if it had provided statistics on how many of the cases filed at the various election petition tribunals nationwide, after the 2015 elections, have so far been decided in favour of the PDP and the APC, so that Nigerians can see whether the PDP has not won any single petition or whether all the cases have been won by the APC.
“The PDP has forgotten that the same judiciary that it is wilfully castigating today had decided many election petitions in favour of the party and against the APC, whether at the Governorship, National Assembly or State Assembly levels, and the ruling party has not opted to bring the whole house crashing down on everyone just because of that.
“Going down the memory lane, when the PDP took itself to court in 2007 over the Governorship election in Rivers, the same judiciary that has now become an apparition to the PDP awarded the Governorship to a candidate who never even featured on the ballot because the party crookedly substituted his name. Then, the PDP did not see the judiciary as being used by the then PDP Administration, neither did the opposition castigate the judiciary,’’ it said.
Asks PDP to re-brand
APC admonished the PDP to stop yowling and engage in strategic thinking that could propel the party forward, rather than continue to be nostalgic about its past, which is neither dignifying nor enlivening.
“The 16 years of the PDP – which the party has continued to shamelessly celebrate – are nothing to celebrate, either for the impunity that characterized the party’s governance, the massive looting of the national treasury that is still being assessed or the bastardization of all the values that the nation holds dear. Thankfully, President Muhammadu Buhari has brought sanity to governance even as the PDP has continued to try to distract him with their endless wailing.
“Our parting word for the PDP: Stop throwing juvenile tantrums against everyone, especially the judiciary. Stop wasting your energy on frivolous accusations. Learn how to communicate your thoughts to Nigerians in a more civilized way and put your shoulder to the wheel if you want to reincarnate as a force to be reckoned with in our country’s political firmament,’’ APC said.
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ABUJA – Governor, Central Bank of Nigeria, CBN, Mr. Goodwin Emefiele has restated that the CBN will not devalue the Naira anytime soon to revive the falling economy.
He said that the Bank has had to depreciate the currency from N155 to N197 in February, recalling that even President Mohammdu Buhari and Vice President Yemi Osinbajo had also re-echoed the position of the CBN.
Emefiele however stated that the CBN would soon launch a policy called PAVE meaning “Produce locally, add value and export your product and earn your foreign exchange for your imports” to help local industries.
He spoke to State House Correspondents after a meeting on the economy with the Vice President, Yemi Osinbajo at the presidential villa on Friday.
He said: “There has been a lot of talk on whether or not we want to depreciate our currency again.
The truth is that we had adjusted the currency by depreciating it from N155 to N197 in February this year.There is no intention to depreciate or adjust the currency any longer.
“The President has been very clear on this. The Vice President has been very clear on this and let me further reiterate our position at the Central Bank of Nigeria that we are not considering any further depreciation of the currency.
“What we are trying to concentrate on right now is how to improve and deepen the foreign exchange market by improving supply of foreign exchange into the market.
And to do so, we are trying to encourage people to export and earn your export proceeds and use your export proceeds to import whatever you need to import.
We are also concentrating on how to reduce the import of items that we can produce in the country today.
“So that is our focus. I’m saying and very soon the CBN will be launching a campaign called PAVE, which means “Produce locally, add value and export your product and earn your foreign exchange for your imports’’ because this is the only way we can support the efforts of CBN in intervening and providing foreign exchange in the market to meet the import needs of our people.
“It is very clear, what we need to do is reduce our propensity to import but we will not depreciate our currency. For now we will not.”
The governor also revealed that the CBN was working a list to exclude a number of items from foreign exchange market.
“First of all, the CBN does not have the power to ban the import of any item. What we have done is to exclude certain items that are imported into the country from obtaining foreign exchange from the Nigerian foreign exchange market.
“Yes, it is also true we held a stakeholders’ meeting with the organized private sector and prominent and leading private sector stakeholder were at that meeting.
“It was not meant for the press. The purpose of that meeting was to engage the private sector to make the private sector understand that government realizes that they are engine of growth and we also used the opportunity to explain to them the basis and purpose of those policies that we have introduced and at the end of that meeting they were very happy, they saw our position and indeed at the end of that meeting some of them in fact provided us with the names of some items that should be included in the list that should be excluded from foreign exchange.
“And I must confess that at this stage given the determination of some of the organized sectors to say that yes, they produce these items and that we should exclude those items from foreign exchange.
We are reviewing that list and we may in due course include more items products that can be produced in Nigeria in the list of items that will be excluded from foreign exchange in the Nigerian foreign exchange market”, he said.
Meanwhile he Naira on Friday depreciated further at the parallel market amidst intense regulation of the activities of operators of the Bureau de Change (BDCs) by the Central Bank of Nigeria (CBN).
The currency lost N0.5 to the dollar as it exchanged for N226.5, as against its previous value of N226.
The official exchange rate at the interbank window remained at N197 to the dollar.
Traders at the parallel market attributed the recent depreciation of the naira to the apex banks further tightening of the conditions of operation of the BDCs, making more people to access forex at the parallel market.
They said that the CBN now required operators of the BDCs to show the name of the person/company buying forex, his Bank Verification Number (BVN) and his ticket, if he was travelling. )
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
