Economy
Optimizing women’s potential will increase Nigeria’s GDP – DBN
Panelists at the second edition of Development Bank of Nigeria’s International Women’s Day Seminar have stated that failure to optimize the potential of women will affect the social and economic development of Nigeria. The virtual event was organized by DBN in commemoration of the 2021 IWD themed: #Choose to Challenge. International Women’s Day is a global event held every 8th of March to celebrate the social, economic, cultural, and political achievements of women.
Tony Okpanachi, the Managing Director/CEO of Development Bank of Nigeria Plc, expressed optimism on the outcome of the virtual event when he said that “even though we are compelled to have this year’s celebration virtually due to the constrained by social distancing protocols, we are certain it will be an impactful session, nonetheless. As the Chief Executive Officer of Development Bank of Nigeria Plc, I am even more proud to be part of this landmark event, knowing the strategic role women play as reliable builders of Micro, Small, and Medium Scale Enterprises, a segment we are mandated to reduce financial constraints for”. So, why is DBN interested in women, you may ask? Because women are the real architects of society”. He added.
Speaking further, the CEO expressed optimism on the prospect of the event thus:
“From our Keynote Speaker – Funke Opeke, Founder/CEO, MainOne to our dynamic and erudite panel, I have no doubts, that our conversations today will certainly both inspire and challenge us to make the world a better place for women”.
During the session, panelists comprising Mojolaoluwa Makinde, the Head, Brand, and Marketing of Sub Saharan Africa Google; Nkem Okocha Founder MamaMoni; Andrew Alli CEO South Bridge and Amina Oyagbola Founder WISCAR, deliberated on “The cost of exclusion: Challenging Gender Stereotype and Promoting Inclusive Growth.”
Speaking on the effect of gender exclusion, Ali explained that women make up half of the population of countries, and restricting this huge manpower to just household management will hurt the economy. “Educating women is one of the most important development efforts to growing a country. If women are not able to reach their full economic and social potential that is going to have a huge impact on GDP. One way of increasing GDP is increasing the number of people in your population who are maximally productive. Looking at Nigeria, having women restricted is having a huge impact on our economy. A quick way of boosting our economy is enabling women to reach their full potential,” he explained.
On her part, Nkem who established a Micro-Credit Scheme to bridge the financing gap for rural women stated that the impact of MamaMoni has shown that given financial literacy and inclusion, women will contribute meaningfully to the economic development of Nigeria. “We have funded about 1,500 businesses, and impacted over 7,000 women across Nigeria. These women have grown and can generate revenue to train their children in school. Some of them have had up to 80% increase in household income. The key is that before giving them the money, we build a relationship with them. We train them on basic bookkeeping and financial discipline measures,” she said.
While advising career women on their growth and development, Amina stressed the need for them to be focused, goal-oriented, and invest their energy in networking. “Whatever you choose, you must have a clear plan. Things may not work out the way you planned them, but a clear plan will enable you to make the right decision when you are faced with challenges. Mentorship also comes in; where you have doubts, you can consult your mentor. You need to be prepared, gather the experience, volunteer to take responsibilities, and join associations for networking,’’ she advised.
Referring to what her organization Google is doing for women inclusion and gender equality, Mojolaoluwa explained that the platform provides entrepreneurship, leadership, and literacy support through the WomenWill initiative. She also announced the launch of the Google Impact Challenge. According to her, this is a $25 million fund for women, girls, and organizations that support women’s prosperity across the world. The application she said is open till April.
The Development Bank of Nigeria Plc has celebrated International Women’s Day with a seminar and interactive session in support of the movement for gender equality for two conservative years. The event also provided an opportunity for attendees to build relationships and expand their respective networks.
A total sum of N1.678 trillion, being February 2025 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.
The revenue was shared at the March 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja; chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The meeting was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax (VAT) revenue of N 609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.
According to a communiqué issued by the Federation Account Allocation Committee (FAAC), total gross revenue of N2.344 trillion was available in the month of February 2025. Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion.
The communiqué stated that gross statutory revenue of N1.653 trillion was received for the month of February 2025. This was lower than the sum of N1.848 trillion received in the month of January 2025 by N194.664 billion.
Gross revenue of N654.456 billion was available from the Value Added Tax (VAT) in February 2025. This was lower than the N771.886 billion available in the month of January 2025 by N117.430 billion.
The communiqué stated that from the total distributable revenue of N1.678 trillion, the Federal Government received total sum of N569.656 billion and the State Governments received total sum of N562.195 billion.
The Local Government Councils received total sum of N410.559 billion and a total sum of N136.042 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N827.633 billion distributable statutory revenue, the communiqué stated that the Federal Government received N366.262 billion and the State Governments received N185.773 billion.
The Local Government Councils received N143.223 billion and the sum of N132.374 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N609.430 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N91.415 billion, the State Governments received N304.715 billion and the Local Government Councils received N213.301 billion.
A total sum of N5.276 billion was received by the Federal Government from the N35.171 billion Electronic Money Transfer Levy (EMTL). The State Governments received N17.585 billion and the Local Government Councils received N12.310 billion.
From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the State Governments received N6.560 billion.
The Local Government Councils received N5.057 billion and a total sum of N3.668 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Augmentation of N178 billion was shared as follows: Federal Government received N93.770 billion, the State Governments received N47.562 billion and the Local Government Councils received N36.668 billion.
In February 2025, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL), increased significantly while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies recorded decreases.
Economy
Protesters urge president Tinubu to protect Diaspora housing investments along Lagos-Calabar coastal highway
A group under the aegis of Renewed Hope Concern Citizens (RHCC) on Friday staged a peaceful protest, calling for President Bola Tinubu’s intervention in protecting housing investments owned by Nigerians in the diaspora along the Lagos-Calabar coastal highway.
The protesters gathered in front of the United States Embassy in Abuja, carrying banners with inscriptions such as; Minister of Works, Senator Umahi should revert to the original gazetted alignment as promised. Enough is Enough; Association of Nigerian Diaspora Investors (ANDI) has cried enough, please intervene to save their energy to promote, support, and assist the Renewed Hope Administration; Renewed Hope Concern Citizens want Diaspora Investments to be protected and given adequate attention among others
“As committed stakeholders in the nation’s economic progress, we have consistently supported the government’s vision, particularly in revitalizing Nigeria’s infrastructure and energy sector. While we acknowledge the administration’s positive strides, recent developments have raised concerns about the misalignment of energy policies, particularly regarding the 2006 Gazetted alignment.
“We urgently call on the Minister of Works, Senator David Umahi, to restore the 2006 Gazetted alignment to ensure continued growth and stability in Nigeria’s energy sector,” said Hon. Tayo Agbaje, Chairman of RHCC, while addressing journalists.
The group refuted the Minister’s claim that an underground cable warranted the removal of structures in Okun Ajah, Lagos and outlined several reasons why President Tinubu’s intervention is crucial.
According to them, The 2006 Gazetted alignment has long provided a stable and predictable framework, essential for maintaining investor confidence in Nigeria’s energy sector.
“Diaspora investors contribute significantly to job creation, business growth, and the overall economy, making their protection vital to sustaining these contributions.
“The President should investigate the Minister of Works’ claim about the underground cable allegedly interfering with the 2006 Gazetted plan.
“Restoring the alignment will reinforce Nigeria’s commitment to a stable investment climate, boosting foreign investor confidence and attracting much-needed capital for infrastructure development.
“Deviating from established policies creates uncertainty, undermining both current and future foreign investments.
“Maintaining the 2006 Gazetted alignment will signal Nigeria’s dedication to long-term economic stability, further reassuring both local and international investors,” the group stated.
The RHCC reaffirmed its support for the Association of Nigeria in Diaspora Investments (ANDI) in its quest to uphold the 2006 Gazetted alignment plan of the Lagos-Calabar Coastal Highway.
They urged the government to act swiftly to protect diaspora investors, as this will strengthen Nigeria’s investment future and ensure continued economic success under the Renewed Hope Administration.
Economy
Ogunjimi promises to collaborate with ex-Accountants-General in taking treasury house to greater heights
The newly appointed Accountant General
of the Federation, Mr Shamseldeen B. Ogunjimi said he would collaborate and tap from the wealth of experiences of all Former Accountants -General of the Federation to bring the nation treasury to a greater height.
Mr Ogunjimi disclosed this while receiving two Former Accountants-General of the Federation, Dr John Naiyeju and Dr Ibrahim Dankwambo in his office in Abuja.
Speaking earlier, Senator Ibrahim Dankwambo suggested the upgrading of the Treasury Academy, Orozo owned by the Office of the Accountant-General of the Federation (OAGF) to a Degree (University) awarding Institute.
Also, Dr. John K. Naiyeju charged the new Accountant-General to carry along everyone and advised him to make staff welfare his priority.
In a related development, the Accountant-General of the Federation expressed his willingness to work with all professional organisation that will bring positive development to the nation, especially, his professional and Academy colleagues of the doctorate class.
Mr Ogunjimi called on his classmates to come up with ideas and suggestions that will enhance the management of the nation’s treasury that will positively affect the economy development.
In his remarks, the Chairman Forum of Doctorate Students, Ibrahim Aliyu said that they were in Treasury House to congratulate one of their own and assured him of their support towards his successful tenure.
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