The Acting President of Nigeria, Professor Yemi Osinbajo on Thursday signed three executive orders which is expected to significantly change some of the ways government business and operations are conducted in the country forthwith.
The acting president was relying on the powers vested in the Executive arm of government. In this post, we focus on the Executive Order for Ease of Doing Business in Nigeria.
On the Promotion of Transparency and Efficiency in the Business Environment
Transparency in MDAs
1 Every Ministry, Department and Agency (MDA) of the FGN shall publish a complete list of all requirements or conditions for obtaining products and services within the MDA’s scope of responsibility, including permits, licenses, waivers, tax related processes, filings and approvals.
The list shall –
a include all fees and timelines required for the processing of applications for the products and services; and
b be conspicuously pasted on the premises of the relevant MDA and published on its website within 21 days from the date of issuance of this Order.
2 It shall be the responsibility of the head of the relevant MDA to ensure that the list is verified and kept up-to-date at all times. If there is any conflict between a published and an unpublished list of requirements, the published list shall prevail.
3 Where the relevant agency or official fails to communicate approval or rejection of an application within the time stipulated in the published list, all applications for business registrations, certification, waivers, licenses or permits not concluded within the stipulated timeline shall be deemed approved and granted.
4 The mode of communication of official decisions to applicants shall be stated in the published requirements.
5 Where applications are rejected within the stipulated timeline, all rejections shall be given with reasons. Rejections of applications shall be tracked and accurate records kept at all times for each MDA and shall be submitted to the head of the MDA on a weekly basis.
6 There shall be at least two (2) modes of communication of acceptance or rejection of applications to the applicants by the relevant MDAs before the expiration of the stipulated time, including letters, emails and publications on MDA websites.
7 The applicant’s acknowledgement copy of the application, including electronic submission acknowledgements, shall serve as proof of the date of submission of the application for purposes of determination of the commencement of the application timeline.
8 An Applicant whose application is deemed granted under this Directive may apply to the Minister for the time being in charge of the application for the issuance of any document or certificate in evidence of the grant within 14 days of lapse of the MDA’s stipulated timeline for the application.
9 Failure of the appropriate officer to act on any application within the timeline stipulated, without lawful excuse, shall amount to misconduct and be subject to appropriate disciplinary proceedings in accordance with the law and regulations applicable to the civil or public service.
One Government Directive
10 An MDA that requires input documentation, requirements or conditions from another MDA in order to deliver products and services on applications within the originating MDA’s remit or mandate, including permits, licenses, waivers, tax documentation, filings and approvals shall only request a photocopy or other prima facie proof from the applicant. It shall be the responsibility of the originating MDA to seek verification or certification directly from the issuing MDA.
11 Service Level Agreements shall be binding on MDAs and shall be relied upon by MDAs in the issuance of published stipulated timelines for processing of applications for the products and services.
12 It shall be the responsibility of the head of the relevant MDA to ensure that the agreed terms of the Service Level Agreements are adhered to.
13 Failure of the appropriate officer to act within the timeline stipulated in the Service Level Agreement, without lawful excuse, shall amount to misconduct and be subject to appropriate disciplinary proceedings in accordance with the law and regulations applicable to the civil or public service.
Entry Experience of Visitors and Travellers
14 Ordinary tourist and business entry visas to Nigeria shall henceforth be issued or rejected with reason by the Consular Office of Nigerian Embassies and High Commissions within 48 hours of receipt of valid application. The timeline shall be notified to the public by pasting a notice conspicuously at every Consular Office and by publication on every website of Nigerian Embassies and High Commissions.
15 A comprehensive and up to date list of requirements, conditions and procedures for obtaining visa on arrival, including estimated timeframe, shall be published on all immigration-related websites in Nigeria and abroad, including Embassies and High Commissions, and all ports of entry into Nigeria.
16 The processing of issuance of visas on arrival shall be carried out in a transparent manner. Visas on arrival shall be granted at all Nigerian ports of entry once applicants have met all the published requirements.
17 There shall be no touting whatsoever by official or unofficial persons at any port in Nigeria. On duty staff shall be properly identified by uniform and official cards. Off duty staff shall stay away from the ports except with the express approval of the agency head. The FAAN Aviation Security (AVSEC) and Nigeria Ports Authority (NPA) Security shall enforce this order.
18 All non-official staff shall be removed from the secured areas of airports. No official of FAAN, Immigration, security agency or Ministry of Foreign Affairs (MoFA) or any other agency is to meet any non-designated dignitary at any secure areas of the airport. The official approved list of dignitaries that have been pre-approved to be received by protocol officers shall be made available to AVSEC and other relevant agencies ahead of their arrival at the airport.
19 Any official caught soliciting or receiving bribes from passengers or other port users shall be subject to immediate removal from post and disciplinary as well as criminal proceedings in line with extant laws and regulations.
20 All relevant MDAs at the airports shall within 30 days of the issuance of this Order merge their respective departure and arrival interfaces into a single customer interface, without prejudice to necessary backend procedures.
21 All agencies currently physically present in Nigerian Ports shall within 60 days harmonise their operations into one single interface station domiciled in one location in the port and implemented by a single joint task force at all times, without prejudice to necessary backend procedures.
22 The new single interface station at each Port shall capture, track and record information on all goods arriving and departing from Nigeria and remit captured information to the head of the MDA and the head of the National Bureau of Statistics on a weekly basis.
23 Each Port in Nigeria shall assign an existing export terminal to be dedicated to the exportation of agriculture produce within 30 days of the issuance of this Order.
24 The Apapa Port shall resume 24-hour operations within 30 days of the issuance of this Order.
Registration of Businesses
25 The Registrar-General of the Corporate Affairs Commission (CAC) shall within 14 days of the issuance of this Order ensure that all registration processes at the CAC are fully automated through the CAC website from the start of an application process to completion, including ensuring the availability of an online payment platform where necessary.
MTN, CADBURY, UNILEVER record losses, ASI down by 0.15%
The market capitalization presently stands at N13.146 trillion.
Nigerian stock market closed today on a bearish note. The All Share Index dropped by -0.15% to close at 25,199.84 basis points as against +0.38% appreciation recorded previously.
Its Year-to-Date (YTD) returns currently stands at -6.12%. The market capitalization presently stands at N13.146 trillion.
Nigerian bourse trading turnover closed positive as volume moved up by +86.96% as against +25.97% uptick recorded in the previous session. WAPIC, UNILEVER, and ZENITHBANK were the most active to boost market turnover.
WAPIC leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
Market breadth closed negative as CILEASING led 11 Gainers as against 23 Losers topped by NNFM at the end of today’s session – an unimproved performance when compared with the previous outlook.
- CILEASING up 10.00% to close at N4.4
- FIDSON up 4.82% to close at N3.7
- REDSTAREX up 2.74% to close at N3.75
- AFRIPRUD N4.30.1 2.33% to close at N4.4
- BUACEMENT up 0.78% to close at N38.9
- NNFM down 10.00% to close at N3.87
- CAP down 5.03% to close at N17
- CADBURY down 3.87% to close at N7.45
- UNILEVER down 3.85% to close at N12.5
- MTNN down 0.42% to close at N119
Nigerian bourse closed its last trading session for the week on a bearish, despite improved market liquidity printed at today’s trading session. Narametrics envisages you seek the advice of a certified financial advisor, when buying stocks.
Sanwo-Olu speaks on need to resolve community’s agitations for tank farms relocation
Sanwo-Olu called stakeholders to come together in order to provide a lasting solution to the issue.
The Lagos State Governor, Babajide Sanwo-Olu, has listed conditions that must be met, in order to bring a lasting solution to the dispute between petroleum tank farm owners at Ijegun-Egba area of Amuwo Odofin and the residents of the host community.
One of these conditions is that tank farm owners and petroleum tanker drivers must subscribe to operational regulations that limit the loading of tankers beyond their weight capacities. Also, all Federal Government’s regulatory agencies operating in the area must stop working at cross purposes with the state’s agencies, in the bid to address the environmental degradation in the area.
The governor also stressed that both the federal and state authorities should collaborate on the regeneration efforts of road and infrastructure in the area.
This disclosure was made by the Lagos State Governor on Thursday, August 13, 2020, in Marina, while receiving members of the House of Representatives Ad-Hoc Committee on the Relocation of Tank Farms. The Committee, which was constituted by the Speaker, Femi Gbajabiamila, was also intended to investigate and make recommendations on the issue.
The Hon Sergius Ogun led Ad-Hoc Committee had initially gone on a two-day inspection to Ijegun before sharing the findings with the Governor.
During the meeting, the governor pointed out that the regeneration of Ijegun-Egba was as important to the community as smooth transportation of petroleum products was important to the tank farms’ owners. He warned that the country could not afford to allow the host community’s agitation to hinder the operations of the tank farms, which, he said, supply 45% of petroleum products consumed in the country. The governor said:
“The Ijegun-Egba tank farms are strategic national assets created by the private sector to serve the whole country. Between 40 to 45% of the entire petroleum products that go across the country pass through that corridor. Even if it is to cater for our own need, we must take care of those assets, because they are like a strategic reserve for us as a nation.
“The rudiment of the problem in the area is a logistic issue, which is to ensure the movement of oil tankers in and out of the area without affecting the wellbeing of the community members. We have had to contend with environmental issues and the extent of the bad road network on the corridor is glaring. We have seen how small-capacity tankers are carrying up to 70,000 litres of petroleum products when they should be taking only 30,000 litres. This has exerted great pressure on the roads and the officers that are supposed to monitor them look away.
“These are part of the issues we need to resolve with the stakeholders. If we can let these people run their businesses within the confines of regulations, part of the solutions would have been achieved in the process. Also, there is a need for total regeneration of the roads in the area. We want the environment to be conducive for business, but we must do that in line with the safety of lives and property. We have talked with tank farms’ owners and we all need to come together. It is important for the Federal Government’s agencies to have an agreement and we are ready to play our own part.”
The committee was set up following the agitations and demands by residents of Ijegun Egba Satellite Town for the immediate relocation of the tank farms in the residential area. This, according to the residents, would help to prevent further environmental degradation and loss of lives and property in the area.
The host community accused tank farm owners of disrupting the drainage system, damaging roads within the community, and even converting roads to parking lots for their tankers.
The Governor stressed that genuine solution would be achieved if the entire network of infrastructure in the host community was cleaned up and regenerated. He, however, revealed that the new regeneration design that the state came up with could not take off because the federal authorities had not agreed with the plan.
Furthermore, Sanwo-Olu noted that it is high time for all the stakeholders to come together in order to provide a lasting solution to the issue.
“After your thorough assessment of the situation, I hope you would be able to call all relevant stakeholders and agencies of Government together on the discussion table. We are committed to any effort that’ll bring a permanent solution. We know how much of investment we have in the area, but businesses have to be done under a safe and controlled environment. We want every stakeholder to play their roles,” he said.
Making his own remark, the Chairman of the Ad-Hoc Committee, Hon Ogun, admitted the inability of the Federal authorities to work collaboratively with the Lagos State Government was part of the reasons the community’s agitation festered. He, however, promised that the House would prevail on the federal agencies to close ranks with stakeholders and bring about lasting solutions.
13.9 million Nigerian youth are unemployed – NBS
About 13.9 million Nigerian youth are unemployed as of Q2 2020.
Data from the National Bureau of Statistics reveals Nigeria’s unemployment rate as at the second quarter of 2020 is 27.1% indicating that about 21,764,614 (21.7 million) Nigerians remain unemployed.
Nigeria’s unemployment and underemployment rate (28.6%) is a combined 55.7%. This means the total number of Nigerians who are unemployed or underemployed as at 2020 Q2.
The data also reveals the worst-hit are Nigerian youths with over 13.9 million currently unemployed. In Q3 2018, the last time the report was released there were about 13.1 million Nigerian youths unemployed. Youth between the ages 15-24 have about 6.8 million Nigerians out of jobs and another 7.1 million also unemployed.
- The highest unemployment rate was recorded for youths between 15 – 24 years 40.8%,
- This is followed by ages 25 – 34 years at 30.7%.
- NCE/OND and Nursing recorded an unemployment rate of 30.8%
- The unemployment rate amongst second-degree holders (M.Sc/MS/MAdm) stood at 22.9%
- Unemployment rate as classified by Doctorate degree holders is 23.3%
What this means: The NBS also reports Nigeria’s youth population eligible to work is about 40 million out of which only 14.7 million are fully employed and another 11.2 million are unemployed. A high youth unemployment rate is synonymous with increased insecurity and poverty a situation that is also seen as a ticking time bomb.
To put things into context, Nigeria’s unemployed youth of 13.1 million is more than the population of Rwanda and several other African countries. Youth Population is also about 64% of total unemployed Nigerians suggesting that the most agile working-class population in the country remains unemployed.
The Covid-19 pandemic has also worsened the economic condition in the country making it even harder for employers to create more jobs. The private sector has relied on cutting jobs in the guise of downsizing and right sizing to reduce overheads and stay afloat.
The recent data also buttresses the high rate of Nigerians seeking greener pastures outside the country with most of them highly skilled and looking for jobs of the future. According to most recent data, in 2019 about 12,600 Nigerians gained permanent residency in Canada last year helping the country to become the fourth-leading source country of new immigrants to Canada, behind India, China, and the Philippines.
Last year, the Government of Canada revealed Nigeria ranks third in the rating of the countries with the highest number of Express Entry invitations to Canada in 2018. This is revealed in the 2018 report released by the Canada Government. According to the report, a total number of 6,025 Citizens of Nigeria received invitations to apply (ITAs) for Canadian Express Entry in 2018. It was further revealed that Nigeria is just behind China who recorded 6,248 ITAs in 2018.