Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
british airways
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Business News

Milk: NECA urges CBN to suspend Forex restriction

The Nigeria Employers’ Consultative Association has called on the Central Bank of Nigeria [@cenbank] to shelve its plan to restrict FOREX on milk importation in Nigeria.

Published

on

Treasury Bills, CBN acts tough again, gives banks 72 hours ultimatum to resolve customers’ complaints, CBN, NECA calls for CBN

The Nigeria Employers’ Consultative Association (NECA) has urged the Central Bank of Nigeria (CBN) to review and suspend the planned restriction of foreign exchange (Forex) for milk importation into the country.

According to NECA, going ahead with the restriction now will be catastrophic for the nation’s economy.

The Director-General of the association, Mr Timothy Olawale, made this call in Lagos on Thursday, while speaking at a business forum on the need to measure the suitability of the policy.

The details: The NECA director-general said the CBN should further engage stakeholders in extensive consultation on the issue before implementation, as it would enable the apex bank to gauge the merits and demerits of the policy in the long term.

“While employers understood and acknowledged the imperative for backward integration in the long term, the proposed foreign exchange restriction is too sudden and has the potential of crippling businesses which are already struggling.

“Without prejudice to the long-term benefits of backward integration, the short-term consequences, without a deliberate and acceptable plan by critical stakeholders can be catastrophic for local businesses in the value-chain,” he stated.

[READ MORE: CBN says milk importation “NOT BANNED” blows hot on powerful Nigerians]

Earlier development: In a recent circular released by the apex bank, the CBN Governor, Godwin Emefiele, reiterated the bank’s plan to restrict FOREX for importation of milk and other dairy products.

Sigma Pensions

Emefiele said Nigeria spends between $1.2 billion to $1.5 billion annually on importation of milk and other dairy products.

  • The CBN governor noted that although there were some successful attempts at producing milk locally, the vast majority of the importers still treat this national aspiration with imperial contempt.
  • Subsequently, reactions have trailed the announcement from various stakeholders concerned, thus, labelling the policy as political and sudden.
  • While the CBN has through various media reiterated its stand on the policy, industry analysts have called for a review of the policy in order not to complicate certain economic realities.

The way forward: The NECA boss stated that while backward integration was a welcome development, a long-term plan for massive investment would have to be made for the purpose of importing dairy cows for milk production.

british airways

According to him, the cow husbandry in Nigeria has not been proven to be good for milk production. He added that the consequences of the planned policy by the apex bank will result to:

  • the unpatriotic activities of smugglers to import milk and loss of revenue for the government;
  • attendant social consequences, such as massive job loss; and
  • the adverse effect of capacity under-utilisation in the entire food and beverage sector.

In the meantime, NECA has emphasized that there is a need for the apex bank to reexamine the timeline for the implementation of the policy.

[READ FURTHER: Emefiele claims Nigeria loses $20 billion yearly because of oil palm neglect]

Stanbic 728 x 90

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

FG signs new Sustainable Development Goals agreement with UN

The Agreement is for new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.

Published

on

Xenophobia, FG reacts to inclusion of Nigeria on religious freedom blacklist by United States

The Nigerian Government has signed a deal with the United Nations to develop new cooperation towards achieving Sustainable Development Goals.

This was disclosed by the Minister of Foreign Affairs, Geoffrey Onyeama, in a statement on Thursday after the agreement was signed with the United Nations Office for Project Services, UNOPS, represented by Ifeoma Charles.

The Minister said, “On behalf of the Nigerian Government, I signed an agreement with the UNOPS represented by Ifeoma Charles Multi-Country Office Rep. The Agreement is for a new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.”

What you should know 

The 17 Sustainable Development Goals are:

No Poverty; Zero Hunger, Good Health, and Well-being; Quality Education; Gender Equality; Clean Water and Sanitation; Affordable and Clean Energy; Decent Work and Economic Growth; Industry, Innovation and Infrastructure; Reducing Inequality; Sustainable Cities and Communities; Responsible Consumption and Production; Climate Action; Life Below Water; Life on Land; Peace, Justice and Strong Institutions; and Partnership for the Goals.

Continue Reading

Business News

Best payment gateway platforms to avoid scams in your business

A payment gateway is a technology used to accept and hasten debit or credit card purchases from customers.

Published

on

Many businesses in Nigeria have adopted the online payment method because it is safe, fast, secure, and convenient. In recent times, fintech startups in Nigeria have developed safer payment channels to help businesses conveniently receive online payments.

What is a payment gateway?

A payment gateway is a technology used by merchants to accept debit or credit card purchases from customers. Integrating a payment gateway into your business is highly beneficial as it offers a more secure transaction process for your customers. It can also expand your customer base exponentially because many people will have access to your business at all times. The payment gateway offers faster transaction processing and customers can avoid the inconvenience of long queues.

In Nigeria, there is a wide range of payment gateways to choose from as a business owner. Before choosing a payment provider, you have to find out what each provider is offering and at what cost. Also, look out for PCI-compliant and SSL certificates in order to avoid security problems.

Here is a list of the top payment gateway providers and what they offer.


Paystack

Paystack is a growth engine for a new generation of innovative, forward-looking organizations operating in Africa. The company makes it easy for businesses to accept secure payments from multiple local and global payment channels, while also providing tools to help you retain existing customers, and acquire new ones.

Onboarding and approval take approximately 30 minutes, Paystack accepts payment in USD, GHC, NGN; and offers a wide range of payment methods like Card, Bank Account, Bank Transfer, USSD, Visa QR, and Mobile Money.

Pricing

  • Integrating Paystack is 100% free.
  • Paystack charges 1.5% + ₦100 for local transactions and 3.9% + ₦100 for international transactions.
  • ₦100 fee is waived for transactions less than ₦2500.

Flutterwave

Flutterwave provides the easiest and most reliable payment solution for businesses anywhere in the world. The company makes it easier for Africans to build global businesses that can make and accept any payment, from anywhere across Africa and beyond.

Sigma Pensions

Onboarding and approval happen immediately. Flutterwave offers a wide range of payment methods like Mastercard, VISA, Bank Account, USSD, Bank Transfer, POS, and Visa QR (for local payments); and Mastercard, VISA, and AMEX (for international payments).

Pricing

british airways
  • Integrating Flutterwave is free.
  • Flutterwave charges 1.4% for local transactions and 3.8% for international transactions.
  • Processing fees are capped at a maximum of NGN 2,000.

Remita

Remita is a payment solution that helps individuals and businesses make and receive payments, pay bills, and manage their finances across multiple banks. Remita accepts payment in Naira and USD.

Remita offers a wide range of payment methods including Internet Banking, Debit/Credit Cards, Bank Branch, POS Terminals, Mobile Wallet, Cash Agents, mPOS, Direct Debit, Standing Order, and Electronic Purse.

Pricing

Stanbic 728 x 90
  • Setting up Remita for your business is free.
  • Remita charges 2% for local transactions and 4% for foreign transactions.

Interswitch Webpay

Interswitch is Nigeria’s leading technology-driven digital payments company, helping to shape the payments ecosystem across the growing e-commerce sector in Africa. Interswitch offers a wide range of payment methods including all Nigerian cards, Verve, MasterCard, and Visa. Onboarding and approval take 1 – 2 weeks approximately.

Pricing

  • Interswitch charges a one-time integration fee of N150,000.
  • For transactions below N133,333, a fee of 1.5% applies, and N2,000 flat fee for transactions above N133,333.

PayU

PayU is a global payment platform that provides a secure way for individuals and merchants to accept and process online payments without the need for their own websites. PayU offers a variety of payment methods including Mastercard credit and debit cards, Verve, Visa and EFT bank transfer.

Pricing

  • PayU has a free setup cost.
  • It has a 2% service charge on all transactions.

Voguepay

Voguepay is an online payment gateway that allows businesses to process payments in any currency from customers all around the world. Vogue accepts payments via local and international payment methods including Verve, Visa, Mastercard, Bank Transfer, and Voguepay wallets.

Pricing

Coronation ads
  • Vogue pay charges N1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards) for setup.
  • Local transactions attract a 1.5% charge, while international transactions attract a 3.8% charge.
  • Onboarding and approval to Voguepay take between 1-5 days.

Monnify

Monnify is a payment gateway that allows businesses to seamlessly process payments from customers from multiple payment channels. It provides an easier and faster way for businesses to receive payments from customers on their web and mobile applications.

Monnify accepts payments via USSD, Internet banking, mobile banking app, and all Nigerian debit cards.

Pricing

  • Monnify setup fees and maintenance costs are free.
  • The fee for account transfers is capped at N500 per transaction or a flat rate of N300 (excluding VAT).
  • The card fee is capped at N2000 per transaction.

 

app

Adopting a payment gateway for your online business can reduce the risk of fraud and also help you retain your customers. This means that your business is open 24/7 and your customers can shop at any time from the comfort of their homes.

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.