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Despite recession, Agric sector records three percent growth

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The Director-General, Budget Office of the Federation, Ben Akabueze, has revealed that despite the economic downturn caused by recession, the agricultural sector of the economy grew by three per cent.

Akabueze, who spoke at the Maiden Edition of Deloitte in Dialogue, tagged: Nigeria Economic Outlook 2018, disclosed this while relishing the opportunities that abound in the 2018 budget for the private sector.

He disclosed that the government is putting in more efforts to further boost the sector, saying: “The agricultural sector is one of the industries that the government is focusing on and it has seen some reasonable growth. Despite the biting recession, Agricultural sector recorded over three per cent growth.” Akabueze noted that the 2018 budget envisages development of value chain across 30 different commodities, including transportation, trading, marketing and exploit among others.

Speaking on transportation, the DG called for improvement across the different roads of the federation, noting that this would have a positive effect on the country’s economy.“You will not believe the impact of transportation in the economy. The sector is part of what has been holding up the inflation rate. Transportation cost is a significant driver of food cost, which is the reason for the inflation that we have. If we raise some investments in transportation the inflation around food will be lower.

“We expect that the budget will stimulate investment in some critical sectors, and we hope that the private investors will leverage on the opportunities that the 2018 budget present,” he stated.On his part, an associate professor at the Lagos Business School, Doyin Salami, decried the infrastructure deficit being passed on from one government to another.

He noted that the Federal Government needed to collaborate with the private sector to provide the necessary infrastructure, adding that an upsurge in international capital would necessarily boost Nigeria’s infrastructural deficit.“The state of infrastructure is critical to attracting foreign investment; the government must actively seek the participation of private investment in that area.

“Nigeria has elections in 2019, which, therefore, reduces her attractiveness in the international economic scene. It is not because it is Nigeria, but that is how it is anywhere in the world where there is election. We might see a reverse of capital inflows in Nigeria as the elections draw closer,” he said.

The Chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler, said the agency, which hit a record of N4trillion revenue in 2017, had initiated plans to move Nigeria to be among the top 50 countries in the ease of paying tax.Fowler urged businesses to take advantage of the tax amnesty initiative of the Federal Government, which would end in March, noting that “There would be no extension of the tax amnesty from the government after March.”

EVENTS

Nigeria Selects “Mai Martaba” As International Feature Film (IFF) Contender For 2025 Oscars

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Mai Martaba as international feature film contender | fab.ng

The Nigerian Official Selection Committee has selected the epic Hausa film, Mai Martaba as its contender for the International Feature Film (IFF) category at the 97th Academy Awards. The Committee announced in an official statement that they selected the film to contend for the Oscars because of its theme and visual appeal.

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MUSIC

Don Jazzy Announces Tega Oghenejobo As The New President Of Mavin Records

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Tega Oghenejobo As The New President Of Mavin Records | fab.ng

On Tuesday, October 29, 2024, Michael Collins Ajereh, the visionary founder of Mavin (Records) Global, better known by his stage name Don Jazzy, announced a significant expansion within the company. He announced Tega Oghenejobo as the new president of Mavin Records.

Tega has been an integral part of Mavin’s journey. Now, his position as President has elevated his status in the company. In addition, he has been in the existing role of Chief Operating Officer (COO).

Don Jazzy expressed his admiration for Tega’s passion and resilience. He acknowledged his ability to spot these qualities in Tega from the early stages of their professional relationship.

He said,

I’m proud to announce @TEGAMAVIN expanded role as President and COO of Mavin. I am often praised for being able to spot and raise superstars, but I can proudly say the most genius thing I have done in my life was being able to spot the passion and resilience in Tega.”

“From the early days, I’ve watched him be curious about the business, build teams, develop executives, and ensure our talents have sustainable careers from the start. His commitment to growing Mavin and shaping the future of African music has been relentless, and I’m confident that with him in this role, we’ll continue to break new ground and achieve even bigger milestones for our artists and company,” he added.

Accepting the appointment gracefully, Tega Oghenejobo said,

“I’m honored to step into this new role as President & COO of Mavin Records. It means embracing new challenges, setting new goals, and reaching new heights. Thank you, Supreme Leader @donjazzy, for your unwavering belief and trust in me to lead the Mavin team.”

Check here for more updates.

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BUSINESS

Moniepoint Reaches African Unicorn Status With $110 Million Funding Boost

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Moniepoint reaches African unicorn status | fab.ng

Moniepoint Inc., a leading fintech company in Africa, has successfully raised $110 million in equity financing. This is to power the dreams of millions of businesses and their customers across the continent and the diaspora.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. It is a premier fund focused on Africa.

Additionally, new investors joined the funding round. This includes a leading African private equity firm, Google’s Africa Investment Fund and Verod Capital. Existing investor, Lightrock, a global impact firm, also participated.

Tosin Eniolorunda and Felix Ike founded Moniepoint (formerly known as TeamApt) in 2015. Initially, it focused on providing infrastructure and payment solutions for banks and financial institutions. It has since grown into Nigeria’s leading business banking provider, trusted by millions of businesses.

The capital raised will be used to accelerate growth for Moniepoint across Africa.

Further, that entails building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.

Moniepoint’s exceptional contributions to Nigeria’s financial services sector have been widely acknowledged, along with its enviable track record of serving customers across Africa.

Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding $17 billion, all while operating profitably.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed his excitement about the successful funding round and the company’s plans to expand its offerings and reach across the African continent.

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