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18 — Vanguard, WEDNESDAY, MARCH 25, 2020 IT is hardly surprising that the Central Bank of Nigeria, CBN, under Governor Godwin Emefiele, has once again taken a significant step which should guide the actions of the Muhammadu Buhari administration to look inwards for much of the solutions to our economic problems. At the bank’s forum in Abuja on Wednesday last week, Emefiele announced that hand sanitisers and other anti-viral protective inputs which can be adequately sourced from within the country to combat epidemic outbreaks like COVID-19 would be banned from access to foreign exchange for their imports. That was Emefiele’s reaction after a leading manufacturer, Mrs. Stella Okolie of Emzor Pharmaceuticals, had disclosed that her company and many other Nigerian manufacturers could comfortably supply the nation’s needs in these products, but lamented that due to government neglect Nigerians spend Looking inward for our survival valuable foreign exchange to import them. According to Okolie: “Local industries must not be neglected. We should find out who is doing what and who can do what and patronise them. We should look inwards. We have what it takes to build this nation”. It is unfortunate that though this need to look inwards was staring us in the face when Buhari assumed office in 2015, our near-total dependence on foreign imports continued in spite of the recession. Though it placed high priority on economic restoration the administration failed to mobilise the populace to shun undue importation and patronise locally-produced commodities. It is not surprising that the much-vaunted effort at diversifying the economy has yielded little fruit. Apart from the Nigerian Air Force and the Army which opted to buy some of their spare parts and kits from local manufacturers, most top government officials and their spouses continued to flaunt expensive foreign items of personal fashion in defiance of the parlous state of the economy. It was the CBN that boldly continued the revitalisation of the agricultural sector which began under the previous administration of Dr. Goodluck Jonathan by rolling out the Anchor Borrower’s Programme for food production, especially rice. The CBN also drew up a list of 42 items which it prohibited from its foreign exchange allocation. This and the bank’s stabilisation of the foreign exchange helped us to limp out of the recession. We call on the Buhari administration to take a leaf from this symbolic gesture and declare a full-scale inward looking policy which will bind all Nigerians, Ministries, Departments and Agencies, MDAs, of government and government officials to buy and use made-in- Nigeria goods, with the President leading from the front. We should also patronise Nigerian professionals, schools, hospitals and car-makers. Wherever we find inadequacies we will be forced to fix them. With bleak fortunes facing worldwide crude oil sales, Nigeria can save herself by consuming what it produces and importing only what it does not yet make. OPINION Coronavirus as springboard for rebirth By SUNNY IKHIOYA THE average Nigerian has certain personality traits that are known all over the world. One of these is long-suffering. Nigerians can endure under any condition; they can go through thick and thin to achieve their desired goal. Their patience is elastic and that is why we are where we are today. The average Nigerian is also very intelligent; it is no surprise that surveys carried out by reputable international bodies have rated Nigerians as the most qualified/professional on the immigrants index in the US and the world. Fareed Zakaria of the CNN confirmed this in one of his programmes. If we are intelligent, rugged and patient, what then is holding Nigeria from becoming one of the best nations in the world? This is food for thought for all our leaders; a country with this quality of human beings, coupled with the resources available in the land, has no reason to be susceptible to every slight shock coming from other parts of the world. Nigerians are also united when faced with a common challenge. In sports, everyone is a Nigerian, including the Asari Dokubos, Nnamdi Kanus and the Shekaus of this world. After the games, we all withdraw to our respective shells of religion, ethnicity and the like. We were also united in the fight against the Ebola disease; the fight was a matter of life and death and Nigerians confronted it with full determination and succeeded. If we succeeded with Ebola, we will also be victorious against the corona virus that is causing havoc all over the world today. But the challenge of the corona virus is different from Ebola, in the sense that it is making people to withdraw into their respective shells. The wind of nationalism is blowing across the world and countries are protecting their territories, shutting borders and issuing travel bans to unwanted visitors. The world as a global village is now under threat and if that happens, only those with the capacity for self-sustenance can survive. The challenge of the corona virus, as it is presently, is not only restricted to the health situation but also, poses serious danger to the economies of nations. This can cause nations to go under, especially nations that are very dependent on foreign imports. Such nations will find it difficult to cope if the challenges of the corona virus continues in this manner. As we all know, Nigeria is in that category, despite the sweet report that our authorities are presenting to us. If that is not the case, why have the prices of petrol and other products derived from crude oil remained high? We are producing crude oil and the price of crude keeps falling at the international market; it has fallen above the 50 per cent level at the international market, yet we are reducing price at 13 per cent. To whose benefit is this? Whose responsibility is this? Is this not the right time to totally deregulate the oil sector? Instead of tackling challenges head on, in line with our natural and cultural attributes, our leaders always prefer the easy way out. We always have excuses to give, are never prepared, and at the slightest global crisis, we are left scampering. Why must we depend on the Lagos ports alone for imports? Is that good for our economy? Whose responsibility is it to get this sorted out? Our federal roads are in deplorable state - forget what Babatunde Fashola is sayingyou need to drive through the federal roads to experience it. If you do not have good road network to bring agric products to the towns and cities, how can you resolve the challenge of food sufficiency? We want to promote indigenous production and our legislators are rejecting home-produced vehicles; how do we grow in that sector? The challenge is not in looking elsewhere, the solution lies with the face in the mirror. The coronavirus challenge is a new one that will test all of our faculties, both the leaders and the led. It is time to have hospitals of international standards; our leaders do not need to go on medical tourism and that will save us scarce foreign exchange. We must prepare and be ready; other countries are already doing that; we must not be left If we are intelligent, rugged and patient, what then is holding us from becoming one of the best nations in the world? behind. We should not look at the health sector alone but particularly, we must look at our economy; we will surely survive the coronavirus; but how do we contain the economic effects? According to Neel Kashkari, President, Federal Reserve Bank of Minneapolis, USA: "Everyone is heading into recession; financial markets do not know how to price risk and investment, we do not know until science puts us through". That is the picture of the other side of the coronavirus, that of uncertainty; you cannot predict it and so cannot reach a definite conclusion, but we must be ready, no matter what happens. According to Neel, it is better to be over prepared than not meet the demands. Government has the onerous task of protecting both itself and the people. Neel Send Opinions & Letters to: opinions1234@yahoo.com says "governments must intervene on the side of the people". It is better for the economy if the workers are retained in their businesses; it is better to keep people employed. So the panicky reaction to the international crude oil price fall should not be a basis for the government to take rash decisions. They must focus on keeping the economy stable, encourage businesses to continue in operation through support interventions, interest free grants and waivers. Companies must not be allowed to go under because, from projections, the situation will only be for a while; so no panic decision should be taken. It is ironic that China is now opening their economy, while the US and Europe are closing down. Which way is the best for Nigeria? That is the challenge of the people running our economy. It is time to test the Nigerian ruggedness, but our leaders must be sincere with their intentions. First, all plans for foreign loans must be shelved for now as we continue to look inwards. We have the best medical personnel; let us fund our indigenous technology/researches according to our needs; let us take the challenge of necessity being the mother of invention. Government must use this period to cut cost of running government, at all levels and use the accrued monies to fund indigenous researches, build roads and other infrastructure. The bloated National Assembly expenses must also come down. From now, it must be Nigeria first; all foreign official tours must be cancelled and scarce foreign exchange will be used basically for essentials. It is time for sacrifice making and I know that the Nigerian people can cope, but will the government lead by example? Ikhioya, a social commentator, wrote via www.southsouthecho.com
COVID-19: Reps pass bill for coys to get 50% PAYE refund CURRENCY BUYING SELLING US DOLLAR POUNDS EURO FRANC YEN CFA WAUA RENMINBI RIYAL SDR RAND $124.85 $3.60 $2,261.00 $4.00 11.29 $ 0.25 $ 27.36 0.33 $23.63 0.27 306 306. 5 307 424.008 424.5969 425.1858 390.276 390.8181 391.3601 368.8903 369.4026 369.915 3.2476 3.2521 3.2567 0.4838 0.4938 0.5038 411.3695 411.9409 412.5122 50.987 51.0583 51.1295 95.8339 95.967 96.1001 81.3613 81.4943 81.6272 20.4799 20.5084 20.5368 CBN Exchange rate as at 24/03/2020 Yinka Kolawole with Agency Report The House of Representa tives has passed a Bill requiring the federal government to refund companies 50 percent of the income tax paid on employee salaries. The ‘Emergency Economic Stimulus Bill’ introduced and passed during yesterday’s plenary session, was sponsored by all the principal officers. The Bill, however, has to be passed by the Senate and backed by a Presidential assent to become law. According to a copy of the Bill obtained by TheCable, it seeks to protect employees and cushion the economic implication of the Coronavirus (COVID-19) pandemic for companies registered under the Companies and Allied Matters Act (CAMA) 2004. The Bill states that eligible companies would be those that do not retrench their staff from March 1 till December 31, 2020. It added that such employers shall during the period be “entitled to 50 percent income tax rebate on the total of the actual amount due or paid as Pay As You Earn (PAYE) tax under the personal income tax act cap C8 LFN 2004 (as amended)”. It also seeks to suspend import duties on medical equipment and drugs required for the treatment and management of the COVID-19, for a period of three months, starting from the end of March. The Bill also provides for deferment of all mortgage payments for a period of 180 days effective from March 1, 2020. The deferment is applicable to residential mortgages obtained by individual contributors to the national housing fund Speaker of the House, Femi Gbajabiamila, said the Bill is temporary and is meant to expire in December, 2020. “We can review the Bill Vanguard, WEDNESDAY, MARCH 25, 2020 — 19 before the expiration date if, in the next few months, there is no need for it and we were able to beat the virus,” he added. From left, Managing Director, Feminik Logistics, Elvis Ahior; CEO Bi- Courtney Aviation, Dr. Bolanle Olawale; Group Managing Director, Feminik Logistics, Adetoro Fowoshere; Cargo Operations Manager, Bi- Courtney Aviation,Ayodeji Akinremi, and Head of Operations, Feminik Air, Opade Stephen COVID-19: SEC extends deadline for 2019, Q1 2020 reports’ filings •Suspends registration of market operators, CMC meeting By Michael Eboh The Securities and Exchange Commission, SEC, yesterday, said it has extended the deadline for companies to file their 2019 full year and first quarter 2020 financial reports as part of its response to the Coronavirus (COVID-19) pandemic currently pressuring Nigerian economy. SEC, in a statement, also disclosed that it has commenced the electronic filing and processing of capital market applications, while fresh applications for the registration of capital market operators had been suspended. It said, “the SEC released a number of market-focused adjustments to be adopted in the interim in response to the effects of COVID-19, which includes filing and processing of applications electronically, extension of deadline on 2019 annual reports and first quarter 2020 reports, postponement of the first quarter Capital Market Committee meeting earlier scheduled for April 23, 2020. “Also, returns shall be filed electronically, while the Commission has approved a 60-day extension, in the first instance for public companies and capital market operators to file their 2019 annual reports and Q1 2020 reports.” Meanwhile, the Nigerian Stock Exchange (NSE) has granted all Dealing Member Firms (DMFs) an additional 60 day grace period for the submission of their Audited Financial Statement for the year ended 31 December 2019, which is due for submission to the Exchange on Monday, 30 March 2020. By the directive, DMFs are now required to submit their respective reports on Friday. May 29, 2020. The Exchange in a circular to Dealing Member Firms (DMFs) issued Tuesday said: “The Exchange has approved a temporary suspension of the provisions of Rule 7.4: Submission of Financial and Non-Financial Reports to the Exchange, Rulebook of The Exchange, 2015 (Dealing Members’ Rules) as amended, which states that: “Every Dealing Member shall submit to The Exchange its audited financial statements, within 90 calendar days of the end of the fiscal year, and its quarterly returns within 30 calendar days of the end of the quarter; and any other periodic report within the period stipulated by The Exchange.” The Exchange has also stated that dealing members can trade remotely during this period of COVID-19. Experts say TV will remain ad leader till 2023 •Record 11.9% drop in spend By Princewill Ekwujuru Experts in the marketing com munications industry have said that television will still remain the advertisement leader till 2023 despite recording 20 percent drop in its expenditure among the top 20 product categories in 2018. The figure dropped to N29.5billion from N33.5 billion in 2017. Technology, Information, Communications Director at ZoomComms, Abraham Idonije, in a chat with Vanguard, said, “While TV is expected to stand as the ad leader till 2023, in terms of net additions to revenue, its counterpart, internet ad, would add $60.7 million in absolute terms in 2023 against TV’s $60.2 million.” Tosin Olanrewaju, Co- Founder, MaxCom Media adds: “Amid an ever greater supply of media, businesses that are fancentric will find themselves with audiences that are more engaged, more loyal, and spend more per capita. To thrive in the experience-driven marketplace characterized by this year’s outlook, companies need to attract and harness the economic, social, and emotional power of fans. “ He said: “Major digital tipping-points are occurring or in prospect across all segments Internet advertising now generates more revenue than TV advertising globally. In 2016 an important tipping point was reached in the global advertising industry, with revenue from Internet advertising exceeding that generated by TV advertising for the first time. However, at a global level we forecast TV ad revenues will also continue to rise, at a more modest rate till 2023. According to 2018 Mediafacts, an annual advertising expenditure book published by mediaReachOMD, said GSM Service providers remained the highest advertisers in 2018 like in 2017, with N5.6billion, which is 21.1percent drop from N7.1billion in 2017. The second highest spender in 2018 was Cable TVs with N1.6 billion which dropped by 40.7percent from N2.7billion in 2017. The third highest advertiser was Banks and Financial institutions with N1.5billion in 2018, which is 7.14percent increase compared to N1.4billion in 2017. Fidelity Bank profit rises 21% as PBT hits N30.4bn ... Proposes 20k dividend per share By Peter Egwuatu FIDELITY Bank Plc has recorded impressive full year result, sustaining the sterling financial performance that has been witnessed in recent years. The Bank’s full year 2019 results released on the Nigerian Stock Exchange (NSE), showed strong growth across key income and balance-sheet lines. Specifically, Profit Before Tax, PBT rose by 21.0 percent to N30.4 billion compared with N25.1 billion recorded in the previous year. Similarly net profits surged by 24 percent to N28.4billion in 2019 from N22.9 billion from 2018. Gross Earnings grew by 14.0 percent to N215.5billion from N189.0 billion in 2018. Buoyed by the performance, the Bank plans to pay a dividend of 20kobo translating to N5.8billion compared to the dividend of 11 kobo paid in 2018. In other indices, Net Interest Income increased by 13.2 percent to N83.1 billion in 2018. Net Operating Income rose by 15.6 percent to N112.3billion from N97.2billion whilst total assets grew by 22.9 percent to N2.114 trillion in the period under review from N1,719 trillion in 2018.
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