Lagos State government pays 218 retirees benefit with N684 million

Addressing the retirees at the 40th Retirement Benefit Bond Certificate Presentation in Lagos, the Director-General- LASPEC, Folashade Onanuga, gave the retirees, His Excellency’s goodwill message stated that the retirees having contributed their quota to the development of Lagos State deserve to be treated like elder-statesmen with right to receive their pension early as active workers also receive their salaries on time. She implored the beneficiaries to be gentle with life. “Maintain a low profile, eat healthy and exercise well as this is what your body needs. Let moderation be your watchword”, she said.

                  

She also explained that even though there is two options available for receipt of monthly Pension entitlements i.e. the Programmed Withdrawal and life annuity options, not many insurance companies have received PENCOM’s nod to transact Annuity business. However, Lead-way Assurance plc, FBN Insurance Custodian Life and ARM life have gotten approval. Only Lead-way assurance & ARM life are for now given approval to provide Annuity services for Lagos State Government retirees.

Manufacturers’ raw materials inventory rises on steady Forex supply

With the Central Bank of Nigeria (CBN) sustaining its foreign exchange intervention in the real sector for importation of key raw materials, the manufacturing sector’s raw materials inventory index grew for the third consecutive month to close at 52.3 points.

This is just as the Manufacturing Purchasing Managers’ Index (PMI) increased to 52.9 index points in June 2017, showing expansion in the manufacturing sector for the third consecutive month.

Since March the CBN has stepped up its sales of Forex to importers, small and medium enterprises and retail (for invisible). The consequences for the sector have been far greater availability of raw materials and naira appreciation on the parallel market, with the food and beverages segment being the main beneficiary.

According to latest PMI report by the Central Bank of Nigeria (CBN), the PMI is an indicator of the economic health of the manufacturing sector, and is based on five major indicators: new orders, inventory levels, production, supplier deliveries, and the employment environment.

A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally declining

The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Kadiri commended the apex bank’s efforts in intervening to ensure that manufacturers access foreign exchange to import their raw materials, even as he sought the bank’s understanding in addressing certain gaps and demands that are yet to be met in some sub-sectors.

Recession: FG enlists foreign firms to enhance recovery

The Federal Government is hiring the United States technology giants such as Oracle Corporation and Microsoft Corporation as it steps up efforts to save costs and fight corruption.

An initiative led by Redwood, California-based Oracle, has helped the Federal Government to remove 50,000 ghost workers, or fake entries, from the payroll, according to a statement from the Presidency.

Other companies interested in taking on more work in Nigeria included IBM Corporation and Sweden’s Ericsson AB, the Managing Director of government-owned Galaxy Backbone, which provides technology services to the government, Yusuf Kazaure, said.This followed Oracle’s decision to open an office in Abuja in May.

Kazaure said Galaxy Backbone’s budget had increased by 30 per cent to N4bn this year, Bloomberg reported on Tuesday.

According to him, government funding for the company will probably increase at a similar annual rate for the foreseeable future.

The Federal Government is investing about 50 per cent more on Information and Communications Technology infrastructure this year, totaling about N41bn, according to budget data.

The country is seeking to recover from its worst economic downturn in more than two decades and is using technology to improve government revenue collection and attract investment.