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  • Experts advocate legal reforms to boost economy

    Experts advocate legal reforms to boost economy

    •T&A Legal marks 15th anniversary

    Legal, financial and tech experts have underscored the critical role law plays in driving economic growth.

    They called for urgent reforms to remove business impediments.

    It was at the 15th anniversary lecture of T & A Legal (Tunde & Adisa Legal Practitioners) in Lagos, with the theme: “Driving the future economy in Nigeria: the catalytic role of law.”

    Keynote speakers were Executive Secretary of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji and Ekiti State Commissioner for Finance, Akintunde Oyebode.

    Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, was the special guest of honour.

    A high point of the event was a panel discussion featuring Lagos State Commissioner for Innovation, Science and Technology, Olatubosun Alake; Co-founder of Max, Adetayo Bamiduro; Executive Director of Cardinal Stone, Mohammed Garuba; Partner at Banwo & Ighodalo, Deji Oyebode and CEO of Vendy, Kayode Disu.

    Senior Counsel at T&A Legal, Sharon Okpo, moderated the session.

    Adisa: law is bedrock of thriving businesses

    Co-founding Partner of T & A Legal, Seyi Adisa, stressed the key role law plays in economic development.

    “Much like a good foundation is essential for any building, building strong legal frameworks is crucial for building a robust economy,” he said.

    Noting that law is not just about regulation or enforcement, he added: “It is a dynamic, transformative tool that can unlock innovation, foster a stable environment, and also ensure the sustainability of our nation’s economic progress.

    “Law is the bedrock upon which businesses thrive, entrepreneurs succeed, and the economy flourishes.

    “Whether in areas like infrastructure, energy, digital transformation, or financial, the legal framework we build today will determine the type of economy we leave for the next generation.”

    Adisa recalled how T&A Legal, which started on February 1, 2010, grew in 15 years, adapting to the evolving legal and business landscape.

    He said: “Our firm has been privileged to represent clients across diverse sectors, from ambitious startups in one-room apartment like we started, to now established corporations that own their whole building.

    “We have offered cutting-edge legal solutions and support, regulatory compliance, and economic development to all of our clients.

    “And we are humbled that we stand before you as leaders in the field that we operate in.

    “Beyond our core practice, we have remained committed to community service as well, in various capacities.

    “And we have continually sought to use our legal expertise as a force for positive change.

    “We believe that the law is not just a set of rules. It’s a vital instrument for shaping policies, driving innovation, and ensuring a stable and thriving economic environment.”

    Adisa was grateful to his partners – Ayobami Tunde and Gbemisola Mosuro – as well as the firm’s 21 lawyers for their hard work.

    Adedeji: strong legal system needed for growth

    FIRS chief Adedeji said law is the backbone of any functional economy, providing the framework within which businesses operate, investors make decisions, and governments mobilise resources.

    According to him, law establishes the predictability, accountability, and trust that are essential for economic systems to thrive.

    He said: “In Nigeria, leveraging the law effectively means creating an environment that not only attracts investments but ensures those investments translate into tangible benefits for our citizens.

    “At the FIRS, we witness daily how legal frameworks directly influence economic outcomes.

    “Tax laws, in particular, play a dual role: they mobilise critical resources for national development and create incentives that shape economic behaviour.

    “When tax laws are efficient, fair, and transparent, they empower governments to provide essential infrastructure, education, and healthcare—the foundational elements of a thriving society.

    “These laws also foster compliance, build a sense of shared responsibility, and enhance Nigeria’s credibility as a trusted partner in the global economy.

    “Global research reinforces the connection between strong legal systems and economic growth.”

    Adedeji said the proposed Tax Reform Bills aim to modernise Nigeria’s tax administration, streamline compliance processes, and broaden the tax base, all while adhering to global best practices.

    “At their core, these reforms represent more than just fiscal policy changes— they underscore a commitment to equity, inclusion, and the creation of a tax system that works for all Nigerians.

    “Whether it’s the entrepreneur in Lagos, the farmer in Kano, or the manufacturer in Aba, the reforms are designed to address inefficiencies, close loopholes, and leverage technology to create a framework that is both responsive to the needs of the people and resilient in the face of global economic challenges.”

    Stressing the Tinubu Administration’s commitment to transforming the economy, Adedeji added: “We have the tools via the law, the vision, and the resolve to drive Nigeria’s future economy and redefine its role on the global stage.

    “The law is an enabler, not for restrictions, not for limitations, but an agent of growth. Let us embrace its power!”

    Review obsolete laws, Oyebode advises

    Ekiti Finance Commissioner Oyebode, who also chairs the Forum of State Commissioners of Finance in Nigeria, emphasised the need for reforms.

    Noting that businesses still face legal obstacles and bureaucratic challenges, he said: “While we understand the role of law in perpetuating processes and defining standards, some laws and policies, either at the point of drafting or at the stage of implementation hinder business activities and economic growth…

    “There are bigger concerns on regulatory impediments to doing business in Nigeria.

    “In principle, registration of businesses at the Corporate Affairs Commission can be concluded online within 24 hours, but a lot of lawyers will agree this is not the case.

    “There are instances where applications are queried unnecessarily, delaying such applications.

    “It also appears desk officers are not allowed to exercise a certain level of discretion, so they easily query applications that are not like those they are used to examining.

    “Other times, with some regulators, the process and procedures lack transparency and clarity.

    “Foreign investors who expect to get all the information they need at the start of an application are discouraged when they are informed of additional requirements during the application process.

    “Nigeria is competing with other countries for capital, and more recently, to be the technology hub of Africa, but can we do so without allowing the entrance of dominant players to operate in our environment?

    “While I commend the previous government for enacting the Startup Act and encouraging the growth of tech companies, the Nigerian market remains relatively unattractive for our technology aspirations.”

    Oyebode called for a review and reform of obsolete legislation.

    He said: “Societies evolve and so should our laws and legal systems. Building an economy for the future implies a resolve to be a step ahead of current innovations.

    “Some of our laws need to be revisited either for amendment or outright repeal and re-enactment.

    “Labour is listed under the exclusive legislative list, which means only the National Assembly can legislate on it.

    “Sadly, Nigeria’s labour law has not been amended since its enactment over 50 years ago.

    “The law does not apply to skilled workers, so we can imagine how this has been exploited by employers who do not have minimum standards to adhere to when drafting employment contracts.”

    He also called for policy consistency, upon which he said economic growth and development are predicated.

    “Anyone seeking to invest in a business environment should be assured of a level of policy consistency totally unaffected by change of government or administration.

    “Historically, some business policies are not known to survive the lifetime of the administration that introduced it.

    “Subsequent governments may choose to ignore such policies or outrightly change them. This sends a negative signal to foreign investors.

    “So, we must encourage drafting and implementation of the right policies that are most impossible to overturn overnight.

    “I should state here that Ekiti State Government enacted a law that ensures continuity of projects initiated by a previous administration, so we do not have a situation where we do not honour contractual obligations of a previous administration for a flimsy reason.”

    Read Also: ‘Nigeria to end HIV/AIDS public health threat by 2030’

    The commissioner stressed the need to enforce contracts.

    He said: “Contract is the bedrock of every business relationship, and it is inevitable that disputes will arise in contractual obligations, so it is imperative that we ensure our legal system is adequately equipped to adjudicate on specialised contractual obligations.

    “We do not have a specialised court for company matters but we have the Federal High Court which adjudicates on matters listed in Section 251 of the 1999 Constitution as amended.

    “These are revenue-related matters and those contained in the Exclusive Legislative List.

    “Our judicial officers in this court and other specialised tribunals such as the Tax Appeal Tribunals should be vast in analysing complex transactions in such a manner that both parties will be convinced that their decisions reflect a complete understanding of the matter brought before them.”

    The commissioner hailed Adisa and Tunde on the milestone.

    Noting the difficulty of starting a practice in their 20s, he said it was worth seeing the firm celebrate 15 years while on an undeniable trajectory of growth.

    Among the dignitaries were Chief Judge of Oyo State, Justice Iyabo Subulade Yerima; Olubadan of Ibadanland, His Imperial Majesty Oba Akinloye Olalere Owolabi Olakulehin (Ige Olakulehin I), represented by his son Prince Owolabi; former Oyo First Lady, Florence Ajimobi, among other senior lawyers and captains of industry.

  • ‘Support maritime operators to boost economy’

    The Federal Government has appealed to communities in Delta State to support the government’s efforts to revive ports activities by not pressuring maritime operators.

    Managing Director of the Nigerian Ports Authority (NPA) Ms. Hadiza Bala-Usman made the plea at the official handing over of Terminal B, Berth 4 of the Old Warri Port, to Ocean and Cargo Services limited, a partner of SIFAX Group.

    The event held at NPA, Warri.

    Bala-usman, who was represented by the Executive Director, Marine and Operations, Dr. Sokonte Davies, said the  facilities were  concessioned to enhance productivity and attract more cargoes to the hitherto abandoned ports.

    She appealed to the people to support the Federal Government’s initiatives to enhance the state’s economy and create surplus jobs.

    She said: “We are concessioning the terminal to enhance productivity and attract more cargoes to our ports. We, therefore, implore the impacted communities to help the government’s efforts succeed by working positively with the concessioner. The communities should not pressurise the concessioner because it can shut the business down.

    “If the communities support them, activities will increase and as vessels come, this will increase the engagement of young men and women, even the old. The communities will be positively impacted because the economy will grow and it will have positive effect on every area of life of the people.

    “We appeal to the host communities to help this one to work. It is working in other places, don’t let yours be different.”

    Director-General, Bureau of Public Enterprise (BPE), Mr Alex Okoh, on behalf of the National Council on Privatisation, was satisfied with the event.

    According to him, the concession of Terminal B is for 25 Years at an annual lease fee of $1,621,500, in addition to the entry fee and monthly throughput fee chargeable on volume of cargo handled

    He said: “The objective in port concession is to increase efficiency, improve service delivery, upgrade and modernise facilities in ports, reduce cost of shipping and clearing of goods, and relive the government of the burden of financing the sector.”

    Group Managing Director of SIFAX Group Mr. Adekunle Oyinloye said Ocean and Cargo Services Limited is ready to deliver efficient services at the port and make the Warri Port a vibrant and enviable hub of maritime activities again.

     

  • Start-ups boost economy in Q3 with $101m

    THE Director-General National Information Technology Development Agency (NITDA), Dr. Isa Pantami, at the weekend, said over $101 million was contributed to the nation’s economy in the Third Quarter of 2018 by Information Technology start-ups.

    Pantami, who made the disclosure at a “Start Up Friday Progamme”,  organised by the  agency in Abuja, said the feat was unprecedented in the history of ICT sector in the country. He said more amazing performances were expected in the  sector in the coming years.

    Pantami said the ICT sector contributed 13.63 per cent to the nation’s Gross Domestic Product (GDP) in the  Second Quarter of 2018,  assuring that this would likely increase by the third and fourth quarters.

    “With the little efforts we have put in place, a lot has been achieved in the ICT sector today. In the case of ICT start-ups,  within  the first quarter of 2018, start-ups generated $9 million,  in the second quarter, they generated $57 million and recently in the third quarter, they generated $35 million.

    “This is only within 2018. This achievement is unprecedented in the history of ICT sector in Nigeria,” Pantami said, adding that local IT content patronage had significantly increased as a result of strict enforcement of policies in the sector.

    According to him, in 2013, over 82,000 ICT facilities of the local content were purchased, stressing that in 2014 and 2015, the purchase rose to 92,000, while in 2016,  the facilities purchased hit 150,000 mark.

    The NITDA chief said the purchase rose to 300,750 in 2017, noting that the quantum leap in the purchase of hardware  component was largely due to the strict enforcement and compliance policy of the present administration on local content.

    Dr Pantami said the event was organised to identify young innovators in Nigeria and encourage them on how to contribute their quota to the development of the nation’s economy, asserting that ICT and technological innovations are the way to go as far as modern economies are concerned.

    “We call this event Start- Up Friday, but we are moving from one geo-political zone to the other;  we did one in each of the northwest, southwest, northeast and southsouth and this is Abuja, Northcentral and from here we will be moving to the southeast.

    “The wisdom behind this is to identify our young innovators, who have potentials and see how they can be supported to achieve their dreams,“ he said.

  • How wage increase will boost economy, by NLC chief Wabba

    RATHER than trigger inflation, the proposed minimum wage, when approved, will boost the economy, Nigeria Labour Congress (NLC) President Ayuba Wabba, has said.

    He told reporters in Asaba, Delta State, that the assertion that an increase in workers’ salary would lead to inflation was unfounded.

    The NLC chief was in Asaba as a Special Guest at the 6th Quadrennial National Delegates Conference of the National Union of Hotels and Personal Services Workers.

    Wabba said: “It is not true and has no empirical bases that an upward review of minimum wage would trigger inflation in the country.

    “This is because when the minimum wage was increased in 2011, in fact, the inflation rates went down. “Go and look at the records and the data, it would rather boost the economy because it would increase the people’s disposable income.

    “You remember that in the midst of recession in the U.S. (United States), one of the strategies President Barrack Obama used to boost the economy of the country was to increase the minimum wage.

    “This, because as at that time, production was going on; people didn’t have money to purchase and what he (Obama) did was to increase the minimum wage and there was money; General Motors started to produce and people were able to buy.

    Read also: Labour: we’ll begin strike on Nov 6 unless N30,000 minimum wage is adopted

    “In the World Bank report of recent, it has been proven that when there are money in the hands of many it is a means to addressing poverty.

    “Therefore, in the context of Nigeria, it is very clear and proven that once you are able to remove many of our people out of poverty, there will be a boost in our economy.

    “This is because those at the lower echelon that are receiving N18, 000 cannot afford good meals. That is the reality and truth.”

    Blaming the challenges being faced by the people on high cost of governance, he said: “On cost of governance, if you remember, the first engagement NLC had in 2016 was a national rally for good governance and the fight against corruption.

    “Minimum wage has international dimension, and that is why it is a convention of the International Labour Organisation (ILO).

    “The ILO convention 131 is the law about minimum wage and that is why even in the most capitalist economy, you have the minimum wage law.

    “Minimum wage is to protect the vulnerable group from exploitation, because if you have the minimum wage, you can pay higher but you are not allowed to pay below.

    “There are lots of evidence-based approaches to look at the positive side of the minimum wage increase in Nigeria.

    “Why many states, including the Federal Government, are complaining on the issues of ability to pay is due to high cost of governance.

    “In a particular state recently when we were arguing on the ability to pay the minimum wage, N10 billion was used to charter flight in that particular state. So, we must look at it from diverse ways the challenges we are having.”

    He said that if it was true that Nigeria belonged to the third world country and as such, its people would continue to be impoverished, “how come that members of the National Assembly receive the best salaries in the world?

    “If the minimum wage of a local government councillor is N200, 000, we must be on the same page and we must argue on the bases that all of us are Nigerians and we go to the same market.

    “These are the realities, nobody says that there is no challenge but we need to put the challenge on the table side by side.

    “When the earnings of political elite were reviewed in 2008, it was reviewed by 900 per cent but what was the minimum wage in 2010, put it side by side and then you will have answers for what will justify what the minimum wage stands for.”

    On the ongoing wage negotiation, Wabba called on government and employers of labour to respect the workers’ will.

    He said that organised labour had initially proposed N65, 000 based on reality and empirical data but that at the negotiating table, the parties presented their arguments and had arrived at a minimum wage of N30, 000.

    He said: “In fact the employers proposed the N30,000 as minimum wage on October 5, that is the truth and truth exalts the nation.

    “We have put the government on notice that come October 30 (today), we shall sensitise the people and if nothing happens on November 6, we shall declare a nationwide strike,” Wabba said.

     

  • How to boost economy, by stakeholders

    Industry stakeholders have lamented the prevailing unfavourable operating climate in the food sector.

    They urged the Federal Government to address the constraints and challenges facing the Fast Moving Consumer Goods (FMCGs) sector to boost the economy.

    Chairman of Financial Derivatives Company Limited, Mr. Bismarck Rewane, identified constraints facing the sector to include infrastructural constraints, low purchasing power and an unpredictable business environment. He spoke during an interview programme on Channels Television monitored by The Nation yesterday in Lagos.

    Also speaking on the state of the sector in Lagos, the Group Managing Director/CEO of Flour Mills of Nigeria Plc, Mr. Paul Gbededo,  lamented the myriad of challenges facing flour millers in the country. He stressed the need for government to encourage inclusive, sustainable and enforceable policies to encourage local investors.

    He also sought greater control on the quality of imported and home-grown wheat and better infrastructure, especially access routes at the factories and ports.

    Rewane said: “Some of these constraints are self-inflicted. Take for example the Apapa gridlock, take for example the cost of funding, and low productivity. So we have all of these things. But more importantly is that in the National Income Identity Equation, you have government expenditure, but the most important component of this is investment. Total investment in Nigeria is about $65 billion; it is less than 17 per cent of the total Gross Domestic Product (GDP).

    “A combative regulatory environment; an extortionary regulatory environment and policy making environment is what kills investment. And investors are not interested in what you say because what you do is more important than what you say. What you are doing could be combative or disruptive while what you are saying is creative.

    “Talking about flour, price of wheat has gone up by almost 30 per cent in the last year or 18 months. But the price of wheat now in Nigeria has gone up by almost 10 per cent. The result is that, and the exchange rate has moved, okay now positively and they have the availability of foreign exchange; good news.

  • Minimum wage ‘ll boost economy, says NLC

    Nigeria Labour Congress (NLC) President Ayuba Wabba has declared as untrue the claim that an increase in workers’ salary would lead to inflation.

    Instead the proposed minimum wage will boost the country’s economy, he added.

    The NLC boss told reporters yesterday in Asaba, Delta State where he was the Special Guest at the 6th Quadrennial National Delegates Conference of the National Union of Hotels and Personal Services Workers that “It is not true and has no empirical bases that an upward review of minimum wage would trigger inflation in the country.

    “This is because when the minimum wage was increased in 2011, in fact, the inflation rates went down.

    “Go and look at the records and the data, it would rather boost the economy because it would increase the people’s disposable income.

    “You remember that in the midst of recession in the U.S., one of the strategies President Barrack Obama used to boost the economy of the country was to increase the minimum wage.

    “This, because as at that time, production was going on; people didn’t have money to purchase and what he (Obama) did was to increase the minimum wage and there was money; General Motors started to produce and people were able to buy,” he said.

    Wabba added: “In the World Bank report of recent,  it has been proven that when there are money in the hands of many it is a means to addressing poverty.

    “Therefore, in the context of Nigeria, it is very clear and proven that once you are able to remove many of our people out of poverty, their will be a boost in our economy.

    “This is because those at the lower echelon that are receiving N18,000 cannot afford good meals, that is the reality and truth.”

    He, however, blamed the challenges being faced by the people on high cost of governance in the country.

    “On cost of governance, if you remember, the first engagement NLC had in 2016 was a national rally for good governance and the fight against corruption.

    “Minimum wage has international dimension, and that is why it is a convention of the International Labour Organisation (ILO).

    “The ILO convention 131 is the law about minimum wage and that is why even in the most capitalist economy, you have the minimum wage law.

    “Minimum wage is to protect the vulnerable group from exploitation, because if you have the minimum wage, you can pay higher but you are not allowed to pay below.

    “There is evidence-based approach to look at the positive side of the minimum wage increase in Nigeria.

    “Why many states, including the Federal Government, are complaining on the issues of ability to pay is due to high cost of governance.

    “In a particular state recently when we were arguing on the ability to pay the minimum wage, N10 billion was used to charter flight in that particular state, so we must look at it from diverse ways the challenges we are having,” he said.

    He said that if it was true that Nigeria belonged to the third world country and as such, its people would continue to be impoverished, “how come that members of the National Assembly receive the best salaries in the world?”

    “If the minimum wage of a local government councillor is N200,000, we must be on the same page and we must argue on the bases that all of us are Nigerians and we go to the same market.

    “These are the realities, nobody says that there is no challenge but we need to put the challenge on the table side by side.

    “When the earnings of political elites were reviewed in 2008, it was reviewed by 900 per cent but what was the minimum wage in 2010, put it side by side and then you will have answers for what will justify what the minimum wage stands for,” he said.

    On the ongoing wage negotiation, Wabba called on government and employers of labour to respect the will of the workers.

    He said that Organised Labour had initially proposed N65,000 based on reality and empirical data but that at the negotiating table, the parties presented their arguments and had arrived at a minimum wage of N30,000.

    “In fact the employers proposed the N30,000 as minimum wage on Oct. 5, that is the truth and truth exalts the nation.

    “We have put the government on notice that come Oct. 30, we shall sensitise the people and if nothing happens on Nov. 6, we shall declare a nationwide strike,” Wabba said.

  • Governors seek more cash for agric to boost economy

    Expert okays ranching at The Nation’s First Summit on Food and Agriculture

    Jibrin Abubakar and Soji Omotunde
    Dangote Group representative Jibrin Abubakar receiving his company’s award from The Nation General Manager (Training & Development) Soji Omotunde

    Governors yesterday sought more funding  for agriculture.

    Nigeria pins its hope of diverting its economy on agriculture, but the sector remains underfunded — so goes the polular thinking.

    The country has not been pumping sufficient cash into agriculture, Kebbi State Governor Atiku Bagudu said. He spoke at The Nation’s First Summit on Food and Agriculture, which was organised in Abuja by Vintage Press Ltd., publishers of this newspaper.

    Also at the Summit, Prof. Adebiyi Daramola advocated ranching as the panacea to   incessant herdsmen/farmers’ clashes.

    The former Federal University of Technology Akure(FUTA) Vice Chancellor noted that ranching is more profitable and leads to the production of healthier livestock.

    Bagudu  said  of  the over N4 trillion debts the Asset Management Company of Nigeria (AMCON) took over from the banks, only less than a billion was owed by the agriculture sector.

    Borno State Governor ,Kashim Shettima and his Plateau State counterpart Simon Lalong also spoke at the summit. Bagudu said:”We have not been putting money into agriculture. Let’s start from there. When AMCON was created in 2010, it took over from the banking system about N4 trillion worth of bad loans but less than a billion naira related to agriculture out of it.”

    He noted that from three months ago, the Anchor Borrower Lending for the agricultural sector lent about N54billion for the development of the industry which is less than $200million .

    Bagudu said in comparison, the Federal Government invested about $9billion in oil production, which made evident the gap in the funding for agricultural development.

    According to him, there is no state, including the oil producing ones, that does not have about three crops which with the right investments can produce food for Nigeria. He insisted that inadequate funding is the number one factor that is missing from the development of the sector.

    The governor noted that Brazil produces the same volume of oil as Nigeria but the former is the leading global  producer of maize, sugar, soya beans and other commodities.

    Bagudu added: “We have a very dynamic, entrepreneurial and hardworking populace and they are ready to work. There are opportunities. We have to mobilise for them.”

    Shettima said a country that is not independent of its food needs cannot be said to be truly independent.

    According to him, the present administration has created an enabling environment to make entrepreneurial agriculture possible.

    Entrepreneurial agriculture, he said, provides jobs and opportunities for people, so it deserves to enjoy the government’s intervention like other sectors, such as aviation and power.

    Shettima advised that Nigeria should embrace change and modernity to improve output and coalesce for a common purse.

    The Borno State governor lamented that Nigeria had become a dumping ground for all kinds of garbage.

    He said: “Kebbi and Sokoto states can meet the cereal needs of the nation. From Benue to Taraba can meet up with the tuber needs of the nation while the coastal states can meet our protein needs, especially fish.”

    To Shettima, Nigeria is a rainbow nation,withwhich the hope of the black man lies. The future of Nigeria is bright, he said.

    Lalong said he and his team attended the summit to demonstrate the significance the state government attaches to agriculture.

    He said the days of oil were gradually becoming history.

    Lalong said there was no doubt that President Buhari had laid the foundation for increased agricultural production.

    He insisted that the country must diversify, especially when nobody is talking about petrol any longer.

    The governor said they are determined to improve the fortunes of his state through agriculture.

    Daramola, in his lecture, said small holder farmers should be encouraged to transform from their subsistence level to “ agroprenuers”.

    Nsima Ekere and Joshua Dariye
    Niger Delta Development Commission (NDDC) Managing Director Nsima Ekere receiving an award from Senator Joshua Dariye

    He noted that the old practice of farming with hoes and cutlasses was not attractive to young graduates.

    According to him, subsistence farming is recipe for poverty. He explained that a farmer that consumes about 70 per cent of his produce is a subsistent one.

    Vintage Press Limited Managing Director Victor Ifijeh said in his opening remarks that the objective of the summit was to ensure that government at all levels and Nigerians participate in agriculture to ensure food security in the country.

    Ifijeh said the company was offering the platform of the summit for cross fertilisation of ideas to enhance the production of food so that the country can become not only self- sufficient in food production but can also have affordable food for the teeming population.

    He reminded Nigerians that experts had consistently said that a country that cannot feed itself is at great risk.

    Ifijeh noted that “the essence of the summit is to ensure that the country is not at risk food wise. Nigeria must be able to feed itself.”

  • How bio-refineries can boost economy

    The Dean, School of Basic and Applied Sciences, Babcock University, Ilishan, Ogun State, Prof. Dele Fapohunda, has called for the establishment of bio-refineries to create jobs and boost the nation’s export drive.

    Bio-refineries convert agricultural waste to higher value products and add significant value to agricultural production.

    A bio-refinery may employ on average of 100 full-time staff including many highly-skilled personnel, and create another 1,000 full time jobs in transport, maintenance and other services.

    According to experts, bio-refinery also enables investors and farmers diversify into feedstock for ethanol and compete in a sustainable and progressive market where they make a positive net contribution to the economy.

    Fapohunda said Nigeria has a large agricultural sector, which can explore bio-based technologies, and that bio-refineries are some of the few industries with the potential to attract substantial capital investment and create industry-led employment in the rural areas.

    He noted that farmers could generate additional income from introducing bio-refining into their value chains and sustainably produce new products for consumers.

    Fapohunda noted that considering the importance of the agric sector to the country, the government should encourage investment and provide subsidies to encourage such monumental projects.

  • ‘Araromi Seaside-Lekki road will boost economy’

    The Chairman of the Ondo State Oil Producing Areas Development (OSOPADEC), Mr Gbenga Edema, has assured the residents that the 51-kilometer Araromi Seaside-Akodo-Lekki road will boost economic development of the coastal communities in the Sunshine State.

    He hailed Governor Oluwarotimi Akeredolu for making the project a reality.

    Addressing reporters at the take-off ceremony at Araromi in Ilaje Local Government Area, Edema said the present administration in the state had laid an unequal foundation to development of the state.

    He said the road would open up the coastline, facilitate transportation in the riverine area and improve the social and economic life of the communities.

    Also, NDDC’s Chairman Victor Ndoma-Egba said the road would reduce the travel time from Ondo State to Lagos State to an hour and facilitate the evacuation of agricultural produce from the former to the latter.

    He said the partnership was designed to bring development to the Niger Delta region.

    The NDDC chairman pledged that the project would be completed at record time against the notion that the agency always abandoned projects.

  • Araromi Seaside-Lekki road will boost economy

    Chairman of the Ondo State Oil Producing Areas Development (OSOPADEC), Hon. Gbenga Edema, has assured the people of the state that the 51-kilometre Araromi seaside-Akodo-Lekki road, when completed, would facilitate economic development of the coastal communities in the sunshine state. He commended the state governor, Oluwarotimi Akeredolu, for making the project a reality.

    Speaking with reporters after the take-off ceremony at Araromi in Ilaje local government, Edema said the present administration in the state has laid an unequal foundation to develop the whole state. According to him, the road will open up the whole of the coastline, facilitate transportation in the riverine area and improve the social and economic life of the area.

    Also, the Chairman of Niger Delta Development Commission (NDDC), Senator Victor Ndoma-Egba, said the road would help in reducing the travel time from Ondo State to Lagos to an hour and would facilitate the evacuation of agricultural products from Ondo to Lagos. He re-affirmed that the partnership is designed to bring development to the Niger Delta region, saying the project would be completed in record time against the notion that NDDC always abandons projects.