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  • Foreign reserves build up despite naira volatility

    Foreign reserves build up despite naira volatility

    • Fourth consecutive rise in steady gain

    Nigeria’s foreign exchange (forex) reserves sustained recovery with addition of $195.01 million to close weekend at $32.64 billion, raising expectations of improved liquidity in the forex market.

    Weekend’s accretion was the fourth consecutive increase in the forex reserves, which had suffered a streak of decline in the previous month. 

    The reserves had grown by $89.76 million in the previous week. It had earlier grown by $132.68 million and $10.76 million.

    The naira however depreciated by 2.1 per cent to N1,497.33 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM). The Central Bank of Nigeria (CBN) intervened thrice at the market during the week with total forex sales of $211 million.

    Total turnover at the NAFEM increased by 33.6 per cent to $1.14 billion, with trades consummated within the N1,301.00  and N1,593.00 per dollar range.

    Analysts were optimistic continuing forex build up would improve liquidity at the forex market.

    According to analysts at Cordros Capital Group, market liquidity improved last week, driven by increased forex supply from the CBN to banks and mildly rekindled interest from foreign portfolio investors (fpis), stemming the naira’s volatility.

    “Looking forward, we expect forex liquidity to improve, supported by inflows from FPIs even as the CBN sustains their intermittent interventions. Nevertheless, we think that market liquidity may be insufficient to trigger a significant appreciation in the naira,” Cordros Capital stated.

    Finance and economy experts were unanimous that the buildup in external reserves was a good indication for the country’s currency management and macroeconomic stability.

    Analysts expected that changes in forex management rules, steady improvement in crude oil production and upbeat in global oil price could help the country mitigate its volatile forex situation.

    Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said the continuing increase in forex reserves will support government’s current efforts aimed at fostering liquidity and stability at the forex market.

    “The increase is a positive signal for improved liquidity in the forex market. This should ultimately help to stabilize the exchange rate of the naira or even strengthen it against the dollar if the increase is steady and consistent,” Amolegbe said.

    President, Association of Capital Market Academics in Nigeria, Prof Uche Uwaleke, said any increase places the CBN in a stronger position to meet forex obligations as well as intervene in the forex market.

    “If this development is sustained, we are likely to witness an appreciation of the naira in the forex market and more stability in the exchange rate following improved liquidity. This is one positive development capable of keeping away destructive speculators from the forex market,” Uwaleke said.

    Uwaleke however said Nigeria needs to curb excessive import dependence to support its forex recovery.

    “It goes without saying that export- base diversification remains the only sustainable solution to the present forex crisis,” Uwaleke said.

    According to him, to curb the demand pressure, government should compel a change in consumption behaviour by enacting a ‘Buy Nigeria law’ akin to the ‘Buy America Act’ of 1933 and recently the ‘Build America, Buy America Act’ of 2021.

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    “Also, Nigeria’s import data support revisiting and scaling up the CBN’s currency swap deal with the Peoples Bank of China. Given that the bulk of Nigeria’s imports are from China, it stands to reason, therefore, to explore ways of bypassing the dollars and settling these transactions in the Yuan. This was the idea behind the currency swap with China which was largely inadequate in size. In order to increase the stock of Yuan in our external reserves, Nigeria can issue panda bonds, which are bonds denominated in the Chinese Yuan and are considered cheaper than Eurobonds,” Uwaleke said.

    The International Energy Agency (IEA), in its latest report, increased its global crude oil demand projection for 2024 by 1.3 million barrels per day (mbpd) to 103.2mbpd. IEA estimated that extended output cuts by Organisation of the Petroleum Exporting Countries (OPEC) and its affiliates (OPEC+) would continue to moderate supply output, keeping off any major downside volatility.

    OPEC+ members had two weeks ago extended their voluntary production cuts of 2.2mbpd into the second quarter of 2024, with expectation of further extension beyond the first half.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, had indicated that the country’s oil production has risen to 1.65mbpd, from some 1.25mbpd in June 2023.

    OPEC had recently reported that Nigeria’s crude oil production rose to 1.476 mbpd in February 2024, an increase of 47,000 barrels on 1.429 mbpd recorded in January 2024. The data was based on secondary market intelligence sources surveyed by the organisation.

    “According to secondary sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February 2024, 203 tb/d higher, mo- m. Crude oil output increased mainly in Libya and Nigeria, while production in IR Iran and Iraq decreased,” OPEC stated in its Monthly Oil Market Report.

    The federal government’s N28.78 trillion 2024 budget is premised on 1.78mbpd daily oil production, $77.96 oil benchmark price, exchange rate of N800 per dollar and GDP growth rate of 3.88 per cent.

    Oil sector and currency management reforms are two of President Bola Tinubu’s administration’s economic blueprint. A multi-stakeholders reform agenda involving the Ministry of Finance, security services, Nigerian National Petroleum Company Limited and the CBN has seen a steady improvement in crude oil management and accountability. 

    In its latest macroeconomic assessment report, the International Monetary Fund (IMF) had sounded upbeat on the Nigeria’s macroeconomic reforms citing the improvement in oil production, ongoing efforts to boost food production and social welfare programmes among others.

    Governor, Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has outlined that ongoing efforts to strengthen the country’s forex position would lead to increased stability in forex reserves and naira. 

    According to him, the collaboration with Ministry of Finance and the NNPCL to ensure that all forex inflows are returned to the CBN will greatly enhance forex flows and contribute to the accretion of reserves.

    “The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN. This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage. The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria’s appeal to global investors.

    “We are implementing a comprehensive strategy to improve liquidity in our forex markets in the short, medium, and long term. Our focus is on addressing fundamental issues that have hindered the effective operation of our markets over the years,” Cardoso said.

    He pointed out that the apex bank understands that upholding the integrity of financial markets is crucial for building confidence, thus it remains committed to decisively address any infractions and abuses.

    He noted that in efforts to stabilise the exchange rate, the CBN prioritises transparency and a market environment that enables the fair determination of exchange rates, ensuring stability for businesses and individuals alike.

    “We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term. This coordinated approach will contribute to a more balanced and stable exchange rate,” Cardoso said.

  • Build your home with diligence, Osunkeye tells women

    The immediate Past Chairman of Nestle Foods Nigeria Olusegun Osunkeye has charged Christian women to build their homes with care, industry, diligence and prudent management.

    Osunkeye spoke at the 19th annual women’s conference organised by Diocese of Lagos West Anglican Communion.

    Tagged The wise builder, the conference attracted hundreds of Christian women from across the federation.

    He lamented many women have plucked their homes down with negligence, idleness and wastefulness.

    He urged them to emulate Abigail, who through her swift actions and skillful negotiation, saved her husband despite his surly and mean attitude.

    “I urge you to be like Abigail in your homes and businesses, look beyond the present crisis to the big picture. Use your skills to promote peace.

    “Place yourself under God’s control for whatever challenge or responsibility you may be facing today,” he stressed.

    Osunkeye stated it is the responsibility of the wife as a wise builder to make the home environment conducive and welcoming.

    This, he said, will greatly assist the husband in ministry.

    He noted Priscilla and Aquila made the most of their spiritual education from Paul and turned their homes to warm places for training and worship.

    According to him, the Christian home is still one of the best tools for preaching the gospel.

    “Their effectiveness together speaks about relationship with each other. Their hospitality opened the door way of salvation to many. Guests find Christ in their home,” he added.

    Osunkeye added that a wise woman must know how to manage with prudence and take care of the concerns of the family.

    “A wise woman will endeavour to enlighten and improve her conscience. This is the faculty of the soul by which we weigh the morality of an action.

    “To improve the conscience we must give it light and let it guide us. Well enlightened, it guides to happiness and heaven,” Osunkeye said.

    President , Women’s and Girls’ Organisation, Diocese of Lagos  West, Mrs. Lydia Odedeji, challenged Christians women to live by the word of God and exhibit values that make their homes heaven on earth.

    Odedeji said a life, home or nation in which Christ is given priority cannot but overcome hurdles successfully.

    According to her: “We are not protected from all troubles but we are sure of being protected in them.

    “The power to live in victory all the times lies in the practice of the word neither in mere confession of the word nor in mere mental assent to them,” Odedeji said.

     

  • ‘I will build on Aregbesola’s achievements’

    Osun State All Progressives Congress (APC) governorship aspirant Chief Bola Olaniyi has promised to consolidate on the legacies of Governor Rauf Aregbesola, if elected as his successor.

    Olaniyi urged the people to vote for the APC to ensure that the on-going projects are completed.

    He said the state needed a dynamic leader capable of delivering on the mandate, noting that Aregbesola has taken governance to a greater height in Osun.

    The aspirant explained that his desire to serve Osun was a long time ambition, assuring that he would be committed to infrastructure development.

    He said: “My ambition right from time is to serve the people of Osun in governorship position. The state has passed through leaders who were self serving, but I believe that people like me could improve on what Aregbesola is doing.

    “Osun mostly consists of farmers who need someone who will provide the enabling environment for them to grow the economy, particularly at a time resources from the federal government are dwindling.

  • ‘God told me to build church on someone’s land’

    The Federal Criminal Investigation and Intelligence Department (FCIID), Alagbon, Ikoyi, Lagos yesterday brought a Christian cleric, Felix Moses, before an Igbosere Magistrates’ Court for allegedly building on someone’s land.

    Moses, pastor of Capernaum Christian Ministry located at 34/36, Tijani Ashogbon Street, Bariga, was docked on a one-count charge of unlawful encroachment on a property.

    According to the police, Moses built the church in 2016 on land owned by the complainant, Mr. Toyin Omonijo.

    Prosecuting Counsel Henry Obiazi, a Superintendent, said the defendant built his church on the land without the complainant’s permission.

    According to the prosecutor, Moses told the police that “God Almighty directed him to build a church on the land.”

    Obiazi said the offence contravened Section 4(5) of the Criminal Law of Lagos State, 2015.

    Moses pleaded not guilty.

    Chief Magistrate O.O Oshin granted him N250,000 bail with one surety in the like sum.

    She remanded the defendant in Ikoyi Prison till he fulfills the bail conditions.

    The case continues on March 27.

  • VC to build on predecessor’s work

    Vice Chancellor of the University of Ilorin Prof. Sulyman Abdukareem has promised to build on achievements of his predecessor, Prof. AbdulGaniyu Ambali.

    Abdulkareem resumed office on October 16.

    Ambali upgraded the faculties from 12 to 15, among others achievements.

    University spokesman Kunle Akogun told News Agency of Nigeria (NAN) yesterday that 69 projects were inaugurated during Ambali’s tenure.

    He described as rumour, reports that there was a cold war between them, saying the report was an imagination of those who do not mean well for the university.

    The spokesman noted that the incumbent VC praised his predecessor during the 33rd convocation.

    NAN reports that while Ambali was absent on the first day, he was present the second day.

    It was gathered that the alleged friction was because the ex-VC was locked out of the convocation venue on October 20, few days to end of his tenure.

    Sources said Ambali, who was with his friends and relatives, was denied access to the campus through the main gate.

    He reportedly detoured and followed a route linking the school from the University of Ilorin Teaching Hospital, only for the gate to be shut when security guards saw  him.

    Ambali was said to have tried reaching Abdulkareem, who reportedly promised that the gate will be opened.

    “After over 45 minutes of Prof Ambali’s stay at the locked gate, his followers became agitated and wanted to cause crisis.

    ‘’He pleaded with them and urged them to follow him to his private residence,” the source said.

    A worker, who corroborated this story, said less than 72 hours after Abdulkareem took over, he replaced 28 workers with his people.

    According to him, the workers were supposed to be allowed to understudy them before any transfer.

    It was gathered that the dean and sub-dean of Student Affairs were also moved for their alleged loyalty to Ambali.

    Efforts to get Ambali’s and Abdulkareem’s reaction were unsuccessful.

  • Akintola: I ‘II build on Ajimobi’s achievements

    Akintola: I ‘II build on Ajimobi’s achievements

    In the Third Republic, he was the Deputy Speaker of the Oyo State House of Assembly. In 1999, he was a stalwart of the Alliance for Democracy (AD). Chief Niyi Akintola (SAN)  is now a governorship aspirant on the platform of the All Progressives Congress (APC) in Oyo State. He spoke with reporters in Ibadan, the state capital, on his mission in politics and why he wants to succeed Governor Abiola Ajimobi: Excerpts: 

    What will you do if the APC does not give you its governorship ticket?

    In the first place, I am not going to lose. I am going to get the ticket by the special grace of God. But I am a progressive and the question of looking for alternative platform does not arise.

    I was the arrowhead of what is now known as  the APC. I was one of those that were present at 1998 Confab at Premier Hotel in Ibadan by Yoruba leaders, where we formulated the policy of participating under Abdulsalam Abubakar’s government. We mandated Chief Bola Ige to liaise with other leaders across the country.

    Chief Bola Ige, in his wisdom, picked me, Prof Tunde Adeniran, Dr. Olusegun Agagu, Dr. Tola Atimo, and Uncle Yemi Farounbi, as part and parcel of his team.

    We wrote the constitution of the Peoples Democratic Party (PDP). When that did not work, we left PDP for All Peoples Party (APP). When we got there in Abuja, we saw some characters there, and Uncle Bola Ige said ‘well, we can’t stay here!’

    We pulled out and we came back to the drawing board. The registration then was closing. We had to quickly put something together to form the Alliance for Democracy (AD). That is why if you look at the AD Constitution and PDP Constitution, they are one and the same. The only difference there is just in the nomenclature. Who put all those constitutions together? It was the AD that metamorphosed into Action Congress (AC), then to Action Congress of Nigeria (ACN) and to APC.

    I happened to be the arrowhead of the take over of the Southwest by the progressives. We started in Ibarapa Local Government by the then AC before I moved to Oshogbo,  and I moved on to Benin, where we got Oshiomhole installed, I was the lead counsel there. I also moved to Ekiti, where we got Dr Fayemi installed. God also used me to bring Ladoja back to office.

    So, there is no question of me leaving the progressive camp, it cannot just be. Wherever the progressives tilt their boat, you will find me. For me to jump boat, no I can’t because I am a professional in politics. I have a second address.

     What percentage of women will be in your administration, if you eventually emerge as governor?

    The 35 per cent affirmative actions, I have had causes to address it, even at the party level, and I have addressed  it very well. I am what the Yoruba people will call ‘Abigael’. Ninety per cent of my kids are women, and I am married to a woman. My wife is an high court judge.

    I am duty bound to apply the provision of the law as it was. Nigeria is a signatory to that international convention, of which we have domesticated it. Having domesticated it, we are duty bound. The problem with us in this country is that most people are just too lazy to hold those who are governing us to account. Every Nigerian citizen should be able to hold Nigeria leaders accountable to that position of the law. Nigeria is a signatory to the international convention, people should ask the government, ‘why are you doing this?’ I want to challenge you, hold me accountable when I become governor of Oyo State, to see whether I will implement that or not. I am an executive member of Nigerian Bar Association (NBA). I am a good member of the International Bar Association, (IBA). They will ask me questions over there about it.

    In October this year, we will be in Sidney, Australia and these are the types of questions they throw at us. Some six years ago, I was in Chicago for IBA, and after the presentation of my paper, one Australian, after receiving standing ovation, said ‘this is a very beautiful paper from a third world country from that country where Abacha ruled!’

    He was trying to impugn on our integrity as a nation. But I quickly rose to the occasion and reminded him that ‘I am a proud Nigerian; that same country that produced Sani Abacha also produced Prof Wole Soyinka,’ and that shut his mouth. So, he held me accountable in that particular aspect.

    Who is your godfather?

    Every politics is local. There is a wall of difference between what ought to be and what is. Contrary to the impression out there, we are in a democracy where the majority will have its way and the minority will have its say.

    The reality of our situation on ground is that, this state is

    different from virtually all other states in the country. This is Oyo State, where traditions still rule very strongly.

    In this state, the roles of the gatekeepers cannot be wished away. The gatekeepers are there and there are layers of it. Apart from that, we also have the stakeholders and anybody who wants to govern this state cannot wish away the roles of the gatekeepers. No matter how good a person is, you will also need a good platform to contest. So, my governor, Senator Abiola Ajimobi, is a gatekeeper. Our traditional institutions are gatekeepers. For instance, my own immediate environment— I went to my ward in my local government, all the traditional rulers and community leaders were there. That shows the role of the gatekeepers. You cannot underplay the influence of eminent traditional rulers like the Alaafin of Oyo, Olubadan of Ibadanland, Soun of Ogbomoso, Ibadan Council of Elders, Central Council of Ibadan Indigenes (CCII). Even, when we came on board in 2011, it was not the ACN alone that brought us to power. It was the combination of all these forces; and that s the reality. You cannot underplay the influence of these factors. This is a traditional society, not like any other state. The traditional rulers still wield a lot of influence.

    Every society has its own different patterns of governance. In some states, there could be an individual. For instance, when Baba Adedibu was alive, he was a gatekeeper and that was the reality. It has no negative effect on democratic principles as it were and that is the truth. No one has ever become the governor of the state without the support of these gatekeepers and our political leaders appreciate it that much. These gatekeepers live among the people, know their feelings and all what is happening to them.

    What is your position on rotation or zoning?

    There is no rotation in any part of the country. It is not part of our law. Oyo State is one. The Oyo speaking  people know that they are one, and only one under one God.

    In Ibadan today, we may have 32 kings. The governor has succeeded in reviewing the 1957 Olubadan Chieftaincy Declaration. Is the review okay or is there anything wrong with it?

    It was something that ought to have been done long time ago. Pardon me, if I will give a very biased answer  because I have been involved from the word go.

    In 1999, former governor,  the late Alhaji Lam Adesina set up Oloko Commission of Inquiry. I was a counsel before that commission.

    Recommendations were made by the commission, but there was no political will to implement the recommendations. Then, came former Governor Rashidi Ladoja, who put up Adio Commission of Inquiry.

    Virtually, every governor has tried his hand on that.

    In the olden days, we used to say a Mogaji (head of family) in Ibadanland was more than a king in other climes. There was a Mogaji in Ibadan that had under him Iwo, Ede, Osogbo, and Ikirun; that was why the titular heads of those towns would abandon their positions to come and contest to become Mogaji in Ibadan because they were practically under the control of the Mogajis.

    But times are changing. What was obtainable then is no longer tenable now. Look at how big Moniya is, it is bigger than some state capitals in this country. Look at Omi-Adio, it is a cosmopolitan big town. By 2006 population census, it had  186,000 people. Yet, you expect the Olomi of Omi to be under a Mogaji in Ibadan town. That was what those governors have been trying to correct. Unfortunately, they didn’t have the political will to do so.

    Now, if you look at what is happening around us, Olubadan of Ibadanland, when he is going out, there are no Obas to follow him., yet he is the paramount ruler of the entire Ibadan. From Moniya to High Court at Ring Road is 47 kilometres. By the time you pass through Ring Road to Ago Taylor  and through Aleshinloye and you come out at Ojoo, you would have covered 92 kilometres in the same town; and you have not even reached Apata.

    That is why the Land Use Act Implementation Law could not be applied fully in Oyo State because of the distance. The implementation law says 15 kilometres radius, but within Ibadan, you have 92 kilometres. So, every other area is now rural under the Land Use Act. People don’t appreciate the position of the law on this. All these are interwoven. We thank God that we now have a governor, who has the political will to put this thing into practice. Give it to the present governor, he is highly cerebral and very courageous; every other governor had tried the review before, but they stopped mid-way, though they set up judicial commission of inquiries over the issues. There have been agitation for this for long, even under Chief Bola Ige, there was. He fell short of setting up judicial commission of inquiries.  At every point in time, except the present one, I had appeared as a counsel in all the past three judicial commission of inquiries. It is something that is commendable. I think majority of the people in Ibadan welcomed it.

    Don’t forget, there is economic aspect of it that people have not been addressing. When new local governments were created in 1989, the only council in Ibadan – Ibadan Municipal Government, was split into five councils. There were agitations on what to do with the property of the old Ibadan Municipal Government.

    We thought of a way of getting out of the quagmire, and I was called upon to offer legal advice. What I did was to incorporate the Ibadan Joint Property Limited, now at Ring Road to manage all the property of the entire local governments in the interest of the communities. I think the governor has done the right thing in that circumstance.

    What gives you the assurance that you will win the election, if you emerge as candidate of your party?

    My personality cuts across the party line. Though  party is a factor and it is going to remain a factor in the forthcoming general elections in 2019. However, it will depend on personality picked to contest.

    Buhari became the president, not only on the platform of APC, but because the people in PDP supported his candidature. Personality is going to play a major role in 2019.

    Over the years, I have worked for this state, I have worked for the party, worked for individuals and Nigeria as a whole and people know this. So, many of them are owing me and this is a pay back time.

    Beyond that, when you look at the make up of this state, you will agree with me that we are one from Ibadan to Oke Ogun and from Oyo to Ogbomoso. If I get the ticket, I am on my way to government house.

    I am in the race and I know God will decide because He is the ultimate power giver. With the support of the people, if they find me suitable to lead them, so be it. I am not desperate. It’s not a do- or- die thing. I am not a professional politician but a professional in politics. Some are so desperate, but I have not closed  my eyes to my  profession.

  • ‘We’ve come to build and not destroy’

    The Yaba College of Technology (Yabatech) governing council headed by a Senior Advocate of Nigeria (SAN), Prince Lateef Fagbami, has said its mission is to build and not to destroy.

    At separate meetings with the Academic Board, Academic Staff Union of Polytechnic (ASUP), Senior Staff Association of Nigerian Polytechnics, (SSANIP) and Non-Academic Staff Union, Fagbemi said: “We have come with ears to listen to your challenges so that I can brainstorm with my colleagues on the council on how best to make Yabatech regain its old glory.

    “The products coming out of this institution must be a perfect reflection of the intellectual input of the Academic Board, and to a large extent, our graduates serve as yardsticks for measuring the quality of our Academic Board.”

    Fagbemi told the labour unions “Our expectation from you is high. You are the fourth realm of governance in the college. Let me assure you that we recognise the pride of place that you all occupy in the scheme of affairs and running of this great institution. You are the engine room through which our students are given the services that the college provides. We cannot therefore do without you.”

    He urged the unions to join hands with the council to move the college forward, saying: “We need your cooperation to have industrial peace. Academic activities would only thrive when there is peace and harmony. Let Yabatech be known for stable academic calendar. I am certain that this is possible, if we work towards it.”

  • Defeating Boko Haram: We must act now to save lives and build peace

    We are delighted to be visiting Nigeria this week, especially during the UK’s Presidency of the United Nations Security Council (UNSC).

    We agree with new UN Secretary General Antonio Guterres that the UNSC must prioritise preventing conflict and sustaining peace. That is why we are focusing our Presidency on conflict prevention in Africa, starting with a UNSC visit to the Lake Chad Basin. Nigeria itself has long played a major role in international efforts to tackle conflict and build peace. Many Nigerians will be familiar with images of the famous blue helmets and berets worn by UN peacekeepers. But they may not know that more than 2,100 Nigeria military and civilian personnel are currently deployed on UN peacekeeping missions in countries including Liberia, Cote d’Ivoire, Sudan, South Sudan, Mali and the Democratic Republic of the Congo.

    We applaud Nigeria’s contributions to UN, ECOWAS and AU efforts in support of peace. The world saw the value of Nigerian leadership in this respect again in January, when President Buhari played a leading role in brokering a peaceful resolution to the political crisis in The Gambia.

    Of course, Nigeria also faces its own threats to national and regional peace and stability. The UK strongly supports Nigeria’s campaign to tackle the scourge of Boko Haram’s violent extremism and terrorism, and its cooperation in this fight with neighbouring Lake Chad Basin countries.  We are very proud that the UK is training Nigerian troops fighting Boko Haram. The UK is also providing life-saving assistance for those affected by the conflict. In 2016, £70 million in UK aid for North-East Nigeria provided food to more than 1 million people, treatment for 34,000 children at risk of dying from malnutrition, and access to clean water and sanitation for more than 135,000 people.

    Nigeria and its neighbours must maintain their military efforts to defeat Boko Haram, and do all they can to ensure that aid reaches those in need. But lasting security and stability will require a broader approach. As the UN Secretary General said in his first address to the UNSC this year, we cannot take peace for granted – it requires difficult decisions, hard work and compromise.

    Communities and governments will need to find ways of working better together to address a range of underlying causes of conflict: countering extremism; addressing the effects of climate change; protecting and promoting human rights; tackling corruption, and creating economic and educational opportunities. Nigeria’s recent pledge at the Nigeria and Lake Chad region conference in Oslo to spend US$1 billion dollars supporting Internally Displaced Persons (IDPs) and reconstruction in the Northeast of Nigeria is welcome. Such leadership is required from Nigeria to help address the urgent and longer term needs the North-East faces.

    Building peace also requires wide participation, starting at the grassroots and engaging civil society, faith leaders, youth and minorities. The involvement and empowerment of woman and girls at every level will be indispensable.

    All too often, women and girls suffer most in conflict, and are not represented in the pursuit of peace. But we know that when they are involved in negotiations, the chances of peace increase by 20% to 35%.

    The UK will continue supporting Nigerian-led efforts to counter violent extremism and terrorism and build peace, just as we support Nigerian initiatives to tackle corruption and achieve sustainable and inclusive economic growth.  The UK is committed to standing by Nigeria’s side as a friend and partner in difficult times, because a more secure, stable and prosperous Nigeria is good for Nigeria’s citizens, good for the UK and good for the world.

  • ‘I ‘ll build on Oshiomhole’s legacies’

    ‘I ‘ll build on Oshiomhole’s legacies’

    Edo State All Progressives Congress (APC) governorship aspirant Ilenre Austin Emuan has promisd to build on the progressive legacies of Governor Adams Oshiomhole, if elected as governor.

    He said it is important that the governor should hand over to a competent person, who will continue to implement the manifestos of the ruling party. The aspirant spoke with our correspondent in Lagos.

    Emuan, an architect, said the industrialisation of the state will be the priority of his administration, adding that it is the panacea to unemployment.

    Praising the governor for laying a solid foundation for the future of Edo, he said his successor should be able to keep the flag flying in the post-Oshiomhole period.

    The aspirant said he will make Edo a technological haven and harness the abundant human and material resources to fuel development.

    He said: “The world of today runs on the pivot of technology. Also, the future of the world depends and shall continuously depend on technology. How to clean up the polluted world, reforest, build up depleting biodiversity and other ecological resources and what means to be used lies with technology. The shape of life on earth and things to come also depend on technology. This is why we will quickly make Edo the technological heartbeat of Nigeria.”

    Emuam added: “To make Edo the technological and socio-economic heartbeat, we will promote intense inter-state trade and increase interaction between local researchers, innovators, designers, fabricators, assemblers and research and development professionals in all spheres.”

    The aspirant promised to run what he described as a neo-welfarist state. He said: “By neo-structural wlfariam, I mean a new way of thinkig. The old structure is like the old economy. But this is a new way of doing things. This is tapping into the knowledge of the new economy. The political economy of the world today is distraught in economic disparity, resulting into economic maladjustment, giving room for poverty, deepened insecurity and terrorism. This is the old order.

    “ If we continue on this path, we are obviously heading for Amargedom. This is the reason why neo-structural welfarism is concerned with restructuring capitalism, which is the pivotal of greed. The best way to go is not to destroy capitalism, but to re-define it. In other words, there has to be a balance between capitalism and some paradigm of socialism so that wealth can be evenly distributed.”

    “I carried out a research early in the year and discovered that in 1820, the ratio of rich to poor was one to three. But, as at 2013, it has gone to one to 88. That means that the wealth of this world is in the hand of few people. For me as a neo-structural scholar, this is what I stand to correct in Edo State and Nigeria, using Edo as an economic model.”

  • ‘How to build small brands up to global status’

    ‘How to build small brands up to global status’

    Some start-ups are scared of hearing the word branding when advised to engage it for their businesses.

    They think branding and positioning should only be explored by top brands, such as Coca Cola, MTN and others.

    In the words of the convener of Brand Forum and Chief Executive Officer, Thots ‘n’ Works, Mrs. Ogunleye Ayanfeoluwa, most of the start-ups demarket their services by “exchanging with clients poorly designed complementary cards that looks like a photocopied item.”

    These, according to her, are some of the orientations that make start-ups remain small players till they are run out of business  by smarter ones who understand branding.

    “But they fail to understand that small businesses too should brand and position for business growth to attract good customers,” says Ogunleye.

    However, with the recession trailing most big businesses, experts at a just-concluded Brandforum, a free enlightenment forum for SMEs, said this is the right time for small business owners to brand their products and service to attract big clients who need affordable services.

    At the forum, the Executive Director, Rainoil Limited, Godrey Ogbeche, who delivered the keynote address titled: “Start small, grow, big”, urged business owners not to be deterred by the state of the economy.

    “Most things grow big start small. Businesses like seeds have to endure a period of heat and harsh conditions in before they make head way and become big enterprises and conglomerates that people appreciate today.

    “Most of the advanced economies that we know of today are supported by hundreds of thousands of small businesses that employ more people and grow their countries’ GDP. So, be ready to start small now and grow big gradually,” Ogbeche advised.

    -Besides, Ogbeche noted that to attract the right clients, start-ups must have drive, passion, discipline, integrity, dedication and also understand relationship management skills.

    To start out small, she urged SMEs to be sure of their value proposition; get adequate knowledge about the products and services and the industry they operate in as well as avoid loans to finance their start-ups or assets.

    Drawing from her personal experience of starting Rainoil with her husband in 1994 with N300,000, Ogbeche stated that the first step to growing big for SMEs is strategic planning, just as she explained that each entrepreneur must decide what being big is for him or her.

    Also, Ogunleye urged SMEs to brace up in spite of the dwindling economy because it is their “finest hour” to compete and grow.

    Also, the Chief Executive Officer, Thistle Praxis Consulting, Ini Onuk, while fielding questions from the audience comprising business owners,  warned that each business owner must be ready to operate by principles of integrity in business dealings, adding that training staff is not an option even if many leave immediately after receiving advanced training from their employees.

    “For me, we sign a bond of about two years with any staff we are going to train. We can’t just train you and you leave. We have even trained others overseas in the past and they resigned immediately they returned from the training,” she said.

    At the public presentation of the  book written by Ogunleye titled: “What Mr Zack taught about Business and Life”, Onuk enjoined SMEs to buy the book as it contains many real life nuggets of running a business in Nigeria.

    Ogunleye also announced a branding makeover for three SMEs selected by her firm. She handed  them over to mentors who will help them grow.