Tag: economic devt

  • China to support Nigeria’s infrastructure, economic devt

    China to support Nigeria’s infrastructure, economic devt

    The Chinese government has expressed its commitment to support Nigeria’s infrastructure development and economic growth.

    This was reaffirmed during a high-level visit by a Chinese delegation led by the Director-General of the Department of African Affairs, MFA, China, Mr. Wu Peng, who met with Nigeria’s Foreign Affairs Minister, Ambassador Yusuf Tuggar.

    Also at the meeting, the groundwork was laid for a potential ministerial and presidential visit later this year.

    The meeting centered on building bridges; boosting trade and developing infrastructure.

    The Chinese delegation lauded China existing involvement in major Nigerian projects, emphasising its recent loan to the railway project.

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    Tuggar, who commended China’s friendliness, said infrastructure remains the cornerstone of President Bola Tinubu’s development agenda.

    He agreed with the Chinese delegation’s desire to further expand trade and economic cooperation, with Nigeria and the need for Nigeria’s increased participation in the Belt and Road Initiative.

    Discussion was also held around Nigeria’s industrialization and value-added manufacturing, particularly in battery-related minerals, a sector where Nigeria holds rich potential. Also job creation and local economic empowerment were key areas discussions were held, suggesting a shift towards deeper economic integration.

    On Nigeria’s push for a permanent seat at UN, China pledged its support for her aspirations on the global stage, backing Nigeria’s call for increased African representation in the United Nations Security Council, Peng said this aligns with China’s broader position advocating for a more equitable international order.

    He also expressed great confidence in Nigeria’s economic future, stating that the 21st century is Africa’s time to shine.

    Both sides agreed to build on the momentum of the visit as they did not rule out a potential Nigeria’s presidential trip to China and a reciprocating visit by Tuggar to his Chinese counterpart, signifying a strong commitment to bolstering ties.

  • Ezekwesili, Moghalu speak at summit on economic devt

    Former World Bank Vice President, Oby Ezekwesili and former Central Bank of Nigeria (CBN) Deputy Governor, Kingsley Moghalu were among the dignitaries that  spoke at the Summit of The Alternatives (SOTA) held in Abuja.

    The summit focused on ways of developing a national vision and strategy to ensure effective democracy for the country.

    Giving the welcome address, the convener of the Red Card Movement, Ezekwensili extensively introduced the idea behind the Summit of The Alternatives. She emphasised on the need for a new Nigeria of our dream and the economic implication of having a visionary leadership, with character, competence and capacity.

    The summit comprised of influencers and thought leaders that have demonstrated model character, competence and capacity in their various fields, with a strong desire to build and remodel through active engagement in Nigeria’s political space.

    The first day kicked off with a keynote speech the ‘A Rallying Cry for an Alternative’, as speakers and partners made presentations that centred on the need for Nigeria to get it right and insist on leadership criteria of character, competence and capacity.

    The keynote speaker, Professor Lumumba, commended the efforts of the organizers for coming together to rescue Nigeria from political nightmare and by extension creating hope for Africa and Africans. According to him, “Nigeria is blessed with everything you can think of but leadership; Nigeria has showed its leadership position in the African region through various peace keeping operations in Liberia, Sierra Leone and mention it, Nigeria is the only link to Africa’s success”

    The event will also include panel discussions to further drive the new agenda for a new Nigeria. Campaign/Party Finance; Cultivating Grassroots Movements; Media Approaches to Elections; Nuances and Metrics of Youth and Women Inclusion in today’s Democracy; INEC: An Overview of Electoral Preparations in the areas of hardware, software and process; Youth Inclusion and Building a Political Brand.

     

     

     

  • School considers land management for economic devt

    The Ibadan School of Government and Public Policy (ISGPP) has concluded plans to research into how land as a major resource can be managed to galvanise the economy.

    The institution’s think tank, Public Policy Group (PPG), came to the conclusion during the week after a member, Mr Ayo Ojebode, presented proposal on how the government can generate over N3 trillion from the resource within 24 months.

    The proposal, which posited that less than seven per cent of the Nigerian land mass is registered under various government classifications, said it is a massive resource that has not been well explored for enough economic gains.

    He added that uses of caves and caverns, hilltops, rock outcrops, mines and quarries, forges, pits and ravines, river beds and subterranean land and off shores as well as beaches can also generate as much as N500 billion within two years.

    Ojebode pointed out that the accruable revenues can continue for 10 years during which such huge sums could be used to develop several aspects of the economy.

    After deliberations by experts in various fields, executive vice chairman of the school, Dr Tunji Olaopa, pledged to source the report of a presidential committee on land resource in which larger approach to land resource management was explored.

    The report, he said, would enhance the work of the PPG in coming up with a blue print to advise the Nigerian government.

    The new area will be explored under the seventh area of focus of the group – exploitation of natural resources.

    The other areas of focus are public policy process; governance, politics and public integrity; economic development and growth; management of economic fluctuations; social development and fiscal federalism.

    Others are national security and defence; education; science and technology; climate and environment and international affairs.

    But a big question the group is confronted with is the question of the national dream.

    Renowned scientist, Prof. Gabriel Ogunmola, expressed the need to use science and technological development to convey the national dream.

    But the various experts who made up the PPG wondered if Nigeria has a dream that can be used as the basis to lay out steps to achieve it.

    The group examined the question of self awareness, stressing that only a country that knows what it is that can go ahead to dream and communicate such.

    After much deliberation on whether the country actually has a dream that is expected to drive its aspirations or even know who it is, the PPG agreed to delve into answering the question as a think tank to enable government develop a template to drive its development agenda.

    The PPG is made up of the known leaders in various professional fields.

    It is chaired by renowned economist, Prof. Ademola Oyejide.

    The group is already moving to assemble research findings in the major areas of governance and public policy to determine the current level of knowledge in those areas.

    The school will soon commence seminar series on how the government can lift the country out of the current economic recession.

  • CITN’s tax confab to focus on economic devt

    CITN’s tax confab to focus on economic devt

    The President, Chartered Institute of Taxation of Nigeria (CITN), Chief Mark Anthony Dike has  announced the group’s commitment to hold the 17th Annual Tax Conference which will focus on economic development.

    Speaking yesterday on the forthcoming conference holding next week in Abuja, he said the theme of this year’s conference is “Inclusive economic growth and sustainable development: fiscal Iiperatives, prospects and challenges”. Various factors contributed to the choice of this theme.

    The second is to create an avenue to relate directly with our friends in the media business to specifically review our collaborative efforts in ensuring that Nigeria evolves a viable tax system that would not only translate to increased revenue to the government but also and more importantly better the welfare of the citizens.

    He explained that economic development requires sound foundations adding that economists understand that economic growth and economic development are not synonymous, and inequality could be a barrier for growth.

    “Several opinions had been expressed on the importance of redistribution of income as the most effective way to poverty eradication and sustainable development. Put more succinctly, economic growth is a narrower concept than economic development. While economic growth is quantitative measured by an increase in a country’s gross domestic product (GDP), economic development is qualitative, and is measured by an increase in the per capita income of the citizens, nay , the standard of living,” he said.

    Dike said universal access to education and health services, access to financial services, new technologies, affordable mortgage facilities, access to bank loans and more equal distribution of resources could all support economic development.

  • Tobacco Bill: Torn by health, economic devt

    Tobacco Bill: Torn by health, economic devt

    With over N213billion in taxes from the tobacco industry, the Senate may have opted for a middle ground solution to the heated debate over tobacco ban. In the interest of the economy, the industry, smokers and non-smokers, the National Assembly plans to harmonise the Tobacco Bill before the expiration of their session , write MUYIWA LUCAS and ADEDEJI ADEMIGBUJI.

    Unlike the uproar that greeted the public hearing at the Lower House when it deliberated on the controversial Tobacco Bill, the session inside the hallow chamber of the Senate  was far from  stormy when it conducted a public hearing on the issue last week. The hotly debated bill sought to regulate and control the production, manufacturing, sale, advertising, promotion and sponsorship of tobacco or tobacco products in the country.

    But when the Senate Committee on Health whose legislative input is expected to enhance a robust bill that would pave way for tobacco law deliberated on the matter for four hours, it was devoid of the usual hot exchanges. All the stakeholders, both for and against the bill, walked away after the presentation of about 48 submissions. The understanding was that the bill was not aimed at throwing people into the job market and stop tobacco industry from operating as a business. Rather, it was to protect public health.

    At the public hearing, last week, the Senate assured Nigerians that the new Tobacco Bill will not create unemployment or result in the closure of multinational companies that manufacture cigarette in the country. The Chairman of the Senate Committee on Health, Senator Ifeanyi Okowa, gave the assurance saying the new bill is designed to safeguard the health of the people.

    Okowa, who was reacting to the concerns raised by the Oyo State government in which it complained that any stringent regulations in the industry would worsen the economic situation of its people,  assured that the interest of all stakeholders  would be taken into consideration in the passage of the bill. He also noted that the intention of the Senate is to regulate the tobacco industry in a responsible manner, adding that the rights of the younger generation needs to be protected

    “Our intention in the National Assembly is not to drive the industry away by stopping them from manufacturing.

    “We only believe that they need to be regulated so that they will continue to act in a responsible manner. It is not only about the industry, but also about the retailers and our attitude as Nigerians.  It is a comprehensive thing.  People have the right to smoke, but we also want people to realise that smoking is injurious to their health and that they need to protect the right of other people who do not smoke and of course, the young ones need to be protected. Cigarette is the only product that we allow people to buy and sell in Nigeria legally even when we know it has a lot of injury and health hazards,” he said

    The Senate President, David Mark, also explained that  the National Tobacco Control Committee and the Tobacco Control  Unit were being proposed by the Bill as the administrative bodies to handle the harmonisation of the executive bill, the  Senate bill and stakeholders’ input at the hearings before it becomes a law.

    He said: “Much of the contribution of the negative effect of tobacco and tobacco products in the country is the illegal production, distribution and advertising of the product by many vendors, which has led to the cause of many diseases and untimely death of many Nigerians. This gathering has onerous task of assessing issues not limited to just tobacco distribution, sale, advertising, manufacture and sponsorship but also issues like age restriction and penalties, effects of second-hand smoke, both in children and adults smoking in public places.”

    Senators Okowa’s and Mark’s clarifications were in sync with the position of the House of Representative, which deliberated on the matter few mionths ago. Its Chairman House Committee on Health, Hon. Ndudi Elumelu, had assured that the tobacco bill was not intended to kill tobacco business, but rather to ensure that the business of tobacco was conducted in a regulated manner that would guarantee a healthy environment for all concerned. He explained that the public hearing was aimed at ensuring that all the parties to the bill were given opportunity to air their views as the bill, when enacted, would reflect the collective wishes of Nigerians.

    However, the position being canvassed by the National Assembly apparently did not go down well with some non-governmental organisations (NGOs) and other critical stakeholders most of who favour a total ban of tobacco business. Their desire is premised on the health implication of tobacco consumption. Armed  with statistics of deaths related to tobacco consumption, a coalition made up of  Environmental Rights Action/ Friends of the Earth Nigeria (ERA/FoEN), Civil Society Legislative Advocacy Center (CISLAC), and the National Tobacco Control Alliance (NTCA), insisted that a tobacco control bill that is in sync with the World Health Organisation Framework Convention on Tobacco Control (WHO-FCTC) would not only promote public health, but also fulfill Nigeria’s obligation under the FCTC.

    “The public hearing on the National Tobacco Control Bill is a welcome development and presents another opportunity for our lawmakers in the Senate to side with the people by ensuring that the bill is in tandem with the FCTC, which is the first global health treaty. The Senate must stand firm in the face of growing misinterpretation of the tobacco control bill by agents of the tobacco industry. It must remain vigilant and resist the deceptions and lies of the tobacco industry and those  fronting for them,” ERA/FoEN Director, Corporate Accountability, Akinbode Oluwafemi said.

    Also, the Executive Director of CISLAC, Auwal Rafsanjani said: “The public hearing is coming at a time that the health burden instigated by tobacco products has started assuming alarming proportions. Nothing short of effective regulation of the manufacture, sale and distribution of such lethal products is needed now.”

    But in fairness to tobacco producers, a lot of efforts have been made to curtail, through self regulation and corporate social responsibility possible health effects of tobacco.

    The Director of Corporate and Regulatory Affairs, BAT West Africa, Mr. Freddy Messanvi, said this much when he explained that BATN has always supported the passage of a balanced and evidence-based regulation of the industry in Nigeria. His words: “Through co-operation between BATN and regulatory agencies, we have achieved reduction in the incidence of illicit trade from over 80 per cent to around 20 per cent today.”

    Messanvi therefore, warned that the proposed regulation should not force a legal and regulated business out of operation and leave the market at the mercy of smugglers and illicit traders. He added that in passing the bill to law, it was important to consider trends and implications in other countries with similar legislation.

    Similarly, Habanera Limited, an affiliate of Japan Tobacco International (JTI), said it was not happy that tobacco advertising was banned in Nigeria by Advertising Practitioners Council (APCON) through its Code of Advertising Practice and Sales Promotion, even while the bill iwas still being debated and yet to be signed into law.

    The General Manager, JTI, Mr. Grant Mowat, said that while the ban is rigorously enforced, no justification has been presented for why the bill is needed in the light of existing restrictions. “This ban is rigorously enforced, sufficient and complies with Nigeria’s entire obligation in terms of Framework Convention of Tobacco Control (FCTC). Despite this, the Bill proposes new measures. No justification has been presented for why they are needed in the light of existing restrictions, nor has there been any assessment of whether they will be effective or what the negative consequences might be,” he said.

    For the Chairman of Tobacco Growers Association of Nigeria, Rasheed Bakare,  there is need for a bill that would promote and encourage sponsorship of tobacco farming as well as provide incentives to farmers.  Anything short of that, he said, would not only destroy their main source of income, which is tobacco farming, but also throw their children out of school.

    On its part, the Manufacturers Association of Nigeria (MAN) requested that certain factors be put into consideration in the pursuit of the bill. These factors include putting into consideration the manufacturing capacity of the industry, which if eroded will affect the tobacco industry’s  contribution to the economy. According to MAN, thousands of rural farmers actively engaged in tobacco cultivation through support by tobacco companies leading to wealth creation, financial empowerment and better standard of living.

    That is not all. MAN also noted that the tobacco industry contributes over N100 billion in revenue to government through excise duty, taxes and levies, corporate social investments among others. MAN warned that the current bill not only contravened trade agreements with other countries, but also will lead to loss of jobs, lrevenue, and an end to economic and social benefits enjoyed by rural farmers through CSR activities and promotion of smuggling among others.

    For pro-tobacco stakeholders, Clause 3 of the draft bill is perhaps, the most unpopular provision.  The clause provides that tobacco products will not be sold at open markets, shops and kiosks. For instance, the National Tobacco Retailers Association, Onuwankpu- Igbsagu Community in Izzi Local Government Area of Ebonyi State, BATN, and a host of others, argued that doing so implies killing their businesses through the back door.

    This much was highlighted at last week’s public hearing by the Director of Public Prosecution in the Oyo State Ministry of Justice, Mr. Tajudeen Abdul Ganiyu. The DPP told the committee that hundreds of Oyo indigenes, especially youths, would be out of job if the new bill forced the British American Tobacco Company in Ibadan to close down its operations.

    Ganiyu said: “We are looking at a situation whereby the bill would put the industry out of business and throw the workers out of employment because we are going to suffer the immediate result of people being thrown out of market as it is going to increase the crime rate in our state.We are also concerned about the area of partnership between the state government and BATN. The company has been helping the Oyo people by empowering them to set up small entrepreneurs throughout the state. We have the tobacco farmers who are also being empowered too by the tobacco firm.”

    Ganiyu was not done. “As a member of WHO Framework Convention on Tobacco Control(WHOFCTC) that adopted the treaty on Tobacco Control, the Nigerian Government and the National Assembly have to live up to this mandate by ensuring that adverse effects and burden of tobacco and tobacco products on our public health system are sustainably controlled. We must understand that for this Bill to be sustained, it needs more than government’s backing. We must shun illegality in this business sector in its entirety.”

    Interestingly, the Senate is not unmindful of the economic implications of banning tobacco, which was why the upper legislative chamber favours a balanced tobacco bill that would meet the expectations of all stakeholders. Besides, the current National Assembly winds up soon and because of the next election, the present wants to hasten the process to prevent a fresh debate on the bill by the next assembly if the present assembly fails to conclude the deliberation.