Tag: Economic growth

  • Why we’re promoting economic growth, by group

    The Under 40 CEOs Forum, has explained its determination to promote economic growth.

    The 2018 edition of the event which held last week in Lagos , had accomplished professionals and emerging business leaders share perspective on the theme “Wealth Creation, Management and Inclusion – Innovative Strategies To Induce Economic Prosperity.”

    Oby Ezekwesili, former World Bank Vice President—Africa Region, who was among the speakers, noted that investment in human capital, not oil, will drive Nigeria’s economic growth.

    An erstwhile Minister of Education, and 2019 presidential candidate of the Allied Congress Party of Nigeria (ACPN), Ezekwesili harped on the urgent need for human capital development via investment in education, which she described as the new oil. She said local productivity and competitiveness have to improve if the economy must grow, and that this only achievable through human capital development.

    She noted: “As a country blessed with enormous human and natural resources, it is regrettable that we have wasted five cycles of oil boom, according to available data. We really need to disrupt the pattern we have followed because our prosperity would have come by now if it were to come from oil. So the best thing to do is to say let us find a new trajectory.”

    “With too much dependence on oil, our economy is so volatile that we basically have a situation where the country’s fortune goes up and drops.

     

  • Financial inclusion will aid economic growth, says SEC

    Securities and Exchange Commission (SEC) has reiterated its commitment to pursuing initiatives that would aid financial inclusion of Nigerians as this is capable of growing the nation’s economy.

    Acting Director General, Securities and Exchange Commission (SEC,) Ms. Mary Uduk stated this in her remarks at the 2018 PEARL Awards Night held in Lagos.

    She said that SEC will continue to highlight and promote developments and trends in the Nigerian capital market and drive financial inclusion aimed at reducing adult exclusion from financial services.

    According to her, innovations in financial technology has made possible the potential of using digital tools to make financial services available to a wider range of consumers and enterprises, promoting financial inclusion and the affordability of financial services.

    “A financially inclusive society will provide increased access to finance, especially for women, help support sustainable growth—and will create million more jobs. The gains of having a more inclusive financial system are enormous, as it helps broaden financial markets and make policies more effective,” Uduk said.

    While commending the efforts of the Board of Governors and management of PEARL Awards Nigeria, for giving consideration to companies with good corporate governance practice in the award nomination process, Uduk also enjoined them that in future editions, emphasis should also be given to companies with technological innovation in the capital market, in the advent of the convergence of finance and technology (fintech).

    Uduk also disclosed that the SEC is implementing various initiatives which are aimed at making our market deeper, vibrant and more effective.

    She noted that the forbearance window for shareholders with multiple subscriptions has been extended by another year from the previous deadline of December 31, 2018 to December 31, 2019, urging those who have not come forward for the regularization of shares purchased with multiple identities to do so.

    “We have also developed a two-pronged approach to addressing the intractable challenges associated with transmission of shares related to the estate of deceased investors. The first step would involve engagement with and enlightenment of the Probate Registry with a view to providing solutions to the cumbersome process of transmitting shares. Secondly, Rules would be developed around the time frame for transmission shares and the fee structure,” Uduk said.

     

  • Nigeria to begin issuance of licences to payment services banks

    •To launch $500m innovation fund

    Nigeria plans to upscale its financial services sector with the issuance of licences to payment services banks as part of efforts to deepen access to finance and drive economic growth.

    Vice President Yemi Osinbajo said the Central Bank of Nigeria (CBN) would soon start to issue the  licences to increase access to financial services by low income earners and the unbanked population.

    Osinbajo spoke yesterday at the opening of the three-day 22nd African Securities Exchanges Association (ASEA) Conference at the Oriental Hotel, Lagos. The CBN had last month issued guidelines on the licensing and regulation of payment services banks.

    The vice president said the introduction of payment services banks will enhance distribution of micro insurance, micro loans and popular participation in the stock market.

    According to him, experience has shown greater financial inclusion as a short mile away from the engagement of other financial activities, including micro insurance, micro loans and indeed greater participation in the stock market.

    Nigeria is also working with the African Development Bank (AfDB) to establish a $500 million innovation fund to support technological innovations and start-ups.

    Osinbajo said companies must innovate and take advantage of the unique features of the African economy, adding that African companies must build on greater advantage of fintechs.

    According to him, given the size of the Nigerian economy and the potential of technology and creative segment, capital market operators must work towards innovative financing solutions to lend further support to these two sectors.

    “Another key role that ASEA can play in this era is to assist technology start-ups to find resources they need to promote and roll out their businesses. We in Nigeria have an advisory group in technology and creativity and one of our dominant discussions with the young entrepreneurs in the sector is on the lack of affordable and capital,” Osinbajo said.

    He added that partnership was also essential to ensure that African champions continue to rise in a sustainable manner, noting that such partnership must be between government, private firms and businesses associations.

    He reiterated the commitment of the Federal Government to ensure macroeconomic stability in an inclusive economy with a diversified production base, pointing out that government realises that a conducive and supportive environment is essential for business to thrive.

    According to him, because government also realised the importance of sustainable future, Nigeria became the first African country to float the green bond to promote the environmental objective of its Economic Recovery and Growth Plan (ERGP) and ensuring that Nigeria’s rising population is protected, housed without further depleting or damaging its resources.

    Finance Minister Mrs Zainab Ahmed urged ASEA to develop  a strong and vibrant domestic investors base.

    Ahmed, who was represented by Acting Director-General, Securities and Exchange Commission  (SEC), Ms Mary Uduk, said that low domestic investors base is limiting African capital markets.

    Read also: How Ajudua duped me of $8.4 million, by Bamaiyi

    She said that the low capital market size of Africa was  limiting market potentials, adding that ASEA must promote world-class capital market characterised by high level of liquidity.

    Nigerian Stock Exchange (NSE) Chief Executive Oscar Onyema, who is also the President of ASEA, said the conference’s theme, “Champions On the Rise: Africa’s Ascension to a More Sustainable Future”, could not be more timely, given the expectations that Africa is positioned for economic acceleration similar to the Asian boom with several African businesses translating opportunities into enduring business value.

    ASEA aims to do more to support African exchanges and businesses to integrate digital technology, especially data analytics, into their business models.

    “Today, sub-Saharan Africa is growing at 3.1 per cent as political and economic developments in a number of African countries experience some relatively progressive regime changes. In the capital market, African exchanges have become more robust from a regulatory, technology and product standpoint with six African exchanges now represented on the World Federation of Exchanges (WFE),” Onyema said.

  • Experts proffer ways to achieve economic growth

    Nigeria can grow its economy by embracing technology, promoting local content and industrialisation, some experts have said.

    They spoke at the celebration of this year’s African Industrialisation Day, with the theme: “Promoting regional value chains in Africa: A pathway for accelerating Africa’s structural transformation, industrialisation and pharmaceutical production”.

    The day was adopted by the United Nations General Assembly in 1989 to enable African governments to examine ways to stimulate industrialisation process and draw worldwide media attention to the problems of industrialisation on the continent.

    The International Institute for Training, Research and Economic Development (IITRED) President, Mr. Sani Dawop, said inclusive industrialisation could take place in the country when local products were given priority.

    He asked the government to insist that whatever is used within the purview of government is locally made. He said when that is done, Ministries, Departments and Agencies (MDAs) will follow suit.

    He said: “In doing that, government should also ensure that procurement from MDAs is from local manufacturers because government is the highest spender. Except where we do not have local manufacturers on a product, then we can import.

    ‘’We should be able to bring our engineers together, support them with funds and encourage researchers to come up with innovations in different areas of development.

    “When we have the resources, we put together these resources at highly tolerable interest rate where entrepreneurs, investors, manufacturers can access these funds because the cost of fund must be cheap.”

    According to Dawop, the economy depends on what the government buys, so if the government continues to buy imported goods then the economy will not grow.

    He said though the Federal Government had, earlier in the year, signed the Executive Orders to promote local content, especially among MDAs, monitoring and evaluating those policies were needed to ensure implementation.

    Former Deputy Governor, Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia, said dependence on oil was no longer sustainable and Nigeria is now living in a post oil industrial economy.

    “New technologies are taking over from oil. Many developed economies have put a dateline to all manufacturers of automobiles to move from petrol to electro cars.

    “Nearly 70 per cent consumption of petrol is automobiles and that age has come to an end. We have to embrace industrialisation, technology which is the only way we can absorb millions of young people that are unemployed,” he said.

    According to him, oil accounts only for 10 per cent of national Gross Domestic Product (GDP), but paradoxically accounts for over 90 per cent of Nigeria’s foreign earnings and over 50 per cent of government revenue.

    Mailafia, however, observed that Small and Medium Enterprises (SMEs) that drive industrialisation were gaining low support from the government.

    He said business environment for SMEs was harsh, as they have no easy access to loans as well as internal challenges of lack of skills.

    The economist called on the government to place premium on supporting the Micro, Small and Medium Scale Enterprise (MSME) sector because it would foster development in the country.

     

  • Four new airports ‘ll sustain economic growth, says Buhari

    •President inaugurates $600m new terminal in P’Harcourt

    •Wike: Rivers safe for business

    PRESIDENT Muhammadu Buhari yesterday adduced reasons why the Federal Government is building four new international terminals in Abuja, Lagos, Port Harcourt and Kano.

    The government, he said, is building the airports with a view to modernising their infrastructure, maintaining the global aviation standard and improving service delivery in tandem with international best practices.

    Buhari spoke while inaugurating the $600 million dollars new international terminal at the Port Harcourt International Airport funded by the Export-Import Bank of China and the Nigerian Government.

    The terminal was constructed by China Civil Engineering and Construction Company (CCECC). The company is also constructing new terminals in Abuja, Kano and Lagos International Airports.

    The colourful event was attended by Rivers State Governor Nyesom Wike; Minister of State for Aviation Senator Hadi Sirika; former Rivers State Governor Sir Celestine Omehia; Minister of Niger Delta Affairs Pastor Usani Uguru Usani; his counterpart in Labour and Employment Dr. Chris Ngige; Minister of State for Health Dr. Osagie Ehanire and Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside.

    Others were Senator Andrew Uchendu (Rivers East); Senator Magnus Abe (Rivers Southeast); the state’s All Progressives Congress (APC) governorship candidate Pastor Tonye Cole; and his running mate, Chief Victor Giadom; APC Chairman Ojukaye Flag-Amachree; Nigeria’s Ambassador to The Netherlands Oji Ngofa, who is APC’s senatorial candidate for Rivers Southeast for 2019 election; and Chairman of Rivers Council of Traditional Rulers King Dandeson Douglas-Jaja; among other eminent personalities.

    Buhari, who visited the state for the first time since his inauguration on May 29, 2015, got to the arena at 12:34p.m. in an unmarked black Mercedes Benz saloon car, with golden coats of arms in front and at the back.

    The President expressed confidence that the new terminal would help to enhance the economic activities in the state and hailed the Rivers people for their patience during the construction period.

    Buhari said the new international terminal would address the increasing international air travel needs of the country, adding that the increase in population had also added impetus.

    According to him, since the existing terminals in all the major airports in the country were opened in late 1970s and early 1980s, not much had been done to increase their handling capacities by successive administrations

    The president said the completion of the project was in line with his administration’s commitment to completing ongoing projects initiated by his predecessors in the transport sector.

    “I am very pleased to formally commission the new international terminal of the Port Harcourt Airport, Omagwa today.

    “This ceremony represents a significant landmark for international air travellers, especially from the Southsouth region and the entire country.

    “You will recall that after the opening of the major airport terminals in the country in the late 70s and early 1980s, not too much was added to increase the passenger handling capacity by successive administrations.

    “Following the large increase in the number of passengers and air passenger travel, the terminal became grossly inadequate to cater for the increasing passenger travel.

    “Although, palliative measures were periodically carried out on facilities to repair the wear and tear.

    “The Federal Government is responding to global trend of which aviation has become a catalyst for economic growth and facilitates the movement of persons,” he said.

    Buhari hailed the efforts of the Federal Ministry of Transportation, particularly aviation, the Chinese government and the China Exim Bank for their financial support and the various roles they played leading to the successful completion of the project.

    He also lauded the contractor, Messrs CCECC, for the timely service delivery.

    Wike said his people and the entire Niger Delta region were happy that the project was completed and inaugurated.

    The governor said: “Before I came here, I wanted to make a request, but before I did it, the Minister of State for Aviation had taken the word from my mouth. He said Mr. President had directed him to make sure that the domestic wing of Port Harcourt International Airport would be commissioned in December this year. I hope that my friend, Senator Hadi Sirika, will keep to it, so that the people of Rivers State and the people of Niger Delta will continue to be happy with President Buhari.

    “Mr. President, what has happened today is a clear statement that Rivers State is safe and secure, for people to come and invest. I urge all of us, who are from Rivers State and who are from Nigeria, to market Rivers State well and not to de-market our state.”

    He said the state government was ready to partner with the Federal Government to develop transport infrastructure.

    Wike hailed the Federal Government for the completion of the new terminal building.

    Minister of State for Aviation Senator Hadi Sirika said the project was executed in partnership with the Chinese Government with $500 million dollars loan from Chinese Exim Bank and 100 million dollars counterpart funding from the Nigerian government.

    Sirika said the airport had the capacity to process seven million passengers annually, bigger than what Ghana could process annually.

    He said the project was initially expected to be delivered within a period of two years, adding that as at the time the present administration came on board, the level of work was below 30 per cent.

    He added that the project was also bedeviled with various technical challenges, which included foundation design change, inaccessibility to apron, inadequate apron, masterplan distortion, water and sewage provision, litigation and inadequate power supply.

    According to him, the administration has achieved a milestone in the implementation of its aviation road map.

  • ‘Manufacturing, agric hold key to economic growth’

    The Executive Director, Dangote Group, Hajiya Halima Aliko-Dangote, has urged youths in Nigeria and across Africa to diversify from service-oriented enterprises to manufacturing and agriculture.

    She said both sectors hold immense potential to fast-track the development of the continent and better the lives of its nationals.

    Halima Dangote said the economic realities around the world have shown that the way to go is agriculture and that the youths must take the lead more when most African countries are still grappling with low economic growth.

    Speaking at a forum in Abuja, during the week, Halima Dangote said African countries have groped in the dark for too long and it was high time the millennials stood up to be counted as the future of the continent.

    In her paper titled: Roles of Millennials in transition and institution building, the Dangote Group Director explained that the youth have the potentials to turn around the fortunes of the African continent.

    She said: “Millennials are young ones born between 1980 and the mid-2000s, who account for 27 per cent of the global population (about two billion people), and Sub-Saharan Africa alone is home to 13 per cent of the entire millennial population, ranking second to Asia.”

    According to her, statistics have also revealed that by 2025, 75 per cent of the global workforce will be millennials, large enough to influence consumer spending patterns, change consumer business models and impact the global economy.

    She said most members of this generation are at the beginning of their careers and so will be an important engine for economic growth in the decades to come.

    Halima Dangote stated that the theme of the conference, which is “Transition, Transformation, and Sustainable Institutions”, could not have come at a better time than now. She, therefore, lauded the association for coming up with a subject that Nigeria and Africa needed to discuss.

    The Executive Director also urged millennials and other relevant stakeholders to exercise restraint in the face of common desperation for wealth by their contemporaries, adding that “Success in entrepreneurship takes time, dedication and hard work.”

    She said there was the need for youths to disabuse their minds from the concept of overnight success. “Industrialisation requires patience and perseverance,” she stated.

    Halima Dangote also spoke extensively on the successes recorded by the Dangote Group, founded by her father, Aliko Dangote, in creating numerous jobs and establishing value-adding industries and contemporary businesses.

    According to her, the company did these through importation, manufacturing and backward integration to generate and highlight local content for overall development.

    While noting that the group’s achievements did not come easy, Halima Dangote said “the Millennials should see these opportunities and diversify from service-oriented enterprises to manufacturing enterprises.

    “Manufacturing has the capacity to create numerous jobs, develop an economy, sustain jobs and open other linkages.”

    She noted that millennials are leaders in transition and are evolving. To her, “With smart phones and connections, the Millennials can exert much influence and swing the outcome of a situation. This confers on them great role and responsibility in shaping the outcome of policies and politics in a nation.

    “Economic sentiments have turned sharply since 2015. The general consensus across sub-Saharan Africa’s two largest economies is that lack of employment opportunities poses a very big problem amongst other key societal issues identified through the Sustainable Development Goals (SDGs).”

    She, however, stated that despite these concerns, there is considerable optimism about the future, and millennials are increasingly getting more active in influencing and energising public opinion through social networks and creating mass movements.

    Halima Dangote also said they are actively leveraging digital fluencies to improve public sector accountability; address global societal problems and drive civil society engagement.

    According to her, “Dangote Industries Limited is one of Nigeria’s foremost conglomerates with interests in cement, sugar, salt, flour, pasta, noodles, poly products, real estate, agriculture, logistics, telecommunications, steel, oil and gas, and beverages, among others.

    The group has over 15,000 direct employees. It provides indirect employment to tens of thousands of others who are engaged in activities relating to its businesses.

    Dangote Cement has presence in 18 African countries (Nigeria, Ghana, Ethiopia, Tanzania, Cote d’Ivoire, Senegal, Cameroon, Liberia, South Africa, Kenya, Zambia, Sierra Leone, Congo, Zimbabwe, South Sudan, Chad, Mali and Niger).

     

    Also, the Managing Director of Mojec Holdings, Chantelle Oluwabumi Abdul, said despite being a young person, her company controls about 80 per cent of metering in the power sector in West Africa.

    She said youths should look into creating ideas and as well executing the ideas promptly.

    “I believe in the Nigerian dream. I believe in Africa. Young people now look at creating real wealth in billions and not millions again,” she added.

    According to her, the sheer size of this demography, which is already about half the size of world population and the democratisation of information using technology, is a warning sign to future politicians and the future of politics.

     

  • NIM seeks strong institutions for economic growth

    The Nigerian Institute of Management (NIM), a Chartered organisation, has stressed the need to build strong institutions to enhance economic growth.

    Its President and Chairman of Council, Prof Olukunle Iyanda, who spoke at the 2018 Distinguished Management Lecture, in Victoria Island, Lagos, yesterday, however said strong institution is not built easily, as it involves a lot of time and efforts.

    He said: “Strong and enduring institutions take time, commitment, sincerity, and determination to build. As such they cannot be built overnight or within the tenure or even the life time of a single strongman. For example, it took Lee Kuan Yew more than a decade in office to build lasting strong institutions that contributed tremendously to the transformation of Singapore from a third to a first world country within a generation.

    “Strong institutions contribute more to development than strong men. Institutions are immortal while men are mortal. Strong men die while institutions often get stronger with age. Again, institutions are not animate beings, capable of having hidden agenda that contradict declared common objectives. Institutions ensure greater continuity and are less susceptible to individual manipulations and idiosyncrasies. It is not a surprise therefore that practically all developed countries are those governed by institutions and concepts, such as the rule of law rather than of men.”

     

  • ‘Insurance promotes economic growth’

    The insurance industry promotes economic growth and development by protecting firms and organisations, NEM Insurance PLC Group Managing Director, Tope Smart has said.

    He made this known at the Business Journal 10th anniversary lecture and awards on ”Infrastructure and economic growth: Exploring the strategic alliance” held in Lagos.

    He said through the protection, firms’ financial stability was enhanced by the insurance company which cover.

    Smart said the industry also promotes entrepreneurship, encourages innovation and the vitality of the market; offers relief and, by so doing, reduces pressure on the government; increases financial intermediation through the creation of liquidity and savings through life insurance products and promotes of risk prevention, thereby                                                                 contributing to sustainable and responsible development.

    He pointed out that insurance, through life insurance companies, provide funds for long investment in the real economy.

    He said: “In the absence of a risk transfer mechanism like insurance, economic activities would be much lower and hence will result in economic  loss. Insurance also helps to smooth out the volatile economic condition. Also, in the absence of insurance, human behaviour, particularly risk aversion would either lead to avoiding these activities or excessive precaution and both of these actions would result in an economic loss.

    “Also to be noted is that risk transfer mechanism will reduce fear, anxiety, frustration or demoralisation which can reduce productivity in the environment. It encourages creativity, innovation, entrepreneurial activities and trade that are vital for sustainable growth.”

    On insurance contribution to world’s Gross Domestic Product (GDP), Smart said: “According to Swiss Re, insurance contribution to the world’s GDP was 6.23 per cent in 2016. Insurance contribution to the GDP of developed countries is very significant.  For instance, in Japan, the GDP is 11 per cent, while in areas,  such as North America, it is about eight per cent.  In United Kingdom and the Netherlands, the figure is about 12 per cent, while for France, it is about 10 per cent.

    “However, in Nigeria, the penetration rate is still very low.  Insurance contribution to the GDP is still less than one per cent.  Efforts are on to increase this figure significantly in the coming years. Researchers have concluded that based on their findings there is a significant and a positive relationship between insurance and economic growth globally .”

    He said it was also interesting to look at another perspective of insurance, relative to investment in infrastructure; various forms of benefits can be mentioned.

    “Research has equally shown that there is a linkage between insurance, infrastructure and economic growth. For example, investment in infrastructure leads to quality of life. This automatically leads to improvement in mortality rate and consequently reduce death claims under life insurance.

    “Also, good roads will reduce the number of accidents thereby leading to reduction in claim on motor insurance, goods in transit Insurance and group personal accident insurance, among others.  This will, ultimately, lead to a better, stronger and a healthier insurance industry,” he added.

     

  • Economic growth: Mnangagwa urges officials to adopt new culture

    President Emmerson Mnangagwa of Zimbabwe has urged public officials to adopt a new culture of facilitating economic growth in the country, warning that incompetent people will not be tolerated in the new political dispensation.

    Officially opening the 59th edition of the Zimbabwe International Trade Fair (ZITF) in Zimbabwe’s second city, Mnangagwa said the officials should change their work ethic to facilitate both domestic and foreign investment and the ease of doing business.

    “My government will not tolerate any form of public lethargy, undue delays, bottlenecks, bribery and corruption.

    “Those that will be impediments in the economic growth agenda will fall by the wayside.

    “Residual resistance of any kind is unacceptable. The mentality of them and us must end. Sustainable economic growth will be achieved by us together – government, the private sector and foreign investors alike,” he said.

    The fair began on Tuesday with focus on sustainable industrial development and running under the theme “Sustainable Industrial Development – Inclusive, Competitive, Collaborative”.

    Chinese companies, together with others from countries such as Namibia, South Africa, Botswana, Brazil, Japan, Kenya, Malawi, Mauritius, Mozambique, Pakistan, Russia, Turkey and Zambia, are exhibiting at the fair which ends Saturday.

    Mnangagwa also reiterated that Zimbabwe was safe for business and that private property rights would be protected.

    “Ladies and gentlemen, we continue to invite both domestic and foreign investors to tap into the diverse opportunities offered in Special Economic Zones and open economy in general,” he said.

    He added that following his recent visit to China, the establishment of a tourism and financial economic zone in the premier resort town of Victoria Falls would be speeded up.

    A Chinese multinational group is expected to build a multi-billion-dollar special economic zone in the town.

    Mnangagwa also called for viable industrialisation strategies which he said were fundamental for value addition and beneficiation of natural and home-grown resources.

    “I therefore exhort all players in industry and commerce to produce quality goods, to increase capacity utilization, think outside the box and come up with solutions that reduce production costs and enhance product competitiveness,” he said.

    Industry must also adopt viable policies and business strategies that foster export-led growth, he added.

    He said to ease foreign currency and liquidity challenges bedeviling the country, industry and commerce should be export oriented.

  • Drums as tool for economic growth

    It was not only about drumming. Organisers of the yearly African Drum Festival in Abeokuta, the Ogun State capital, held a conference tagged: Drumming for advancement, a workshop and an exhibition at the Olumo Rock. The three-prong event featured renowned scholars and drum experts from across the continent. It was initiated to explore the drum as a tool for education, socialisation, cultural and economic advancement of Africa, Assistant Editor (Arts) OZOLUA UHAKHEME reports.

    Renowned scholars and drum experts, including 91-year-old ex-Rex Lawson’s drummer Pa Tony Odili, were among participants who spiced up this year’s African Drum Festival in Abeokuta with intellectual flavour. At a conference, they examined the drum as a tool for education, socialisation as well as cultural and economic advancement of the continent.

    The presence of monarchs, such as Ooni of Ife, Oba Adeyeye Ogunwusi; Alake of Egbaland, Oba Adedotun Gbadebo, and Obong of Calabar, Etubom Ekpo, underscored the drum’s critical place in Africans’ socio-economic life..

    Also there were Ogun State Governor Senator IbikunleAmosun, Minister of Information and Culture Lai Mohammed and Nobel laureate Prof Wole Soyinka, who directed the conference.

    The theme was Drumming for advancement, with a sub-theme: Drumming for socio-economic development.

    In line with the concept of the conference, the session provided a veritable platform through which the very nature and character of drum and the vocation of drumming were distilled to rediscover its potentialities as a significant instrument for advancing the cause of the society.

    Setting the tone for the discussions, Soyinka raised the alarm that a thick cloud hangs over the indigenous creative and festival events in Nigeria due to religious extremism, violence and instability. In his prologue, From Olatunji to Marsalis, Soyinka related the profound feelings of the familiar in the works of Fela Sowande and the reason for selecting his memorabilia for exhibition at this year’s festival.

    He gave three anecdotes – which centred on the musical works of Babatunde Olatunji, Quincy Jones and Winston Marsalis – to discuss the possible lack of understanding of the true nature of the African drum by most African-American artists who, though are descendants of Africans, are not able to grasp the intricacies of the African drum and its multi-rhythm uniqueness. This, he described as ‘poly-rhythm’- the absence of which deprives their music of the true ‘African pulsation’.

    A revered Nigerian musician of BLO fame, composer, repertoire expert and consultant, Laolu Akintobi (Akins), said African drums have names and their texture determines their tonality, adding that the procedure of making a drum determines the rhythm it produces. He stressed the importance of education via drums.

    In his paper titled: Sustaining drumming culture via structured education, he stated that drumming should be inculcated and entrenched into the younger generation so as to preserve the culture of drumming.He identified different types of drums, noting that African music producers use the rhythms and tonal sounds of African instruments to produce music that is commercial and globally acceptable.

    A member of the famous Osogbo Art School, Mr.Muraina Oyelami, identified lack of reference materials for teaching drum and drumming in schools as a hindrance to an effective transmission of knowledge about drums, while lamenting the lack of interest by publishers to publish his manuscripts.

    Oyelami, who was also a founding member of the late Duro Ladipo Theatre  Company as an actor and a musician spoke on production of digital documentation of an educational audio-visual facility and publication of Bata Drumming Techniques and Notation, a document he has been longing to publish. To drive home his points, he gave a brief demonstration of the speech patterns of the Dundun drum.

    Prof. Jeleel Ojuade, a master drummer and expert dancer, classified drums into three groups – ideophones (these are self-sounding instruments), aerophones (these are instruments such as flutes, trumpets, saxophones) and membranophones (these are the drums made from animal skins).

    In his paper, Drumming for socio-economic development: The application of Dundun and Bata drums,  Ojuade said that drums possess innate language through which messages are transmitted in African societies. “Drums possess ‘sound codes’ which only the initiated can understand,” he said, using Yoruba Bata and Dundun drums to illustrate the essence of drums in African cultures. He noted that drumming is one of the ways value is brought out of any socio economic endeavour without words, but observed that Nigeria is not harnessing the economic capital of the drum. He therefore appealed to the Federal Government through the Minister and other stakeholders to salvage the African culture through the promotion of drum festivals such as this.

    An Ibadan-based research scientist, Consulting Engineer and Culture Activist Dr.Tunde Adegbola stated that the bandwidth needed to communicate in Yoruba language is 10 times less than that needed for other languages because one can lose the consonant and vowel sounds alternatively in a speech and still be understood.He said that the objective of his paper, ‘Probabilistically Speaking: A Quantitative Exploration of Yoruba Speech Surrogacy’ is to demonstrate that history is not a joke based on the use of musical instruments such as drums and flutes, which express the tonality of the Yoruba language. He recalled that in the past, speech surrogacy was the mode of communication in African communities, adding that the tonality of Yoruba drums is mathematically and scientifically demonstrable.

    A public speaker and pan-Africanist, Dr. Bukola Bello Jaiyesimi, stated that drumming gives life and must be preserved just as culture preserves life. According to her, drum is not accorded a place of importance in our society, hence, people with talent in drumming engage in other more lucrative jobs while others go out of the country, resulting in brain drain. She, however, questioned the place of gender in the drumming and reiterated that women can contribute to the socio- economic advancement of our nation through drumming. Citing examples of schools such as the Women Drum Centre in USA, Jaiyesimi called on government and the private sector to continue to support the arts in order to contribute effectively to the nation’s economy.

    Speaking on “Swange Music and Socio-Economic Importance: The Jovena Swange Band of Gboko in Perspective”, Mr. Solomon Terkura Adaa, a master drummer, observed that there had been a paradigm shift in the music industry in recent years where youths moved from disco night clubs to focus on cultural dances choreographed for swange music in Benue State.

    According to him, swange music has been in existence as a form of socialisation for a long time but it did not have a dance expression until a choreographer of Yoruba origin evolved the dance in the course of a workshop. “Swange music has over 100 dance groups in the country and every evening they dance to entertain people,” Adaa said, highlighting the didactic messages passed through swange music, which helps in the social correction of the younger generation.

    Swange traditional performance entertains, educates and has the potential to help the youth earn some income and contribute to the economy of the nation, he said.

    Dr.Sylvanus KwashieKuwor, a master drummer and scholar at the University of Ghana, Legon, said  drumming should not be made to suffer on the altar of modernity as both could be synergised to formulate a holistic aesthetic. He identified Economic Values, Cultural Values and Aesthetic Values as the three major pillars of his paper, noting that drumming can be vocalised and textualised. To him, education is not only about books because education is experiential.

    Other participants who spoke at the plenary included Wanle Akinboboye, Dr. OluAdeniran, Tunde Kelani, Akin Adejuwon,GregoireKabore, Landry Louoba, Bokossa Cocou Armel and Brenda Uphopho. Akinboboye suggested that Ogun State should build adrum festival resort located around the beautiful hills onShagamu-Abeokuta Road because of the availability of expanse of land to accommodate hotels, arts centers and cinema houses that are necessary to drive tourism.

    The workshop segment was coordinated by Peter Badejo – an international African dance ambassador, while Isioma Williams and Emmanuel Ikwue both master drummers and drum instructors were resource persons that assisted in coordinating the workshop. Stand-by troupes such as Footprints of David, Eko Brass Band, Atunda Entertainment and Ogun State Cultural Troupe gave performances.

    There were demonstrations, during the plenary session, by Salisu Mashi, AbegwaAlu, Goiserey Louoba Landry and Mukanyandwi Claudine – all master drummers from various parts of Africa. The session also accommodated honoured performances given by Pa Anthony Odili (Nonagenarian ex-drummer of the late Rex Lawson); Ajewole Oniluola (octogenarian ex-lead drummer of Ayinla Omowura Band); and Mallam Magaji Mahuta (octogenarian ex-drummer of Mamman Shatta Band.

    Also, an exhibition featuring collections of literary works by Fela Sowande was  opened at the Olumo Rocks to celebrate the life and time of the great icon, to critique Yoruba heritage and tradition through Sowande’s works, to develop new audiences for Yoruba art and culture in Abeokuta and beyond, among others.