The Nation Newspaper

Tag: Economic growth

  • Religious tolerance key to economic growth, says Ambode

    Religious tolerance key to economic growth, says Ambode

    Lagos State Governor Akinwunmi Ambode yesterday urged the Muslims to sustain the Godly virtues exhibited during the fasting period.

    Ambode, who spoke at some of the twenty centres designated by the State Government to celebrate the Eid-il-Fitri, urged Muslims to sustain the spirit of love, and brotherhood.

    He said: “As you celebrate this special day, I enjoin you all to sustain the spirit of love, brotherhood, tolerance and care which were dutifully demonstrated during the Ramadan. Let us not forget the lessons that Ramadan was meant to teach us which include the fear of Allah and care for the less-privileged in our society.”

    The governor identified harmonious co-existence among all adherents of various religions in the country as a necessary impetus to bring about peace, progress and prosperity.

    He said every religion preaches peace and harmonious co-existence among all people, and that it was important for the people to continue to live by such principle to foster growth and economic prosperity.

    The governor said he was highly appreciative of the support extended to his administration by religious leaders, as well as the religious tolerance and cooperation existing in the state, pledging never to take it for granted.

    While thanking Islamic scholars and leaders for their prayers and support, Governor Ambode assured that the government would continue to uphold and protect the right of all citizens to freedom of belief and freedom of worship.

    “Let me again use this opportunity to pledge our commitment to uphold and protect the right of all citizens to freedom of belief and freedom of worship. Every religion preaches peace and harmonious co-existence among all people.

    “We must continue to live by this principle so that our state and nation will continue to grow in peace, progress and prosperity,” he said.

    Besides, the Governor reiterated the commitment of his administration towards upholding and enhancing security of lives and property of residents, just as he urged the people to continue to support and cooperate with all security agencies including the recently inaugurated Neighbourhood Safety Corps as they strive to keep the State safe.

    In his sermon at Evans Square, Ebute-Metta, Leader of Conference of Islamic Organisations (CIO), Imam Abdulahi Shuaib thanked God for the governors He has blessed the state with, and the wisdom given to former Governor of the State, Asiwaju Bola Ahmed Tinubu to identify the leadership qualities in Governor Ambode.

    He said in just two years, the state has witnessed massive transformation in all sectors and sections, saying that it was obvious that Governor Ambode was governing with the fear of God.

    He said: “Look at the 114 roads that were constructed in all the Local Government areas and Local Council Development Areas; the traffic nightmare in Abule Egba has been solved with the construction of flyover and inner roads; over 365 streets have been light up courtesy of the Light Up Lagos Initiative; security has been enhanced with purchase of three helicopters, gun boats, patrol vehicles and Armoured Personnel Carriers, among others; the healthcare system too has received massive boost with the purchase of Mobile Intensive Care Ambulances and upgrade of our health centres.

    “Governor Ambode has done a lot but like Oliver twist, there is room to do more but all I will say is to ask the people to continue to support him with prayers,” Shuaib said.

    Also, Chief Imam of Lagos Mainland, Sheik Sabiti Akani Owowunmi praised the governor for his giant strides so far, and prayed for a successful tenure of office.

    The Governor was represented at some of the twenty centres by his wife, Mrs Bolanle Ambode and other State functionaries, while the celebration featured recitation of Quran, quiz and dance competitions, among others.

  • Pushing economic growth through SMEs

    Pushing economic growth through SMEs

    The Federal Government is pushing for the growth of Small and Medium Enterprises (SMEs) for the country to achieve sustained long-term economic growth.  It was one issue that attracted attention at a one-day workshop on nation building organised by Apostles in the Market Place (AiMP), a platform for change agents in Lagos, DANIEL ESSIET reports.

    Addressing widespread poverty is  one of the most-impor-

    tant policy challenges facing Nigeria.

    Not only is poverty high when benchmarked against countries in Asia, but also the rate of poverty reduction has been slow. This was the concern of participants at a nation- building workshop in Lagos, which held at the Civil Centre, Victoria Island.

    The forum was organised by Apostles In The Market Place (AiMP), a network of Christian professionals and leaders in the marketplace who are committed to making a lasting impact on society.

    The focus of the workshop was positioning for economic recovery. The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, was the keynote speaker.

    Enelamah  noted that achieving the goals of ending poverty and boosting shared prosperity would require unprecedented efforts by the government to unleash private sector-led growth.

    This partnership, he added, is strengthened in the Economic Recovery Growth Plan (ERGP)  launched by the government, saying ERGP further reinforces the thrust on entrepreneurship through trade and investment to achieve the government’s goal of economic development and job creation.

    Based on the plan, measures for macro-economic stability, employment, trade and investment, agribusiness, power-sector reforms, infrastructure, competition, science and technology, and anti-corruption, are being pursued to strengthen the nation’s competitiveness and contribute to job creation.

    Reaffirming its commitment to supporting entrepreneurship as a key driver of growth and development, Enelamah said it is the government’s goal to reduce poverty by  pushing economic growth  and  spreading  the payback of its huge economic turnaround among the people.

    He said SMEs have been at the core of the economic transformation and is an important driver of employment and growth, pointing out that the government is focused on easing access to finance, implementing a better regulation agenda and encouraging small and medium scale eniterprises (SMEs) investment in new technologies or markets.

    One of the goals  of the government, according to him, is to improve   infrastructure. He said the government was putting emphasis on SMEs given the sector’s role in allowing the country to achieve inclusive growth.

    Chair Centre Group Chief Executive and FirstBank Nigeria Plc) Chairman, Mrs Ibukun Awosika, said the education system churns out thousands of graduates yearly – this manpower advantage underpins the economic advances since liberalisation, but masks deep-seated problems within its education system.

    While  this is seen as an advantage, Mrs Awosika  noted that it has not succeeded much in equipping promising young Nigerians. She stressed the need to revamp the educational system to support the skills needs of the key sectors.

    She called on the government to ensure that all the relevant partners were working to achieve a common goal and that this is reflected in the investments in skills development and to help people out of universities to secure jobs.

    To ensure continued SMEs growth and contribution to the economy, a former Minister of Communication Mrs. Omobola Johnson advised the government to encourage the private sector to develop a pool of skilled personnel, who can be absorbed in the market and get better at closing the productivity gap to be globally competitive.

    According to her, economic opportunities linked to SMEs are also significant: ICT and mobile technology sectors are growing rapidly, adding that technology space SMEs can tap into a big  market.

    To unlock their potential within the system, she noted there was still  work to be done to help address issues  that prevent SMEs from becoming the engines of growth that the international economy needs.

    Other panelists discussed strategies for the development of the economy while sharing ideas on how entrepreneurs can leverage these and grow their organisations successfully. These include Chief Executive RTC Advisory Services Ltd, Opeyemi Agbaje; Managing Partner, Sahel Capital, Mezuo Nwuneli; and Founder LEAP Africa, Ndidi Nwuneli.

     

  • PPP inevitable for economic growth, says Osinbajo

    PPP inevitable for economic growth, says Osinbajo

    •’Making Nigeria economy work won’t be easy task’

    Acting President Yemi Osinbajo said yesterday that partnership between public and private sectors is very important to grow the economy.
    He spoke at the Third Presidential Quarterly Business Forum at the old Banquet Hall of the State House, Abuja.
    Stressing that the government cannot provide all the services to Nigerians, he said the government is providing all the enabling environment and will not compete with the private sector in the provision of services.
    He said: “The real challenge is how to efficiently and faithfully implement these great ideas. I think for effective delivery, this partnership with the private sector is undoubtedly the way to go.
    “So, our approach in this respect and other sectors, the delivery unit will invite and work with private sector players in our delivery clusters to deliver on quality and value in all these various sectors. This we will do in all the identified sectors.
    “We will make ourselves accessible to you as much as possible.”
    He, however, warned that trying to get the economy to work will not be an easy task.
    According to him, it will take time and commitment to achieve.
    Minister of Budget and National Planning Udoma Udo Udoma noted that the newly launched Economy Recovery Growth Plan (ERGP) is to get Nigeria out of recession and put it on the path of growth.
    According to him, a lot of measures are already moving Nigeria in the right direction, even though there is still more to be done.
    Urging the gathering to be forthcoming on the constraints they are facing in their various sectors, he said Nigeria wants to leverage the power of the private sector.
    He said the government would leave no stone unturned to change Nigeria from a consuming to a producing nation.
    “We are here to focus on converting the plan into actions. Each action to be supported by clearly assigned responsibilities,” he said.
    Many special task forces in various parts of the plan, he said, were already on ground to ensure success of the plan.
    At the forum, Minister of Information Lai Mohammed made presentation on the Strategy Framework for Developing the Creative Industry.
    The strategy, he said, is to see how the sector can boost its contributions to the Gross Domestic Product (GDP) and grow over one million jobs.
    Minister of Communications Adebayo Shittu spoke on the ICT. Minister of Trade and Investment Okechukwu Enelamah made presentation on the Smart Digital Economy project.
    Some of the participants during the interactive session noted that the government was spending so much money to travel abroad looking for foreign investment but doing nothing to revive and protect the country’s dying industries.
    Others pleaded to the government to provide enabling environment for businesses to thrive.

  • Fed Govt committed to grassroots’ economic growth, says DMO

    Fed Govt committed to grassroots’ economic growth, says DMO

    • N2.067b Savings Bond listed on NSE

    The Debt Management Office (DMO) yesterday reiterated Federal Government’s commitment to ensuring that people at the grassroots benefit from investment and growth potentials in the economy.

    Its Director-General, Dr. Abraham Nwankwo, who spoke during the listing of N2.067 billion Federal Government of Nigeria (FGN) Savings Bond on the floor of the Nigeria Stock Exchange (NSE) said the bond created opportunity for low cadre investors to build sustainable wealth.

    Also speaking, NSE Chief Executive Officer, Oscar Onyema who approved the listing of the bond, commended the DMO for its commitment for growing the savings bond market.

    Nwankwo, who sounded the closing gong at the NSE said the approval of the bonds listings which comes with 13.01 per cent coupon, said: “It’s an exciting day for Nigerian and DMO in particular; we were giving the opportunity to introduce a savings bond with the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and other relevant agencies for supporting our efforts.”

    He said the Federal Government wanted to ensure that progress being witnessed in the economy, benefits the grassroots.

    The DMO boss said out of the 2,555 people that subscribed for the offer, over 95 per cent were individuals consisting of ordinary Nigerians on the street including barbers, hairdressers, vulcanizers teachers, motor park workers among others.

    “These are the people that subscribed for the offer. We are so excited and happy that Nigeria has broken the jinx to make sure that everybody in the country is part and parcel of activities in the capital market. And that is very consistent with the plan of the Federal Government. I repeat that whatever progress Nigeria is making should be inclusive and ordinary people should be part and parcel of it so we are happy that this aspect of the change agenda has been implemented and this will continue every month,” Nwankwo said.

    He said the funds realised from the offer will be used to fund the budget deficit, and refinance matured existing/domestic bonds.

    He said the bond refinancing makes it possible for the FGN Savings Bond to continue in perpetuity, and on monthly basis. “The April 2017 offer will coming up on April 3, and it will continue every first week of the month. Nigerians will continue to benefit from the FGN Bonds. We congratulate the NSE for their continued initiative and operation for helping to make the listing a success,” he said.

    He said the Savings Bond has helped the ordinary Nigerians to participate in the capital market which creates benefits that will accrue to their investments.

    “What the Federal Government has done through the FGN Savings Bond is to make this opportunity not only for the big investors from pension firms or banks to be part of it, but also for the ordinary man on the street to participate.

  • ‘Arbitration catalyst for economic growth’

    • ICC to hold regional conference

    An effective system of arbitration can be a catalyst for economic development, former Commonwealth Lawyers Association (CLA) president Mrs Boma Ozobia has said

    She said Africa would attract more investment and boost economic development if investors know that disputes will be quickly resolved.

    “Investment does not like disputes, especially private equity. Where disputes arise, it has to be dealt with quickly,” she said.

    Ozobia spoke at a briefing on the Second International Chamber of Commerce (ICC) Africa Regional Arbitration Conference to be held in Lagos from May 14 to 16 at Eko Hotel and Suites in Victoria Island.

    It is jointly organised by the International Court of Arbitration of the ICC and ICC Nigeria.

    Ozobia said countries with efficient dispute resolution systems have better economies because they attract more investment.

    “Dispute resolution is the key that unlocks investments,” Ozobia, who is chairman of the Conference Planning Committee, said.

    According to her, the theme: Arbitration: Catalyst for economic growth, is central to the circumstances Nigeria and Africa find themselves.

    She said the conference is for arbitration professionals who want to keep up to date with latest developments and insights in international arbitration.

    “Certainly, Africa is experiencing an upsurge in international arbitration. With a line-up of top class speakers and topical discussions, the conference will provide an excellent opportunity to network and build skills.

    “It promises to be a gathering of the world’s most experienced and renowned lawyers and arbitrators n the target audience cut across sectors,” Ozobia said.

    Chairman, sub-committee on finance, Chief Anthony Idigbe (SAN), said there would be break-out sessions, with participants and speakers from Nigeria and across Africa.

    He said the president of ICC International Court of Arbitration Alexis Mourre is among those expected, adding that provisions will be made for French interpreters.

    He said topics to be discussed include: Reforming arbitration law and practice in Africa, Barriers to entry: dealing with diversity, how to be an effective administrative secretary, building an arbitration practice, rising cost of arbitration and depth of rules, among others.

    Chairman, sub-committee on publicity and marketing, Mrs Josephine Akinwunmi, said registration was ongoing, with discounts for “early birds”.

     

  • Oxford Business Group projects economic growth

    The Nigerian Investment Promotion Commission (NIPC) has signed a Memorandum of Understanding (MoU) with Oxford Business Group (OBG) for the firm’s forthcoming report on the country.
    Under the deal, the Commission will team up with OBG to produce titled: The Report: Nigeria 2017.
    In the latest infographic produced by the global publishing, research and consultancy firm OBG charts Nigeria’s latest efforts to shore up its economy in the wake of a currency float and lower global oil prices.
    The data highlighted the growing role that banks are playing in supporting business expansion, with lending to Nigeria’s private sector having almost doubled between 2010 and 2015. The OBG’s infographic also noted Nigeria’s drive to improve efficiency across its energy sector, which has helped to increase gas production by almost 70 per cent since 2014.
    Other positive trends included heightened port activity, with container throughput up by 115 per cent since 2007, the Group found, buoyed by higher levels of imports.
    NIPC’s Executive Secretary/CEO, Yewande Sadiku, said she expected OBG’s report to sharpen its focus on Nigeria’s diversification efforts and priority areas of the economy, especially agriculture, infrastructure, solid minerals development, amongst others.
    “With the current reality of lower oil prices, challenges with foreign exchange rates and liquidity,and lower government revenues despite Nigeria’s solid long term fundamentals, the current administration’s efforts at broadening Nigeria’s economic base, and directing investments to priority sectors demonstrate a commitment to improving the economy’s ability to cope better with such challenges in future,” she said. “I’m delighted that we will be working with Oxford Business Group once again and helping them to chart and bring to the fore, the opportunities that this transitional period in the country’s economic development presents for their readers.”
    OBG’s Country Director, Diana Rus, agreed that like many of its peers, Nigeria is facing several near-term challenges. “While its long-term domestic fundamentals remain attractive, Nigeria’s short-term outlook will depend heavily on how the country reacts to external pressures, including a rising dollar and global debt sell-offs,” she said. “With all eyes on the government’s reform package, which includes privatisation measures, I’m thrilled that we will once again benefit from the Nigerian Investment Promotion Commission’s insight in our research.”

    The Report: Nigeria 2017 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. It will also contain interviews with leading representatives from the public and private sectors.
    The Report: Nigeria 2017 will be available in print and online. Topical issues relating to Africa’s largest economy will be analyzed further in The Report: Nigeria 2017, OBG’s forthcoming report on the country.

  • Path to economic growth, by Ooni, others

    Path to economic growth, by Ooni, others

    How can Nigeria remain competitive in food  production? It is by improving supply, say experts.

    They spoke at the second  Mike Omotosho Annual Lecture in Abuja. The event had as theme: “Increased agricultural productivity for sustainable economic growth”.

    They   unfolded an agenda for  strengthening public and market institutions to achieve the goals for the nation ’s agricultural system.

    Delivering a keynote address at the event, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, called on Nigerians to return to agriculture, saying it is the only sustainable business capable of ending the recession in the country.

    According to the monarch, “you don’t need dollars to plant crops. Our land is fertile and you don’t even need to apply fertiliser in some places, so let us go back to the farm”.

    He said: “God has endowed Nigeria with the best weather in the world and the country’s agricultural products – cocoa, banana, plantain, vegetables, snails etc. are the best.”  He added that there were many areas to invest in agriculture.

    According to Oba Ogunwusi, agriculture provides the largest employment platform, adding that thousands of youths have been brought back to farms and there is peace in his kingdom.

    He urged Nigerians to promote the country’s products, stop blaming the government and do something to help themselves and the nation.

    All Farmers Association of Nigeria (AFAN) President, Kabir Ibrahim, who noted that  agriculture policies worked more in rhetorics than reality, said for the sector to perform effectively, 10 per cent  budgetary allocation as stipulated by the Maputo Declaration, should be adhered to.

    He said an enabling environment for production and value addition should be created for actors in the entire value chain to increase production and reduce wastage of farm produce.

    He urged the government to deploy effective combination of better incentives and streamlined services to stimulate  greater agricultural growth, create and maintain enabling environment for agribusiness and make the modernisation of the agro-food system smoother.

    Nigeria Agribusiness Group (NABG)Vice-President, Emmanuel Ijewere, urged stakeholders to carry out research on post-harvest losses.

    He called on the government to  provide quality seeds, fertiliser and other farm inputs to boost agricultural production.

    Nigerian Institute of Animal Science (NIAS) Registrar, Prof. Eustace Iyayi, said research, proper policy co-ordination, sincerity and youth empowerment were strong ingredients for boosting agriculture production in the country.

    For him, attracting youths to the sector by transforming it into a business and offering them new avenues and opportunities to engage the agriculture value chain should be the focus of the government.

    He stressed the need to tackle problems associated with production through research.

    Fresh Direct Produce and Agro-Allied Services Chief Executive,  Oluwayimika Angel Adelaja, said inclusive and demand-driven innovation were tools that would  help farmers in production and marketing of their produce.

    According to her, empowering youths  to get  involved  in  agro-ventures offers lots of scope for entrepreneurship and employment opportunities.

    Experts from the Central Bank of Nigeria (CBN) and Bank of Industry (BoI), Dr. Olasupo Musa and Mr. Cyril Anyanwu, agreed that agriculture needed proper financing, adding that their  banks were doing a lot to boost funding for farming and food processing.

    Earlier,  Mike Omotosho Foundation founder,  Dr. Mike Omotosho,  said  there was urgent need for increased agricultural productivity for local  consumption and export.

    Co-Chair of the occasion, Prof. Jacob Olupona, said the neglect of agriculture drove the nation to  recession, calling for agricultural revolution and farmers’ empowerment.

  • Emerhor: 2017 for hope fulfilment, economic growth

    Emerhor: 2017 for hope fulfilment, economic growth

    •Delta APC leader’s unity with Ogboru a treasure, says  Kokori

    elta State Leader of the All Progressives Congress (APC), Olorogun Otega Emerhor, has expressed grateful to God for what he called His favours in 2016 for the party, Nigerians and the life of individual Delta residents.
    The frontline politician hoped that 2017 will be a year of renewal and growth.
    Emerhor’s New Year message, which was released by the Director of Strategic Political Communication of Rescue Delta Media Group (RDMG) of Delta APC, Fred Latimore Oghenesivbe, said the APC Board of Trustees (BoT) member was confident that the new year would usher in the fulfilment of the hopes of the residents and clear the nation’s path for economic renewal and growth.
    Emerhor said: “I write to congratulate all Nigerians and, in particular Deltans, as we come into Year 2017. We must first give all the glory to Almighty God who continues to keep us safe and well in a most difficult period in our country.
    “Year 2017, however, promises to be a year of hope, renewal and growth. The APC-led Federal Government has spent the last 20 months to lay a strong foundation for the future economic and social political emancipation of our country. In spite of the subsisting hardship pervading the land, 2017 will see these efforts bear visible fruits.
    “The APC government remains the true hope of renewing our country for growth and development and I encourage Nigerians to sustain their support for APC and President Muhammadu Buhari.
    “In Delta State, the future direction could not be clearer. The 17 years of Peoples Democratic Pary’s (PDP’s) misrule, corruption, degradation and exploitation without any visible signs of development continued unabated. This is why Deltans are clearly rooting for the rescue of the state by the APC in 2019. The progressives’ political broom swept the state in 2016 with the coming together of all the opposition political heavyweights as well as those in the PDP and other parties, into the APC.
    “The APC has struggled in 2016 to harness all the strengths it has gathered, but 2017 is the year of to be or not to be. 2017 is the year we must put our house in order and grow our strength. In late December 2016, we, unfortunately, lost a key voice, leader, elder and stakeholder in this effort: Senator Francis Spanner Okpozo. While we mourn him, we must honour him by securing the unity that will enable us to achieve the dream of a liberated Delta State, that he longed to see.
    “I, therefore, would like to use this opportunity of a new message to call on all contending interests in our party to put the general interest above any other. I, personally, will do so, and will put every effort to see that all our forces are united and all interest and tendencies are accommodated in our APC house. This is why I termed 2017, a year of Renewal, Hope and Growth (RHG).
    “I pray that we all join hands in this effort, leaders and followers, all, to bring Delta State back into the mainstream of the Nigerian politics as we all support President Buhari to elevate the economic and social political conditions of all Nigerians.”
    Also, the Delta Central Leader of APC and BoT member, Chief Frank Ovie Kokori, described 2016 as a Golden Year for the progressives in Delta APC.
    In his New Year message, he noted that this happened because of the coming together of two essential political leaders: Olorogun O’tega Emerhor and Chief Great Ovedje Ogboru.
    The elder statesman added: “I am the happiest man living on the surface of the Earth today. The reason is that Ogboru and Emerhor are two positive forces that, hitherto in 2015, went their separate ways after a robust political relationship in the Democratic Peoples Party (DPP). That singular decision worked against the progressives and we could not achieve much.
    “In 2016, barely a year after the elections, God intervened and the duo got united. This, to me, is one of the landmark achievements of our great party and we shall consolidate and maximise the gains. This is why irrespective of membership of any faction in our party at the state level, we must, as a necessity, come together to rescue Delta State from the political shenanigans of the Peoples Democratic Party (PDP) corrupt leaders.
    “From 1999 till date, PDP and its rogue leaders impoverished the good people of Delta State. We must, therefore, put away petty squabbles, unnecessary jealousy, envy and queue behind our State Party Leader, Olorogun O’tega Emerhor and the state party executives under the able chairmanship of Prophet Jones Erue to bring good governance and quality dividends of democracy to our people.
    “I am pleased with the strategic moves by President Muhammadu Buhari in the fight against corruption as well as the APC national government’s patriotic efforts in building a solid and prosperous future for Nigeria and Nigerians. Our economic pains of today will sure manifest in quantifiable economic boom in the near future and beyond.
    “We have made significant and enviable progress in Delta APC, especially in 2016, when lots of other political heavyweights, like Hon Victor Ochei, Chief Ominimini, Z. A. Aginnighan, Hope Abijor and many others with their huge supporters joined our party in the three senatorial districts. We give God the glory.
    “I wish to salute the uncommon humility, sound and very healthy leadership disposition of our great and amiable leader, Olorogun O’tega Emerhor, who in the face of trials, provocation and unnecessary confrontations held his cool, remained calm and calculated. He also moved our party from obscurity in Delta State to a political mega force ready to take over the state.”
    “I am particularly happy that our able chief publicist and my good political son, Fred Latimore Oghenesivbe, is back in the saddle, reconciled to his boss, Emerhor. It is a thing of joy and I look forward to quality service from the Pen Eagle as we take bold steps to take over the affairs of Delta State from our common enemy, the PDP.
    “I wish Nigerians and Deltans a prosperous Year 2017.”

  • Southwest governors join forces for economic growth

    Southwest governors join forces for economic growth

    States to work together in peoples’ interest

    Southwest governors yesterday signed up for a commitment to shun party differences and embark on regional development.
    The six governors took the decision at a meeting held at the office of Oyo State Governor Abiola Ajimobi in Agodi, Ibadan, the state capital.
    The meeting was convened at Ajimobi’s instance.
    Five governors – Ajimobi (Oyo), Rauf Aregbesola (Osun), Ayodele Fayose (Ekiti), Akinwumi Ambode (Lagos) and Ibikunle Amosun (Ogun) attended,
    Ondo State Governor Olusegun Mimiko was represented by the Secretary to the State Government (SSG), Mr Rotimi Adelola.
    Also there were the Director General, Development Agenda for Western Nigeria (DAWN) Commission, Mr. Dipo Famakinwa;  Acting Director General, Nigerian Institute of Social and Economic Research (NISER), Prof.  Victor Adeyeye and the Group Managing Director, Odua Investments Limited, Mr. Adewale Raji.
    The governors agreed to henceforth shun political differences and work together for the development, particularly in economy and infrastructural development.
    Addressing reporters after the meeting, Fayose said: “Our session was very interactive and a number of issues were agreed upon in order to better the lot of our people. We need to start playing politics of development, play politics that will bring food to the table of an average South Westerner.
    “We have all agreed that beyond our differences, the people must come first, the region must come first, and we must have unity of purpose beyond politics, an economic base that we can all be proud of, regardless of our differences, and we have agreed to use this collaboration to improve on our infrastructure, security, commerce, agriculture, and beyond. I am sure we will stand together to achieve this for the people.
    “Yes, we know we cannot finish it all but we must be seen to be doing it. We must be seen to bell the cat and sustain the gain for our people. All states, including Ekiti, have subscribed, agreed that regional integration is the best and the way for our people and we shall do everything humanly possible not to go back. It is forward for Southwest, it is forward for the people, and forward for the Yoruba race.
    “The next meeting will come up in the next three months in Ekiti State, and I want to believe we are all looking forward to it.”
    In a 12-point communique the Southwest Governors’ Forum expressed commitment to strengthening the DAWN Commission to enable it serve as the vehicle for development.
    It reads: “Deliberations at the forum focused on developing and agreeing on a common and integrated front for reinforcing regional integration and economic development in Southwest Nigeria. The focus was on re-establishing the need for strong and implementable decisions that would put the Southwest Region back on the path of irreversible progress.
    “At the end of the meeting, the leadership of the Region agreed and resolved that deliberate, concerted and determined collaborative and cooperative regional-based actions should be carried out with the following in mind:
    “That the interest of the Yoruba people should be in focus at all times, and all politics must be politics of development.
    “That regional cooperation, synergy and economics of scale is important to move the region forward.
    “That good intentions must be backed by sincerity of purpose.
    “That the prosperity of any constituent part is negated if others are not.
    “That political differences should no longer be a barrier to the economic development of the Region while the welfare of the people should be foremost.
    “A regime of continuity, regularity and urgency of interaction is important among the leadership of the region.
    “The states should jointly embark on collaborative programmes in areas Security, Education, Transportation  infrastructure  including roads, rail and water transportation, Trade and Commerce  linkages,  Agriculture and Sports.
    “That the DAWN Commission (the regional development agency for pursuing the regional integration agenda of the States of Western Nigeria, comprising Ekiti, Lagos, Ogun, Ondo, Osun and Oyo) should be vigorously strengthened to  coordinate  the regional  development process.
    “All the states agreed to work together within the framework of people-centric development.
    “The present crop of governors must bequeath to the people a good legacy reflective of the visions of our founding fathers and common ancestors.
    “That the current Chairman of the Southwest Governors’ Forum, Senator Abiola Ajimobi, should also serve as the Chairman of the Commission.
    “ DAWN Commission shall develop programmes and activities along the identified areas of cooperation and bring them up for cooperative implementation.”
    In his welcome address, Ajimobi underscored the importance of working together under the Yoruba concept of alajobi (blood relatives) in spite of political differences. He said leveraging on the strengths of each state while working together would help the region economically and in tackling insecurity and related challenges.
    Ajimobi said: “As a people, there is a decline of relations. The quality of our social relations is defined by political, partisanship and electoral engagements. We must no longer allow politics and quest for political power to divide, redefine or distract us from the real issues of our common patrimony. We must be united around the issues that bind us together – culture, language, common heritage, even our common problems and challenges. Rather than solitude, we must build solidarity. This is the time to reinforce our alajobi and agbajo owo ethos! Cynicism and distrust must give way to collaboration and synergy.
    ” Indeed, there is power in getting together. That necessity is even more compelling in our Region, where God has, in His wisdom, created us together as one people, with the same historical and cultural orientation, and even a myth of common ancestry. Therefore in many cases, our problems and challenges, even our natural advantages and physical endowments are uniquely peculiar. Let’s face it. We cannot continue to pretend that we can deal with the issues confronting our Region and her people on a case-by-case, insular State basis. It will not work, and we cannot, no matter how hard we try, achieve long-term sustainable development and radical transformation in Yorubaland. ( Therefore, the key to leveraging our uniqueness is the regional approach to dealing with our afflictions, overcoming our difficulties, as well as creating a sustainable pathway to progress together. State-by-state solutions, desirable as they might seem, are no longer enough. The capacity to optimise the space for development lies in collective thinking and actions, as well as effective collaborative governance. “

  • Enabling environment panacea for economic growth, says Minister

    Enabling environment panacea for economic growth, says Minister

    •LCCI gets commendation 

    A conducive environment is panacea to economic growth, the Minister of State, Industry, Trade & Investment, Mrs. Aisha Abubakar, has said.

    She said the government had acknowledged the role of local and foreign investments in lifting the economy out of the doldrums, and is relentlessly channelling efforts to ensure ease of doing business.

    The Minister spoke at the Lagos Chamber of Commerce and Industry (LCCI) Investment Conference with the theme “Positioning the Nigeria economy for diversification and sustainable growth.”

    She said the government has embarked on review of limiting factors, including incentives and tariff that have stunted the growth of Small and Medium scale Enterprises (SMEs).

    Mrs. Abubakar added that the government was closing infrastructural gaps and creating free trade zones to make the operating environment friendly.

    She said: “Under the current administration, it behoves on us to come together and articulate pragmatic strategies that will arrest the obstacles that hinder developmental efforts.  The administration has continued with the Nigerian Industrial Revolution Plan (NIRP) as a strategy to drive the economy.

    “The President has also approved the establishment of a Presidential council on the ease of doing business. We have put plans in motion to attract domestic and foreign investments by reviewing incentives and supporting Micro, Small and Medium Enterprises (MSMEs).”

    Mrs. Abubakar said a review of the document has been concluded by the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) and other agencies, including the National Agency for Food, Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON) and Corporate Affairs Commission (CAC), to ensure a holistic framework that would addressing the challenges of MSMEs.

    She urged private sector players on the need for periodical engagements to attune themselves to initiatives on ease of doing business. She said contributions from the private sector are not only necessary, but imperative to assist the government to create an enabling environment to promote sustainable economic development.

    Mrs. Abubakar spoke of the government’s readiness to bridge the infrastructure gap to attract more investments, adding that there was a need for continuous dialogue between the government and private sector to ensure seamless collaboration.

    Speaking on “Policy Environment for Private Sector-led Market,” Director, International & Bilateral Relations, European Union (EU), Mr. John Clarke, advised the country to key into the Economic Partnership Agreement (EPA) to successfully drive the diversification campaign.

    He argued that the adoption of a pact like the Chinese model may streamline local production for exports to certain areas.

    “What we see in the Chinese model is the conversion of large expanse of land into monoculture for exporting commodities to China because China cannot feed its population. So the export model is not always good for the host country because it doesn’t create much employment,” he said.

    He said the model moves agriculture away from mixed farming, which has proven unsustainable in the long term.

    “It is recommended that Nigeria should not adopt it. We can learn from the Indonesia model what to do and what not to do. But it has been adjudged unsuccessful because their production for export is at a massive human and environmental cost,” he said

    Clarke pointed out that if Nigeria wished to develop the formal sector for export, there is a market in Europe that would ensure sustainable production.

    “If there is no EPA, Nigeria’s export to Europe will face World Trade Organisation (WTO) tariff, which is high. This will result to an overwhelming comparative advantage over Nigeria,” he said.

    Lagos State Governor Akinwunmi Ambode urged the international committee on the need for partnership in the non oil sector.

    He said:“It is obvious the private sector is a critical partner in the implementation of diversification strategies and policy framework for sustainable economic growth. Therefore, I urge participants to take out time to explore opportunities for economic benefits in the agricultural value chain, green energy, ICT and tourism.”

    He praised LCCI for the successful hosting of the just-ended Lagos International Trade fair, saying the fair has promoted trade and investment in the state.

    Ambode said activities, including the International Investment Conference, which charted a course to check trade volatility between Nigeria and the international community; Lagos Creative Industry exhibition, Business to Business fair raised the standards of the fair.

    Ambode said efforts were on to address challenges facing  businesses, particularly creatiing a conducive environment. He pledged to ensure improved facilities for effective coordination of furure fairs.

    Represented by the Deputy Governor, Alhaja Idiat Adebule, said:

    “Although LCCI has carved a niche in the organisation of high quality trade fairs and exhibitions, I am not unaware that the chamber is being inhibited by lack of purpose-built world-standard exhibition facilities that would engender the staging of a more-befitting international trade fair.

    “Our government is already looking in that direction and making concerted efforts towards delivering a standard centre in the state. We shall continue to place priority on key infrastructure and ensure the state is secure, functional and productive through a highly motivated and vibrant private sector.”

    Earlier, LCCI President Mrs. Nike Akande urged the government on the need for an industrial revolution to drive the influx of foreign investments. She harped on the need for strong institutions and strict adherence to corporate governance.

    She said despite the recession, the 30th edition of the trade fair attracted 550 international and local firms.

    “We recorded 427 local exhibitors, three state governments – Lagos, Kaduna and Kwara – and 120 foreign countries, including China Egypt, Japan, India, European Union, Indonesia, Ghana and Pakistan,”she said.

    Mrs. Akande said diversification  should emphasise value-addition because of its potential for increased revenue.

    “The chamber is drawing attention to the need to reposition and diversify the economy. In addition, it wishes to address value addition in the non oil sector with a view to achieving industrialisation.

    “This will enable the government to earn more foreign exchange from commodities and processing. We are moving from over-dependence on oil to agriculture, solid minerals, renewable energy and others,” she said.

    Reiterating the need to support private sector players, Mrs. Akande said: “We would always advocate for a conducive business environment, where private business can thrive. The private sector has a bigger capacity to create jobs and lift people out of poverty.”

    The Chairman, LCCI Trade Promotion and Investment Board, Mr. Sola Oyetayo, thanked participants, institutions and bodies who partnered with the chamber to ensure a hitch-free fair.

    He said: “Overall, we have received commendations that, despite all odds, this year has been adjudged as one of the best in recent years.

    ‘’We have done our best to deliver value to our customers within the limits of prevailing limitations. We assure you all that we will continue to ensure improvement in subsequent fairs.”