The Nation Newspaper

Tag: economic summit

  • Economic Summit: Uzodimma drew global attention to Imo, says Nwawuba

    Economic Summit: Uzodimma drew global attention to Imo, says Nwawuba

    Former federal lawmaker Hon. Henry Nwawuba has lauded the scale and significance of the Imo State Economic Summit held in Owerri this week, saying the turnout of high-profile global figures and major investors underscored the state’s rising relevance.

    The summit, hosted by Governor Hope Uzodimma, drew national and international attention, attracting former United Nations Secretary-General Ban Ki-moon, former British Prime Minister Boris Johnson, Vice President Kashim Shettima, industrialist Aliko Dangote and several state governors.

    Nwawuba said the gathering highlighted Uzodimma’s expanding national profile. 

    Analysts, however, noted that the governor’s increased visibility in recent months has also been shaped by strategic political alliances and his appointment by President Bola Tinubu as the South East Renewed Hope Ambassador, a role aimed at deepening federal–regional engagement.

    Commenting on governance in the state, Nwawuba said Uzodimma’s second term has seen notable investments in infrastructure, including ongoing road projects, improved intra-state transport links and efforts to enhance electricity supply in emerging economic zones.

    Policy experts argue that if these initiatives are sustained, Imo could strengthen its position as a manufacturing and logistics hub within the Southeast.

    Nwawuba added that the summit demonstrated Imo’s ambition to seek deeper economic partnerships beyond the region. 

    Observers said the strong turnout reflects renewed interest in states positioning themselves for investment and development collaboration.

    With global political leaders and prominent private-sector players in attendance, analysts believe Imo now has a valuable opportunity to translate the visibility generated by the summit into concrete investments. 

    They noted that the event also signalled the Southeast’s broader push to regain prominence in national economic discourse.

    As Imo builds on the momentum from the summit, stakeholders will be watching closely to see whether the heightened attention leads to long-term projects and measurable economic gains.

  • Economic summit to focus on inclusive growth, others

    Economic summit to focus on inclusive growth, others

    Nigerian Economic Summit Group (NESG) has said its 30th Summit (NES 30),  will foster inclusive development, a sub-theme of the event.

    The summit seeks to promote equitable growth, improve competitiveness, and design policies to foster social inclusion and resilience.

    The first summit in 1993 marked a pivotal shift in Nigeria’s economic trajectory.

    Amid economic struggles, the inaugural summit advocated a move from state to private sector-driven economy, setting the stage for reforms.

    For decades, the economy was dominated by state-owned enterprises, with huge public investments aimed at growth. NES 30 builds on that foundation, aiming to deepen reforms and promote an economy that benefits all citizens.

    Acting Head of Strategic Communication and Advocacy, Ayanyinka Anyanlowo, said in a statement that this  year, emphasis is on inclusive development.

    He said the event will explore strategies for diversifying the economy, create jobs, and ensure all communities access education, healthcare, and employment opportunities.

    By leveraging the talents of Nigeria, NESG noted the summit hopes to drive innovation, attract investments, and reduce poverty.

    Read Also: ASUU issues 14-day ultimatum to FG over university crises

    The objectives of NES 30, it said, include addressing challenges, improving competitiveness, and identifying policies for inclusive growth.

    It added collaboration between public and private sectors will be central to discussions, as stakeholders ensure stability and progress for all.

    The Summit will highlight Nigeria’s role in driving Africa’s transformation through investment, industry growth, and innovation.

    With the theme: “Collaborative Action for Growth, Competitiveness, and Stability,” it said NES 30 will mobilise leaders to create opportunities for generations. This event is seen as a critical moment for reflecting on Nigeria’s progress in the last 30 years and charting a course toward a future of shared prosperity and resilience.

    For three decades, the summit has brought together national and global policymakers, business leaders, and experts. As the nation and continent face complexities of the 21st century, lessons from past summits will guide Nigeria towards inclusive growth and sustainable development.

  • Osun, economic summit is serious business!

    In a few days’ time, Osun will be organising an Economic and Investment Summit to “redirect and recommend strategies which will drive meaningful youth employment, enhance food security, agricultural development, activate mining prospects and boost tourism potentials” of the state. While a summit of this nature and relevance is auspicious, especially, at a time revenue accruing to the state is said to be having excruciating strains on the finance profile and obligations of the state, the fact of the matter is that governance globally is a serious business and not a glamorous show of the circus! As should be expected, Economic Summits are for the egg-heads: focused, serious-minded, goal-getter people with proven track records in the society. They are not done for crass reasons or merely to facilitate ‘jeunjeun’ rendezvous for the boys! Besides, economic realities in the global market and how they have affected Nigeria have taken governance and economic issues beyond how to create wealth alone. They also include, if not more importantly, how to judiciously appropriate scarce resources!

    Osun, like most states in Nigeria, is cruising through trying times financially, and all eyes can see it! There is palpable inefficiency in every sector of the domestic economy and it cuts across board. With a population that is aggressively climbing towards 5m, to say that Osun is yet to attain the majesty of its economic potential, despite the abundance of resources available to it, is certainly a misnomer. The truth is: it has not even taken-off! So, what exactly is this seeming endless ritual about and what does it hope to achieve to ensure that Osun does not sink?

    For this writer, there are big issues on ground to be addressed for any summit of the shape and size being contemplated by the state to be meaningful. So, it will do the organisers a great deal of good if they focus their attention more on the ball, not to embellish it with a diet of tricks that will only end up portraying the participants as being busy for the sake of being busy, signifying, and achieving nothing! The summit should generate ideas and bring up recommendations which will help government reduce deficit and put smiles on the faces of the private sector operating in the state. Its beauty should be something that speaks eloquently to the economic self-sufficiency of the state, interrogate poverty reduction issues, catalyze sustainable development and proactively address topical issues like entrepreneurship, economic growth and foreign direct investment.

    To be honest, Osun has its peculiarities. It is agro-based. Though the state has, in recent history, moved from a public service economy back to its rightful place as an agricultural state that does not mean it should practically go to sleep. The gospel of development doesn’t work that way. Essentially, therefore, the proposed summit must come up with lasting strategies that can support partnerships in agriculture and guarantee investments in food security. In a state where 70 per cent of its population is farmers, it is desirable that Osun contributes meaningfully to Nigeria’s exit from the comity of ‘high rate of unemployment’ nations of the world.

    Mining is one of the world’s fastest growing sectors. Unfortunately, its development in Osun has become an object of platitudes and abandonment. Now that the government is talking about encouraging, attracting and establishing light manufacturing industries in the major sectors of the economy, mining is one sure way to go, particularly, taking into consideration its labour-engaging capacity. Mpumalanga (South Africa), Dingi-Dongi (Indonesia) and Toronto (Canada) have shown that the economic impact of mining transcends the realm of mineral extraction and processing. But then, mining has to be real, especially, now, that Nigeria’s unemployment rate stands at 26%.

    Next on the list is the Land Use Charge. Of course, the Surveyor-General has a lot of work to do in this area. The unseen hand driving Land Use Charge is principally tied to the dynamics of the domestic economy and the Demand and Supply profile of Land Use in the society. An unreasonable charge and tax assessment will only portray the government as unreasonable, and the concocted charge as ‘taxation without representation.’ Fundamentally, urban renewal programmes have to be hinged on a development plan that will partition or re-partition the land parcels available to the state. It doesn’t matter that this may cost the state a huge amount of money. The reality on ground is: if there is no money in Abeere, there certainly can’t be money in Osun!

    Good that Osun has vowed to improve on its Internally Generated Revenue (IGR) “in ways that do not bring additional burden to the people.” But, the truth that no government wants to deal with is that people don’t naturally wish to pay taxes; and for good reasons too! For the orientation to change, this government must be seen to be frugal, accountable, and seldom use public money on reckless experimentation in the guise of ‘unproven’ innovations. Furthermore, government should not deceive itself into thinking that whatever accrues into its pocket in form of IGR can provide the needed succour to the already-overburdened populace. The more reason it must strive to retain the people’s confidence, principally, through commitment to policy statements and actions that will lawfully encourage a shore-up in the state’s IGR.

    Going by the abundance of resources available to the state, one can safely say that the future of Osun lies in the Tourism and Travel sector. If properly harnessed, this sector is noted for bringing about policies and programmes that can promote the government and portray Osun as a tourism hub. But this is a nothing-ventured-nothing-gained investment. In other words, a government that fails to invest in Tourism should not expect to get anything in return.

    Economic insecurity leads to animalistic instincts. This brings us to another area of interest: Estates and Home Making. While one hopes to return to this important sector at a future date, it is perplexing that some 200 housing units are currently wasting away in a Federal Housing Estate in Osogbo while those in government remain practically unsympathetic to the people’s plight.

    May the Lamb of God, who takes away the sin of the world, grant us peace in Osun!

     

    • Komolafe writes in from Ijebu-Jesa, Osun State, ijebujesa@yahoo.co.uk).

  • Osun to hold economic summit

    The Osun State government is planning an economic summit in the first quarter of next year.

    The state’s Statistician-General, Prof. Wasiu Alagbe Gbolagade, announced this at a business programme organised by Kazeem International Group of Schools, Agbowo in Iwo.

    He said the summit would attract many investors from all over the world.

    Read also: Gunmen kidnap six Osun College of Tech workers

    The statistician-general noted that the summit is dear to the Gboyega Oyetola administration because it will bring together high-level leaders from businesses, governments, civil society groups and the academia to explore how to collectively shape policies for inclusive growth and harness the next Industrial Revolution.

    Gbolagade said: “The State of Osun Economic Summit will be an opportunity for participants to provide input and gain insights through the lens of these System Initiatives. At the summit, some of them will be highlighted in sessions dedicated to the issues at hand. The Summit will address key issues of the Local Government, Senatorial District and the importance of State of Osun.”

  • Ambode endorses Alimosho economic summit

    Ambode endorses Alimosho economic summit

    Lagos State Governor Akinwunmi Ambode has endorsed the maiden Alimosho Economic Summit.
    The summit is being organised by Alimosho Mail in conjunction with Vintage Press Limited, publishers of The Nation.
    The event, with the theme: Exploring Real Investment Opportunities for Economic and Developmental Rebirth, is in line with the governor’s plans to have different areas of Lagos State deliver dividends of democracy to the people.
    The event will hold on May 15 at the prestigious De Santos Hotel in Akowonjo.
    It is expected to bring together public and private sectors as well as corporate titans.
    Participants are expected to explore the dynamic nature of Alimosho.
    A statement by the organisers reads: “Alimosho is capable of contributing over 40 per cent of the proposed N1 trillion budget of the state in the next two years, considering the massive infrastructural development being carried out by the present administration, which is unprecedented in the 50 years of Lagos State.
    “The proposed relocation of Computer Village will turn the Alimosho city to a Silicon Valley hub for Africa, thereby turning the current state of Alimosho to mega fortunes.
    “Alimosho, which comprises of six local governments and local council development areas (LCDAs), is a unified area open to investors and business eggheads in view of the immense opportunity it avails.
    “The organisers …invite organisations within the old Alimosho Local Government Area and Lagos to participate in this strategic event. The organisers note that the only way to true development is grassroots development and strategic partnering, sighting home-grown/localised enhancement for cottage industries, SME development, technological partnerships and employment streams in the large land available to investors and a rebirth for state revenue generation while the people are the major benefactors.
    “The Alimosho Economic Summit is a grassroots enhanced programme, which will provide information and opportunity for investors and companies, especially consumer goods, to meet with its target and potential consumers, clients and business clusters in the area.
    “Alimosho is one of the local government areas where all classes of Nigerians are well represented. It has over four million estimated population with over 2,000 acres of virgin land and estimated over 200,000 SMEIS. There is no better time for Alimosho to be showcased to the world.”

  • Isoko Economic Summit

    SIR: On March 30, 2017, the Isoko people gathered to discuss the theme “Harnessing Isoko Economic Potential and Opportunities for Sustainable Development.”

    Now the hope of a new beginning for an endangered Isoko is before us. The way is still long but this fresh start is critical. Beyond this Isoko Economic and Investment Summit, we really need a new way of doing things because society is always in a state of continuous change-the past, the present and the future-the major determinants of which are human actions (individual and collective).

    Some analysts have identified three major afflictions which stand in the way of Isoko liberation economically. They are anachronism, authoritarianism and supernaturalism. In summary, we Isoko people must find a way of addressing the principle of unquestioning obedience to superiors (elders); everything that the elders say must not be accepted as the right thing because in Isoko today very little premium is placed on curiosity or independence of thought among young people. Another instance, there is a deep attachment of religious significance to the office of traditional ruler. The attitude is that whatever decision the traditional ruler takes economically, or in any case, can never be questioned. As it is today in Isoko land, individualism, isolationism and independence of thought are rare features.

    On the element of authoritarianism, particularly on the political terrain, the increasing inclination to hold a political office for years without considering others is evident reflection of the past in the present and will definitely affect the future. It is not uncommon, for instance, for an Isoko leader to justify his or her authoritarian grip on power in the outdated pattern (many young people in Isoko land are just depending on one politician in Ozoro to get a car, employment etc.)  The implication is that economically these young people are tied to the politician and should anything happen to him (God forbid) the Isoko will lose more economically.

    Supernaturalism: a vast majority of the Isoko people in Diaspora still believe in the existence and influence of ancestral spirits, fetishes and witchcraft. Such metaphysical beliefs colour most of them to the extent that they will rather die with their investment abroad than return home to invest. Another supernatural belief is the importance attached to fertility, that children are a source of wealth and therefore a blessing from God, making the land over-populated and causing extensive poverty.

    Finally, the Isoko Economic and Investment Summit could not address the issue of extreme poverty mixed with visible affluence. In the same Isoko land where the masses are suffering, some political officeholders (past and present) live in conspicuously shameful affluence. Ironically, it is these excessively wealthy few who also mount the platform to deliver messages of misery to the people.

    The obstacles to Isoko Economic liberation, whether internal or external, have deep-seated historical roots which the Isoko Economic and Investment Summit couldn’t address, but it will be in our best interest to get the summit report with both hands and collectively work with the outcome of the Isoko Economic and Investment Summit.

    I am so optimistic because our destiny will always outlive the acts of individuals.

     

    • Ijebu Afoke Dickson,

    Isoko, Delta State

  • Economic summit: Chamber canvasses N150b loan-able funds for private sector

    The President of Sapele Chamber of Commerce, Industry, Mines and Agriculture, Prince David Iweta, has called on the Federal Government  and the states to create investment windows by attracting capital flow of N150billion (About $750m) as loan-able funds for the private sector in each of the 36 states of the Federation through external borrowing annually for three years for  on lending to the private sector at no more than six per cent per annual.

    Iweta, who is also the President , Cement Importers Association of Nigeria, said this will no doubt generate 500,000 jobs by each state with a total of 18million jobs in the country in one year, adding that this an area the economic summit should address.

    Addressing newsmen in Lagos, Iweta said this fresh venture capital shall be targeted towards the development of agriculture, mining and manufacturing activities.

    ”With quick action in this direction the Nigeria economy will attain its pride of place in the comity of nations.

    “This initiative with committed, sustainable political will running for three years, would attract total fresh venture capital of N16.2trillion (about $81Billion) and employment opportunity for 54million Nigerians.”

    Iweta said the Summit outcome would be a mere jamboree if it is not co-planned by the executors of the resolutions of the summit who are the real drivers of the economy, adding that a situation where government operators and imported consultants design programmes and policies that will be implemented by OPS without being privy to preparation of the summit agenda, would be dead on arrival as in previous summits that are gathering dust in the furniture cabinets of ministries and government agencies,” Iweta said.

    He said the biggest enemy of the economy is the Deposit Money Banks that never demonstrate confidence in the Nigerian economy by practically not lending to the real sector of the economy because they do not have long tenured deposits.

    His words: “They lend only for imports of 30 to90days, government contracts and forex round tripping with indiscriminate and unmerited bank charges to declaring huge annual paper profit that never culminate to investing in long term projects.

    “But let me state here that, the Federal Government should not be carried away that there are investors that have catapulted to being the richest persons on our land, yet the economy is sinking owing to government’s failure in providing level playing field to all operators in same sectors.

    “It is a security threat to an economy to allow a single, or few persons to produce and control the prices of essential commodities such as cement, rice, sugar, petrol and other basic necessities of life for over 170million people. Monopoly must be discouraged and destroyed by this government. If we do not destroy monopoly, monopoly will destroy the economy of Nigeria. Be it stated here that the activities of our so called richest men in Nigeria are more harmful to our economy than the activities of Boko Haram”.

    Iweta said it is clear that without driving the summit through States private sector, the same old yearly non progress of government will be recorded, adding that every state has its natural endowment, human capital resources and investment climates that are peculiar and as such, the policy that is favourable to one state or region may not be same in another state or region.

    “With General Muhammadu Buhari being desirous of providing mass employment to eradicate the huge army of unemployed working class, the state approach concept should be applied. Each State should host her state economic summit originating from Local Government Councils targeting 500,000 jobs per year with investment of N150billion (US$750m), irrespective of size and population of each state. With collaborative effort of the organized private sector, a 3year investment of N16.2tillion (US$81billio) at six per cent interest rate per annual will employ 54million people to cause the change slogan of APC government,” he said.

  • Countdown to Bayelsa economic summit

    With appreciable growth in infrastrucre and an expanding economy, Bayelsa State is stepping up in its quest for industrialization. With a Gross State Product of N2.4 trillion ($18.5 billion), the state is desirous of attracting good investments locally and abroad. So from July 16-18, the state will play host to an international Investment and Economic Forum in Yenagoa, the state capital. The event, with the theme, “Unlocking Bayelsa economic potentials: Challenges and Opportunities” was put together as part of efforts to share the Bayelsa Dream: an incredible array of opportunities for strategic and forward looking investors in the various sectors of the state economy.

    Today, major institutional modalities – from legal to economic incentives – to attract the right kind of investors have been addressed and streamlined to cater for the next phase of development in the New Bayelsa State. The state government seeks to use the forum to look for serious investors ready to take advantage of the state’s vast untapped resources to invest in the state. The emphasis is on major partnership with the private sector, to influence the culture and character of the people to be more active in business and indeed the local economy through job creation and improved living conditions. The government is also seeking to leverage on the ensuing business environment to create alternative sources of income.

    With oil and gas being dominant enterprise in Bayelsa economy, the state government is pushing for a paradigm shift with premium on other sectors such as power generation, agriculture, hospitality and tourism and e-commerce.

    The power sector in particular, presents a very rewarding business opportunity considering the abundance of gas in the state. Against the mid-term objective of the state government to generate 3000 megawatts of electricity, the state government not only seeks investors to share in its vision, but also partners to boost electricity supply to the national grid.  Interestingly, a number of companies have shown interest and even some have signed Memorandum of Understandings (MOUs) with the state government.  There is certainly room for more given that the sector remains a goldmine for investors willing to pump in the needed massive investments. Thus the forum will be an apt avenue for strategic investors to rub minds with officials of the state government as part of its bid for economic diversification.

    Equally, for some time now, the economic diversification efforts have necessitated a shift to agriculture and tourism to create a new economy. The last two years have seen increased activities in the development of agriculture in the state, training of hundreds of youths at Songhai Farms in Port Novo, Benin, establishment of the Agricultural Training Institute and generally, in encouraging people to go into farming. Today, the cultivation of cassava and rice is increasingly seen as a viable business.

    In all, the emphasis is on modernization of farming, to encourage large scale farming to boost employment and hence farmers’ incomes. There is no doubt that the large scale cultivation of rice will be hugely successful because the local environmental conditions allow for continuous planting of rice throughout the year.  Similar considerations apply to the cultivation of cassava and plantain and the growing business of aquaculture in Bayelsa State hence the need to showcase the possibilities for investors. Here, government is desirous to see many agro-allied businesses spring up in due course.

    The other arm of the economic diversification is tourism.  This sector has received generous investment by the state government particularly in terms of the right infrastructure and enabling laws. Bayelsa State is adjudged as one of the safest states in the nation today and this is good for tourism which explains why it attracted socio-cultural, arts and cultural events like AMAA, the Most Beautiful Girl in Nigeria (MBGN) Pageant, the International Day for Culture, the UNESCO First African Underwater Cultural Heritage Conference, top class musical events and other international functions drawing the cream of global celebrities in recent times.  This is clearly an affirmation of Bayelsa as a worthy environment to do business; a place that is safe and secure. It is already documented that the state has the longest coastline of beautiful beaches in the world and an array of historical sites waiting for global visitors.  That’s why the sector is being developed to the desired international standard by the restoration government led by Governor Seriake Dickson.  He sees tourism as a major component of the future economy hence his determination to pour more resources into the sector while encouraging others to do same as a lucrative enterprise. From this perspective, it is a timely step by any serious investor to come into the tourism industry in the state to invest.  The basic requirements of infrastructure are happening in terms of roads and bridges, urban renewal, electricity generation and general security of lives and property. From hotels to golf courses and the New Yenagoa City, something spectacular is evolving in the Glory of All Lands. These are not happenstances but deliberate and visionary. The future is appealing to the present with so much optimism that Bayelsa State can create its own Eldorado by sheer passion, vision and leadership. For those who would like to invest in hotels and real estate, the environment is now very liberal and indeed, the collection of certificate of occupancy has been computerized and made easier to acquire.

    In the last two years, the state government through the Bayelsa Development and Investment Corporation (BDIC) has actually done some good work in cementing vital business relationships with MoUs signed with some reputable oil companies to open vistas of economic progress in the state. More of this development initiative will be tabled for investors’ appreciation at the forum to see what gains are accruable to them in the oil and gas sector of the state economy. Of course, Governor Dickson has repeatedly stated of his desire to see Bayelsa as the new business and economic hub in the Niger Delta and so much is being done to realize this lofty objective.

    As explained by the Commissioner for Trade, Industry and Investment, Barrister Kemela Okara, the Bayelsa Investment and Economic forum promises to be a harvest of golden business opportunities. With an airport of its own to make transportation easier to the state, an integrated railway linking the vital economic areas down to the Sea Port at Agge and a free trade zone, among other strategic initiatives to boost business, Bayelsa State is moving up the ladder of investment destination.

    In the long run, Bayelsans hope to see an emerging state economy with steady growth in the private sector and a preponderance of local entrepreneurs as core beneficiaries in the value chain; this would be really good for the local economy, the people would be happier for it.

    • Iworiso-Markson writes from Yenagoa 
  • ‘Establish Northeast governors’ forum

    ‘Establish Northeast governors’ forum

    Yobe State Deputy Governor Abubakar Aliyu has called for the formation of a northeast governors’ forum to address the region’s problems.

    Aliyu spoke yesterday at the ongoing Northeast Economic Summit in Gombe.

    According to him, the meeting of the governors under an organised body would help them understand the problems of the region and proffer solutions.

    “I think we should not wait until a summit is converged before we start addressing our problem. It will be better if the Northeast governors have a forum.

    “This will help them find lasting solutions to the problems of the region.”

  • Investment summit holds Saturday`

    Investment summit holds Saturday`

    The city of Ago-Iwoye is set to receive people from different parts of Nigeria and other parts of the world who are expected to participate in the first Economic Summit scheduled to hold this Saturday.

    Speaking ahead of the summit, Chairman, Organising Committee, Seye Awojobi, said the event with the theme: Unlocking the economic opportunities and potentials for development is being put together by the Egbe Gbobaniyi Ago-Iwoye and will hold at the Ago-Iwoye City Hall.

    He said the summit is part of the efforts to make Ago-Iwoye a modern and economically stable city that can achieve sustainable economic growth and prosperity among the comity of societies.

    Special Guest of Honour will be Senator Ibikunle Amosun, among other dignitaries.

     

    He said the objectives of the summit include to provide a platform for top-level public private dialogue on specific Economic issues; establish a consensus on Policy options aimed at transforming the city of Ago-Iwoye and its constituents into an economically viable entity; harness the abundant human and natural resources of the city for its economic development and attract local and international private investors. He said the summit will focus on how to provide and make social amenities to the city and its people.