Tag: economically

  • Building local capacity

    Despite Nigeria’s prospects for greatness right from her pre-independence period, it had however failed to harness the full benefits of her abundant resources over the years.

    The main reason, no doubt, was due to inability of the Nigerian leaders to put their acts together towards developing the country.

    Due to this, among other factors, Nigeria have remained technologically backward in the past 56 years of her existence.

    Many countries at par with Nigeria at independence in 1960 have long left Nigeria behind technological and economically.

    They have been able to join the league of technologically advancement nations.

    But rather than grow technologically, Nigeria became dependent on other nations for many finished products for which it had been abundantly blessed by God with the raw materials.

    While raw materials have continued to leave the shores of Nigeria in exchange for more or less peanuts, they return to Nigeria as finished product, which are bought with hard earned foreign currencies.

    This was the sorry state Nigeria has found herself over the years.

    Many programmes introduced by various administrations right from Nigeria’s independence, for one reason or the other, have not been able to ensure technological development of the country.

    To change Nigeria’s story, the Federal Executive Council meeting, chaired by Acting President Yemi Osinbajo, last Wednesday approved a new policy.

    The President Muhammadu Buhari’s administration is focusing on building local capacity by facilitating the setting up of foreign factories in Nigeria.

    Announcing the new initiative, the Minister of Science and Technology, Ogbonnaya Onu said: “The Federal Executive Council in its deliberations approved policy that will help us to change the direction that will be taken as a nation, a direction that will be very useful in helping us to start looking inwards to produce the things that we need as against depending on outside, other people to import our requirements.

    “Some of the highlights will involve where we have bulk purchases major items that will bring into the country those who normally would have supplied from outside the country will now come to Nigeria and establish their factories to produce in Nigeria.

    “By doing so, they will offer job opportunities to our people, tax will be paid to our government, wealth will be created and most importantly, Nigeria will now acquire the necessary technology that will help us build capacity.

    “We also agreed that from now on, any person who wants to practice any profession that has anything to do with science, engineering and technology, medical doctors, accountants, quantity surveyors just to mention a few, that first they have to be certified by appropriate regulatory bodies in Nigeria.

    “This is very important in our building our local capacity. There are so many areas that this new policy has coved because the aim of this new policy is to make sure that in the next ten years, Nigeria firms will be in a position to  carry out very complex jobs. A sort of jobs that we don’t currently have the expertise to do in the country.

    “And for such jobs, we will rely on foreign expertise and foreign firms for now but when they come, they have to work with Nigerian firms so that these Nigerian firms will understudy them and this will be from the conception to the commissioning.

    “That is the only way that we can hope to acquire the necessary technology to build our local capacity because our aim is like in the next ten years like I said we will be able to have own domestic firms, Nigerian firms to carry out all these jobs.” he said

    He went on “And in about 20 years, we want to see Nigerian firms competing with the very best in the world.

    “So, the Federal Executive Council, accepted to declare a state of emergency for science and technology and this is very important because even the economic recovery and growth plan 2018 to 2020 recognizes the cardinal place of science and technology in driving this recovery and growth plan of government.

    “We are not looking for transfer of technology because we know it will not happen, what we are looking for is acquisition of technology and we are interested  in building our own capacity.

    “We are convinced that we can do this and we believe that with the approval given to this policy once implemented, we will be in a position to acquire technology.

    “This policy is a very comprehensive policy. We will pay a lot of attention to training. We will make sure that we have all the artisans we need, all the technicians that we need so that once somebody is building a house, once you get up to finishing of that house, you are most likely going to bring people from outside the country.

    “Many of them come from our neighbouring countries. This we will not allow to continue. So we want to build the requisite manpower.

    “We will also use the Ministry of Interior to help us with a new classification in our immigration policy.

    “Those areas that we lack expertise as of now, we will use that classification to bring in those who have such expertise particularly from African countries.

    “Then we will also be working closely with Nigerians in the Diaspora because many Nigerians outside the country have a lot of skills which we need at this time particularly in order to implement this policy, we will be working with them.” he said

    It can only be hoped that the new policy will not go the way of other similar policies and programmes initiated in the past.

    Because of poor implementation among other factors, they all failed to develop Nigeria technological.

  • We are economically frustrated, Ogoni people tell Amnesty International

    The people of Bodo in Ogoni, Rivers State, have urged Amnesty International to get justice for them.

    They said the spillage of oil in their community from facilities owned by Shell Petroleum Development Company (SPDC) has destroyed the people’s means os survival.

    The people spoke at the community’s market square, where they gathered to welcome officials of Amnesty International and the Centre for Environment, Human Rights and Development (CEHRD) .

    Officials of the organisations visited oil spillage sites and lamented the level of damage, describing it as inhuman.

    Speaking on behalf of the community, the Chairman of Bodo Council of Chiefs and Elders, Mr. Mene Kogbara said the people of Bodo had no future because the water where they fish, their farmland and economic trees and activities had been pdestroyed by oil spillage.

    Kogbara said: “Bodo community has no hope, especially when the damage done by Shell has not constituted a discussion at any level of government, not to talk of considering the people for any form of humanitarian assistance.

    “We thank Amnesty International for visiting our community and inspecting oil spillage sites, which have attracted international concern and reactions.

    “We are giving you our total support in the cause of this struggle to force Shell to pay compensation to the community.

    “You have shown that Bodo is in your heart by personally coming to see the realities of the suffering of our people.

    Secretary-General, Amnesty International, Mr. Salil Shetty said: “We are here to give you all the necessary support and we have decided to fight for you.”

     

  • Why Nigeria is economically stagnant, by Daniel

    Why Nigeria is economically stagnant, by Daniel

    FORMER Ogun State governor, Otunba Gbenga Daniel, has traced the dwindling fortunes of the nation’s economy to the many leakages that give room for wastages and poor management.

    Daniel, who spoke in Abuja on Friday night when he was honoured as a fellow of the Chartered Institute of Economists, also noted that the nation’s accountants should share part of the blame.

    He argued they have failed to give proper advice that could make the economy grow.

    Also honoured at the event were Prof Ajagbe Toriola of the Lead University, Ibadan and Otunba Obey Akinlaja of the Nigeria Agip Oil Company, Ogun State.

    Daniel said: “When I was informed that I’ve been invited to chair the occasion, I couldn’t understand why because I’m not an economist, a serving governor or holding any current public position.

    “The bane of our challenge as a nation, despite 52 years of our independence, is because our economy hasn’t been properly managed.

    “As governor for eight years, I saw wastage in government circles. I have no doubt in my mind that until professional economists are given their pride of place, the country will not move forward. The question is why then do we not have professional economists in key government circles?”

    He went on: “I have always said that until we economically manage our resources, the resources will never go round. If we have 160million people and the national budget is judiciously used, I’m sure Nigeria will solve her problems. If we manage our resources well, Nigeria shouldn’t be a poor country.

    “We heard, sometimes ago, that they wanted to extend the runway in the international airport. The amount which was N60billion they budgeted was alarming.

    ‘’If this is the way contracts are run as a country, we will not make progress. As economists, these are some of the issues you must look at.’’

    Describing accountants as major impediments to the nation’s economic growth, he said: “”If I were in a position of authority to take certain decisions, I would have fired some of those accountants and bankers. Economists must come to the rescue and salvage the situation”.

     

  • PDP is not economically literate, says Oyo ACN

    The Action Congress of Nigeria (ACN) in Oyo State yesterday said the Peoples Democratic Party (PDP) in Oyo and the Southwest is not economically literate.

    ACN was reacting to the PDP’s criticism of the N50 billion Bond and the African Development Bank (ADB) loan being undertaken by the state government.

    In a statement by its Publicity Secretary, Mr. Dauda Kolawole, ACN said the criticisms showed that “those running the PDP lack knowledge of economics, especially the concept of borrowing from the capital market”.

    It said: “All over the world, there is an understanding that governments can hardly be run without borrowing. What you intend to do with the borrowed money is far more instructive than the fact of the borrowing.

    “The PDP’s criticism smacks of mischief, because one of the Oyo State PDP chieftains, who signed the release attacking the ACN-led government, purportedly schooled in London. He ought to have educated his party that even the United Kingdom’s (UK’s) national debt, that is the total amount of money the British Government owes the private sector and other purchasers of UK gilts, is £2311.6 billion.

    “ Instead of constituting itself into a megaphone of anti-development, the PDP should concentrate on ensuring that the money is spent on the projects it is meant for.”