The Nation Newspaper

Tag: Economy

  • Security, others critical to economy, says NAFDAC director

    Security, others critical to economy, says NAFDAC director

    The Director, Special Duties, National Agency for Food and Drugs Administration and Control (NAFDAC), Dr. Abubakar Jimoh, has identified security, economic transformation and manpower development as critical elements for national growth and development.

    Speaking to reporters ahead of the launch of The Presidential Diary magazine to project the Change Mantra of President Muhammadu Buhari, he said over the last two years, these critical requisites have been the focus of the Federal Government.

    He said: “In the last two and a half years of this administration, a lot has been achieved from security to economy and manpower development.”

    On the magazine, he said the publication was borne out of the need to give voice to the administration of Buhari.

    “It is a magazine conceived and designed to provide a platform for projecting the noble intentions, change agenda and vision of Mr. President. So far, we are happy that a lot of people, including doubting Thomases believe in this administration and they want to see it succeed,” said Jimoh.

    According to him, the president and his team are also happy with the group’s contribution to this administration.

    Experts say the publication is borne out of the need to give voice, resoundingly, to the administration of the President Buhari. “It is a magazine conceived and designed to provide a platform for projecting the noble intentions, change agenda and vision of Mr. President.  So far, we are happy that a lot of people, including Doubting Thomases believe in this administration and they want to see it succeed,” said Jimoh.

    He said the President and his team are also happy with the group’s contribution to this administration.  “The wife of the President, Her Excellency, Mrs. Aisha Muhammadu Buhari, the Honourable Minister of Justice and Attorney-General of the Federation, Abubakar Malami, Special Adviser to the President on Media and Publicity, Mr. Femi Adeshina, SSA (Media and Publicity) to the President, Malam Garba Shehu and other top government functionaries have actively supported our efforts,” explained Jimoh.

    On how the idea was berthed , Jimoh said he and a host of other professional colleagues conceived the initiative to begin this magazine, “We believe in this administration, and believe also that the task of informing, educating and sensitising Nigerians cannot be left only for government agencies and their spokesmen. The Presidential Diary Magazine was conceived by a group of like-minds- those who believe in the administration of President Buhari.  These persons are made of seasoned journalists, public affairs analysts, alongside men and women, young and old, irrespective of language, culture and tribe, who believe in the change agenda of the administration,” stated Jimoh.

    He added:  “Before the coming of this administration, these persons yearned for change because they were tired of the state-of-affairs as it were.  We therefore decided to come together to rebuild this confidence in Nigeria that this government can reclaim our lost glory and take us to that pristine age.  The only channel for doing this is not by carrying out propaganda or engaging in all sorts of media hypes, but by articulating the policies and programmes of this government in this magazine; through constructive narratives and photographs of what is on ground .”

    Hinting on the edge the magazine as Jimoh said, “pictures speak volumes of words, therefore, we don’t just tell, we show.  In the last two and a half years of this administration, a lot has been achieved from security to economy and manpower development.  All these achievements are captured monthly in every edition of the magazine.  You can confirm this in every edition that you pick up.  None of these achievements and many more are left out, and we hope to sustain this as long as President Buhari remains in office to deliver on his change agenda to Nigerians in all walks of life.”

    How long has this magazine been at the public space? Jimoh explained: “Like I have said before, this magazine was conceived out of love for Mr. President and his agenda for the people.  The magazine officially came on board in 2015, months after the inauguration of this administration.  Before the debut of the magazine, I and men and women of goodwill sat down to articulate the policies and programmes of the government that was coming. When we found that they fit into the yearnings and expectations of the people, we decided to key in and give it the needed support.  It is only a blind man who will not appreciate a good soup; even at that, he should be convinced by its aroma and agrees that the soup is indeed a good one.”

    And to what extent is he achieving this task of informing and sensitising Nigerians on the policies and programmes of the government? Jimoh said: “We have never thought it will be easy to do this.  There are those who have eyes but cannot see.  There are also those who can see but are not convinced, and there are those who may be convinced but pretend they are not.  To these die-hard skeptics, we trying as much as possible to back up our facts with figures and photographs.  For instance, we cannot say activities of Boko Haram have truly been degraded by this administration without providing you with evidences.  We don’t just tell, we show.”

    On how the magazine will circulate and its targeted readership strength, Jimoh said: “At the moment, our presence is being felt all over the country.  We are in all States of the Federation, especially in States that believe in this change agenda.  We are happy to announce the support of State governments that are identifying with us.  We enjoy the support of a good number of them and that of certain individuals and corporate organizations in and outside the country.  Embassies and foreign missions of Nigeria are also identifying with us in numerous ways.

    “At the moments, many of them use and process the information contained in this magazine in rating the achievements of this administration.  Every month, we avail them of copies, the way we do to all Ministries Departments and Agencies (MDAs), group and organisations in and outside the country.  This we do without charge.  It will interest you to know that we give out every edition of the magazine free and we state it clearly ‘Not for Sale’ on the cover.  In order to get the desired effect, in terms of wide readership, we decided not to sell the magazines.  This does not mean that they are printed free.  This group of like minds including my humble self who is the initiator pulls our meager resources, time and energies together to ensure the publication of this magazine.  And we believe that our efforts and commitments to this course are not in vain.”

    What will be the fate of this magazine if the current administration is not returned to power in 2019? To this Jimoh replied: “We believe in policies and programmes that are people oriented.  For us, people-oriented programmes outlive people, governments and administrations.  Therefore, we believe that the seed Mr. President and his team is planting has started yielding fruits.  We will continue to defend and nurture them and sensitise Nigerians towards national growth and development.  So we cannot begin to contemplate this question because millions of Nigerians know that there is a silent revolution taking place now and more time is required to gain traction and firm foundation.”

  • Stanbic IBTC: economy on recovery path with ERGP

    Stanbic IBTC: economy on recovery path with ERGP

    Stanbic IBTC Holdings Plc has said with diligent execution and policy consistency, the Economic Recovery and Growth Plan (ERGP) has the capacity to steer the country to full economic recovery, sustainable growth and development.

    ERGP was unveiled in April this year as a short-to-long term (2017 to  2020) blueprint to lift the country out of recession and to the path of inclusive growth and development. Key goals of the blueprint include macro-economic stability, incremental improvements in national productivity and sustainable diversification of production in such areas as agriculture, energy and medium and small enterprises, as well as manufacturing and services.

    The attainment of these goals underscored the theme of the 23rd Nigerian Economic Summit in Abuja – “Opportunities, Productivity and Employment.” Speaking on the sidelines at the Summit, Stanbic IBTC Holdings Chief Executive,   Yinka Sanni, said practically every sector of the Nigerian economy is endowed with huge potential, which when adequately harnessed would trigger exponential development of the country.

    By empowering enterprises, he added, big and small, opportunities are unlocked, which leads to enhanced productivity levels and subsequent creation of employment for the people.

    Sanni said though Nigerian enterprises are buffeted by a myriad of challenges and with a conducive operating environment, banks can assist in reversing this trend by providing critical support across the SME value chain, which would enable the sector play its foundational role in economic development.

    SMEs in Nigeria, he added, are constrained in three main areas namely: management, finance and business environment. “In the area of management are issues such as skills shortage, management expertise, financial management, business support and access to markets, while in the area of finance, they are confronted by cost of capital, lack of collateral, information requirements, regulation impact and culture clash,” Sanni said.

  • ‘Agro exports rejection hurting economy’

    Nigeria’s agro exports to the European Union (EU) and the United States (U.S.) is under threat with the rejection of  yams export, the Dean, School of Science and Technology, Babcock University, Ilishan-Remo, Ogun State, Prof. Dele Fapohunda, has said.

    According to him, it is not in the interest of the country to be consistently ranked among countries whose products are rejected.

    Fapohunda warned that if the problem was not addressed immediately, it could ruin the country’s competitiveness.

    According to him, the rejection should put pressure on authorities to enhance safety measures on its exports.

    He explained the nation may lose its position as a big exporter in the wake of the rising cost of production and compliance bottlenecks linked to the tighter safety measures.

    According to him, the government must adopt tough measures on food safety which will require all agro exports being subjected to thorough scrutiny right from farm gate.

    Exporters, he stressed, must be counter-checked by authorities to confirm compliance with all safety controls on harmful elements such as Aflatoxins, pesticide residues and heavy metals.

    He said farmers must also adhere to the authorised and registered pesticides, observe pre-harvest intervals before harvesting, and use only the appropriate pesticides.

  • Accountant-General positive about economy

    Accountant-General positive about economy

    The Accountant-General of the Federation, Ahmed Idris has said that there are visible signs of better days for the economy with the National Strategy for Public Service Reforms (NSPSR).

    Idris stated this in a paper tilted “E-Payment, IPPIS, GIFMIS and TSA Impact on Financial Reforms of the Nigerian Economy’’, presented at the 22nd Annual Conference of the Association of National Accountants of Nigeria (ANAN) in Abuja.

    He explained that through the implementation of the pillar three of the NSPSR consisting of e-payment, integrated payroll and personnel information system (IPPIS), Government Integrated Financial Management Information System (GIFMIS) and Treasury Single Account (TSA), there had been visible signs of better days.

    The accountant-general pointed out that many tangible beneficial impacts of the Public Finance Management (PFM) reforms were already evident and explained that the reforms were not only desirable but expedient.

    According to him, FPM underlies government’s efforts toward effective management and control of public financial resources.

    “It (PFM) broadly involves the mobilisation and collection of revenue and the prudent allocation of same to public expenditure for various sectors. It further entails accounting for funds received and spent in line with relevant extant laws. After transiting to democratic government in 1999, it was evident that public finances were poorly managed as evidenced by fiscal inconsistency and indiscipline. Consequently, the Public Procurement Act 2007 and the Fiscal Responsibility Ac t 2007 were introduced and followed since then by the executive political will to implement them,” he said.

    “This action of government provided the much-need impetus and legal framework for PFM,’’ Idris said.

    He said that the PFM reforms had improved governance as reports were now timely and more reliable.

    According to the Accountant-General, this has added a higher level of transparency to Public Finance Management. “For instance, the statutory financial statement for the year ended 31st December 2016 has been forwarded to the Auditor-General of the Federation in line with constitutional provisions, ‘’ he said.

    He said that the massive financial losses occasioned by payroll fraud through the use of ghost workers were gradually eliminated by reason of the introduction of IPPIS.

    Idris said the enormous savings had been made, which were being used to enhance overhead and capital releases to Ministries, Departments and Agencies (MDAs).

    In another paper titled “SMEs As Engine of Economic Development’’, Mr Ezekiel Gomos referred to Small and Medium Enterprises (SMES)  as the engine of growth and catalysts for socio-economic transformation of any country.

  • The economy needs new thinking

    SIR: It is no more news that Nigeria has come out of her worst recession in two decades. The state of the economy is the greatest challenge facing the Buhari government; despite having recorded successes, over the last two years, in many areas – security, anti-corruption war, stability in the downstream sector of the petroleum industry, restoration of Nigeria’s good image in the international community  and plugging leakages amounting to billions of naira.

    The Buhari government inherited an economy which wasted $480billion between 2010 and 2014; no tangible savings in the Excess Crude Account with corruption ruling every aspect of governance.

    The administration has taken precise steps towards the full diversification of the economy to reduce the country’s continued dependence on oil and to conserve our foreign exchange. One of such steps is the Anchor Borrowers Programme aimed at facilitating commercial banks’ lending to farmers of rice and wheat and other agricultural products. Despite this, the transformation of the agricultural sector into a major income earner for the nation demands more advanced thinking. This writer once advocated for a new agricultural scheme that encourages an all-inclusive participatory technique- where youths, communities, local councils, states, the federal government and the private sector (financial institutions and private investors) will be major participants.

    Financial institutions and private investors will be the financiers; governments at all levels will have well-defined roles, while the youths and small scale farmers shall be the primary targets. In addition, the scheme should be designed to be in four categories- ‘export oriented’, ‘large’, ‘medium’ and ‘small’ scales, along with a well-defined time-frame for government to complete handoff from the scheme. The federal government would be the guarantor of funds to be provided by financial institutions or private investors. This will be done through the issuance of federal government bonds. The scheme would work in such a way that local councils and state governments would provide lands and other logistics. The private investors or financial institutions involved are not to give money directly to the government in order to receive the bond-certificates, but it would be a kind of barter arrangement; where the investors, either financial institutions or private individuals would set up farms and put in place all structures required in a standard farm. Afterwards, a bond certificate equivalent to the cost which is to be determined by both parties and NGO’s will be issued to them. This will completely eliminate corruption which is the main cause of failure of most good programmes in Nigeria. To encourage investors to participate in the scheme, before the maturity of the bond, the investor would take a prescribed stake, between 5% and 10% in any of the farms they setup. They will also assist in monitoring progress on the farm. Besides being an added value to the investors, this will also give them rights to shares from the farms’ profit.

    Experts in the economy always inform us that variables such as low foreign exchange, the unstable or depreciating value of the naira, an import-dependent market, a mono economy and the crashed global price of the oil are the main reasons for the unstable prices of goods and services- the main reason most Nigerian are suffering. A study in the CBN Journal of Applied Statistics Vol. 7 No. 2 (December, 2016), stated that “inflation in Nigeria, was driven by the pass through of import prices to domestic prices via markup pricing by firms. This was aided by domestic inflation being persistent.”

    The experts and managers of our economy are yet to come up with an economic system to keep prices of goods, services and the value of the naira stable. Of recent, when the value of naira suffered depreciation, there was debate on whether the naira should be floated or fixed by the government; none of the sides (to float or not to float) won.

    Nigeria needs to develop home-grown and off-the-shelf approaches to tackle the unstable prices of goods and services and the stability of the naira, import payments and redistribution of wealth.

    Our economic team needs to be expanded to include other ‘laymen’ such as the real local players in the markets, social commentators, farmers etc – these will increase the pool of opinions in the economic team. Let us look at the monetary system and local and international transactions – why can we not allow other currencies like the dollars, The West African CFA franc; Chinese yen  to also be legal tenders in our economy, and asking our international trade partners to make some of their payments in Naira. This may be the silver bullet.

     

    • Zayyad I. Muhammad,

     Jimeta, Adamawa State

  • Post recession: ‘Fund repatriation injurious to economy’

    Post recession: ‘Fund repatriation injurious to economy’

    Fund repatriation by  foreign construction firms has been identified as a major disincentive to the economy. If the trend is unchecked, the economy will continue to suffer, even in post-recession.

    This was the submission of practitioners and experts at the annual lecture of the Property and Environment Writers Association of Nigeria (PEWAN), at the LCCI Conference Centre, Alausa, Lagos.

    Speaking on the theme: “Economic recovery: The role of  construction sector in post-recession Nigeria,” Chairman on the occasion Dr. Meckson Okoro lamented that foreign firms, usually the beneficiaries of most contracts awarded in the country, repatriated the funds, including profit, to their countries.

    Okoro said this was injurious to the economy.

    President, Building Collapse Prevention Guide (BCPG) and First Vice President, Nigerian Institute of Building (NIOB), Mr. Kunle Awobodu, listed the government’s lack of commitment as a factor militating against the growth of the industry in Nigeria. This, he explained, is caused by the government’s continued patronage of, and support for, foreign firms over indigenous ones. He said it was a disservice to the economy.

    Construction, Awobodu noted, is a determinant of development, warning that if the government’s policies were not tilted to favour construction, the nation might slip back into recession.“Many nation’s development is tied to the construction sector; this sector is the determinant of development in any nation. Government should take investments into construction industry serious, recession can re-occur due to our human errors,” he said, adding that the sector may not record significant growth until the citizens and government learn to use of local construction operators, fearing that recession might return if we failed to do the right things.

    The  Nigerian Society of Engineers (NSE) President, Mr. Otis Anyaeji, who was represented by the Ikeja Branch Chairman of the society, Mr. Akintayo Akintola, also regretted that most projects had become ‘processes’ because of lack of adherence to completion dates. He said conditions for award of contracts were usually and deliberately made difficult to eliminate local engineers, thereby making nonsense of the Local Content Law.

    In his submission, President, Nigeria Institute of Quantity Surveyors (NIQS), Mrs. Mercy Iyorta, represented by the Executive Secretary, Mr. Jide Oke, said the political class’ attitude and other challenges faced by the country were responsible for the recession.

    Oke noted that the infrastructure deficit was huge, adding that the private sector must drive the sector to speed up development.

    Construction is very important, it is the barometer to measure the growth of any nation,” he said.

    Okoro, who commended PEWAN for setting the agenda on issues of economic growth and development, tasked the Federal Government to show more commitment to the sector. He, however, expressed disappointment at the absence of the guest speaker, Minister of Power, Works and Housing Mr. Babatunde Fashola, and Governor Akinwunmi Ambode at the event, .

    “I think it’s not good enough that the invited guest speaker, in the person of Minister of Power, Works and Housing, Mr. Babatunde Fashola, nor the host, the Governor of Lagos State, Mr. Akinwunmi Ambode were neither here, nor represented, knowing full well that the organisers of this event are the message carrier of their activities. Considering Fashola’s portfolio as housing minister, and this being a housing event, he should have at least sent a representative if he cannot be here.I think it’s quite unfair that they were not part of this event,” he lamented.

    In his goodwill address, the Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, expressed optimism that the country would get it right as long as the citizens joined hands with the government in its policies.

    Ooni, who was represented by- Oba Adebanjo Adedinni, the Asoya of Isoya, Ile Ife, and Oba Adetokunbo Awosunle, the Elejesi of Ife Kingdom, assured the organisers of the Ooni’s commitment to the construction industry, especially infrastructure provision and housing delivery.

    “I’m happy with what PEWAN is doing. Without you, the Property and Environment Writers, most of the success we recorded in the sector would have been possible; I thank you. Your continued advocacy on industry matters,” the Imperial Majesty said.

    Other dignitaries at the event were representatives of professional bodies such as the Nigerian Institute of Architects, the NSE, NIQS, the Nigerian Institution of Surveyors (NIS), BCPG, Nigeria Institution of Estate Surveyors and Valuers (NIESV), among others.

    Students from the Technical College, Agindingbi were also in attendance.

  • Ex-PENGASSN boss tasks Buhari on economy

    Worried by the excruciating poverty across the country, a former chairman of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Dr. Nicholas Obi Nkwocha has scored President Muhammadu Buhari low on the economy.

    Speaking at a sendforth party organised for him in Lagos by PENGASSAN, Nkwocha said Buhari’s administration has not done enough to address the people’s suffering.

    He urged the government to constitute a team that that will come up with a blue- print on how to revamp the economy.

    Nkwocha however hailed President Buhari on his anti- corruption fight but pointed out that the crusade is selective.

    Also speaking at the ceremony former Trade Union Congress (TUC) President Comrade Peter Esele praised the ex-PENGASSAN Chairman for his honesty and integrity. He urged other labour leaders to emulate Nkwocha.

  • Lagos: our interest is gas to power economy

    Lagos: our interest is gas to power economy

    •PPPRA ‘has lost relevance to PIGB’

    The Lagos State government yesterday said it is more interested in gas to generate power to run the engine of its economy.

    It has therefore urged the Federal Government to allocate the remaining oil blocks in the Dahomey basin for more oil prospecting.

    Its Commissioner for Energy & Mineral Resources, Mr. Olawale Oluwo, who spoke yesterday at a Breakfast Business Lecture organised by the Island Club in Lagos titled: Petroleum Industry Bill: Challenges and Opportunities, said the state government will take advantage of the rare oil discovery in Dahomey basin.

    He said: “Our interest is not in oil but in gas. We need gas to power Lagos economy. “Our programme is centred on power generation that will be off-grid.”

    Oluwo also said the Petroleum Products Pricing Regulatory Agency (PPPRA) will have no business in the downstream sector when the Petroleum Industry Governance Bill (PIGB) comes into operation.

    He said the establishment of the Nigeria Petroleum Regulatory Commission (NPRC) in the PIGB will make the PPPRA irrelevant.

    According to him, the NPRC will be a one-stop regulatory body, so PPPRA will have no business in the downstream when the NPRC comes into force.

    Oluwo who was the chief host at the meeting, advocated for a downstream driven by the forces of demand and supply. He said  a deregulated downstream is the way forward for the country. According to him, the Federal Government has been regulating petrol price through which the rich take advantage of the masses. This is not correct, he argued

    “If you must regulate fuel price, you must ensure that you have a very deep pocket to subsidise the products. If you don’t have a deep pocket, the market will help you by creating a black market that sets the appropriate price for the product. But if the price is driven by the forces of demand and supply, competition will set in and force down the price,” he said.

    He cited the case of the price of Global Systme for Mobile (GSM) communications subscriber identity module (SIM) cards which are now being given free of charge today.

    He recalled that in the past, a SIM card costs over N30,000 but competition has made it to be given freely today. “So, I don’t belong to the school of thought that says prices that go up in Nigeria will not come down.

    “Prices do come down as long as there is competition. I like the PIGB and we will like to see more reforms in oil and gas. It is in Nigeria that I see products and commodities that are characterised by inelastic demand and for which we can’t have close substitutes to be subsidised by the government.

    “So our problem is structural and we must continue to handle it from the structural correction perspectives. In Nigeria, we subsidise all commodities including electricity, gas, petrol, interest rates, foreign exchange, among others. Government should allow the private sector play its role in all these,” he added.

    He congratulated The Island Club for the business meeting and Folawiyo Petroleum for making Lagos State an oil producing state.

  • Economy needs bold fiscal policies, says Credit Bureau chief

    Economy needs bold fiscal policies, says Credit Bureau chief

    The Managing Director, CRC Credit Bureau Limited, Tunde Popoola, has said managing a post-recession eco-nomy requires bold and coherent fiscal and monetary policies, and putting the right people in places.

    Speaking at a business forum organised by the Nigerian Supreme Council for Islamic Affairs (NSCIA)  in Abuja, as part of activities marking Nigeria’s 57th independence anniversary, Popoola said the Federal Government had rolled out some significant policies.

    The policies include the Economic Recovery and Growth Plan (ERGP) meant to achieve sustained growth.

    The plan’s broad objectives are to restore growth, invest in people and build a globally- competitive economy.

    Popoola said: “It is clear that the ERGP identified the challenges we face and articulated clear strategies and milestones to put Nigeria on the path of sustained and inclusive growth. It is a beautiful, well-articulated document. However, the achievement of its vision and objectives will depend on the political will to pursue its execution. I acknowledge that the implementation has started well. I can provide some insight from my own engagement with an aspect that concerns my industry, that is, access to credit.”

    Popoola praised the Presidential Enabling Business Environment Council (PEBEC) set up to improve the ease of doing business rating.

    “The Council has designed measurable quick wins and is laying the foundation for improving Nigeria’s ease of doing business ranking to under 100 by 2020 from the present 169th position out of the 189 economies surveyed in 2017. And significant results are expected,” he said.

    Popoola went on: “The ERGP is the blue-print of the administration to address the fundamental challenges we face and put us on the path of sustainable growth and development. As the government formulates plans and policies to grow the economy on a path of inclusiveness and sustainability after the recession, there is a lot to adopt from Islamic economics and principles. The primary objectives of Islamic principles and economic system are equitable distribution of wealth and social justice.

    “Economic literature has identified reflation through government spending and restoring production and consumption capacities to the private sector and households as the way out of recession. Governments have resorted to borrowing from the local and international financial institutions and multilateral agencies and governments. In the last four years, total government borrowings have increased from N8.5 trillion in 2013 to N14.06 trillion and $15.05 billion as at June 2017. This is expected in time of recession as government needs to spend to stimulate and reflate the economy,” Popoola added.

    He said servicing the debt becomes a challenge, especially when they are foreign currency denominated.

    He said Islamic finance is an alternative option worth exploring to raise funds for public works and to support the private sector’s access to finance.

    “Worldwide, Islamic finance is no more peripheral to conventional finance. It is being operated in over 75 countries, including the western nations. The United Kingdom issued its first Sukuk on July 2, 2014 for the sum of Pounds Sterling 200 million to build residential homes. Hong Kong and South Africa are among nations that have issued Sukuk in the past. South Africa’s $500 million Sukuk was four times over-subscribed,” he said.

    He said Nigeria should give special attention to innovation-driven Small and Medium Scale Enterprises (SMEs) in agriculture, Information Communication Technology (ICT), tourism and fashion. These sectors can absorb the SMEs, reward innovation, provide employment and promote necessary linkages. And this will also address poverty. When the states formulate policies, and provide infrastructure that stimulate the setting up and growth of small businesses, it will improve employment opportunities.

    In the medium and long term, when the productive sectors are virile, internally generated revenue will increase.

    He said finance literature has established a positive correlation between access to finance and economic development.  Finance exerts a significant and positive influence on growth. Financial sector development can contribute to achieving the goal of poverty reduction in Nigeria.

    “When people do not have access to financial services, they are unable to do a lot of transactions or projects that can improve their lives, including access to credit and cultivation of savings habits. In Nigeria, the banking system is far from the people as banks are concentrated where they consider to be commercially viable locations, especially in the cities and places with special projects like industries or educational institutions or government agencies. Let me give some statistics to buttress my position,” he said.

    “Total loans to the private sector by the 22 commercial banks as at June 2017 was N22 trillion to less than ten million people out of over 90 million bankable Nigerians. Credit penetration in Nigeria is among the lowest in the world because banking penetration itself is low. Besides, millions of Muslims do not believe and do not apply for loans under the conventional banking system,” he added.

  • Boroh to Niger Delta ex-agitators: help build economy

    Boroh to Niger Delta ex-agitators: help build economy

    The Federal Government has urged 200 Niger Delta ex-agitators, who graduated from the Innoson-Kiara Academy, Nnewi in Anambra, to use their skills positively to grow the economy.

    The Special Adviser to the President on Niger Delta and Coordinator of the Presidential Amnesty Programme, Brig.-Gen. Paul Boroh (Rtd), spoke at the Batch ‘B’ graduation ceremony.

    A statement by the Academy Head, Media and Communication Department, Mr Piriye Kiyaramo, said the ex-agitators underwent a nine months intensive automobile course in automobile manufacturing, engineering and maintenance.

    Gen. Boroh commended the graduating ex-agitators for making President Muhammadu Buhari and the Federal Government proud in their performance during the training.

    The special adviser said the entrepreneurship drive of the Presidential Amnesty Programme was geared toward creating an enabling environment for beneficiaries to develop their full potential in different vocational skills.

    “This is with a view to making you lead productive and creative lives in line with the ongoing reintegration process of 30,000 ex-agitators in the Niger Delta region.

    “The focus of the Presidential Amnesty Programme is to create the enabling environment for youths in the region, particularly the ex-agitators to have sustainable sources of livelihood as they reintegrate with their communities,” he said.

    The Chief Executive Officer of the academy, Mr Endi Ezengwa, said the trainees were exposed to practical automobile engineering works during their practical training at the factory.

    Ezengwa said of the 199 candidates that sat for the National Technical Certificate (NTC) from the National Business and Technical Examinations Board, 195 bagged distinctions while four others made credits.

    He said that Innoson Car Manufacturing Company was willing to absorb the graduands, with a salary of N60, 000 which would be reviewed upwards at the end of a probation period of one year.

    Ezengwa urged the state governments in the Niger Delta  to create an enabling environment for the graduands to put into practice the skills they have acquired from the academy.

    “We encourage the respective state governors to actively engage us to establish mini-automobile factories in the Niger Delta area,” he added.

    He commended Boroh for his vision and sincerity in driving the youth empowerment scheme through various vocational trainings, describing him as a “focused man, who has his people at heart”.

    Ezengwa said the course covered automobile manufacturing, auto maintenance, auto mechanical, auto electrical, auto painting, welding, among other aspects of the automobile engineering production chain.

    He noted that the Amnesty Office under Gen. Boroh had introduced innovative approach to fill the manpower gaps in critical skills among youths in the Niger Delta.

    The Project Coordinator and representative of the Vendor, Mr Momoh Aminu, explained that the rationale for the training was to ensure that beneficiaries were equipped with marketable skills.

    “The idea had been for everyone that participates in the training to have mastery of a particular area and then everybody now works compositely toward the end product.

    “So far, the trainees have been exceptional because within a short period they have been able to display capacity in assimilating the theory and practical aspects of the training and this is really good for Nigeria.

    “At the end of the day, we will be talking about people, who are armed with critical technical skills which the country needs, not just for the development of the Niger Delta area, but for Nigeria in general,” he stressed.

    Speaking on behalf of the ex- agitators, President of the trainees, Mr Raphael Ajalaja, expressed satisfaction with the leadership of Gen. Boroh, especially the manner he handled the programme.

    Ajalaja also expressed gratitude to the Federal Government for giving them such opportunity to be trained at the centre.

    Another graduate, Miss Gloria Edward, said the automobile training had developed their capacity to several business opportunities.

    Edward urged the Amnesty Coordinator to empower them at the end of the programme to enable them establish their automobile businesses.

    The high point of the ceremony was the presentation of three vehicles; 18-seater bus, 4×4 wheel truck and a 32-seater bus assembled from the scratch to the finish by the ex-agitators.