The Nation Newspaper

Tag: Economy

  • ‘Fed Govt ‘ll boost economy through DSDP’

    The introduction of the Direct Sale Direct Purchase (DSDP) fuel import model by the Federal Government will boost the economy if properly implemented, Prof. Wunmi Iledare has said.

    Iledare, the Vice President, International Institute of Energy and Law,  said the initiative would spur the growth of the downstream subsector of the petroleum industry if the idea is well implemented.

    He told The Nation on the phone that the idea was a temporary measure introduced by the government to ease fuel supply, stating that the government has a long-term plan to fully develop the industry by bringing more investors into it.

    He said: “The government has plans to attract investments into the industry in the future, in order to galvanise its potentials. As part of efforts to achieve this goal, the government has introduced DSDP model through which it would bring foreign crude oil refiners into the country to invest for growth. However, the success of the idea is dependent on the ability of the government to provide infrastructure in the sector. The oil refining companies abroad are exposed to better facilities and would like to work with similar facilities in Nigeria. The government would decide whether it wants the refiners to stay in the country or not.

    “It is a fact that the four government-owned refineries are unable to operate at full capacities, the issue has resulted in poor operation of the refineries and its inability to guarantee supply nationwide. But if the government can implement the DSDP model well by making infrastructure available, which the foreign crude oil refiners would work with, the better for the country.”

    He said the initiative is better than ‘SWAP’ because it would help in attracting investors in refineries into the country in the future. SWAP, which was introduced in order to swap crude oil for petroleum products, has been abandoned by the government.

    On the take-off of DSDP model, NNPC’s spokesman, Ndu Ugbamadu, said he would clarify the time from the management, adding that the decision to implement the idea lies with the government. He said NNPC would leverage the idea to promote investments whenever the government begins the implementation.

    He said the intention of the government was to open its door to investors through DSDP model, stressing that any attempt by the foreign crude oil refining companies to invest in Nigeria, is line with the policy of the government to grow the economy.

    He said the government would not prevent any foreign crude oil refiner that operates under the Direct Sales Direct Purchase import model from investing in refineries in Nigeria, adding that such ideas would help in encouraging economic growth.

    He said the government has been calling for local and foreign participation in the economy, stressing that the oil and gas sector would help in achieving that goal.

    It would be recalled that some local and foreign oil companies have submitted bids in order to be able to operate under the DSDP model. The approval of the bids lies in the hands of the Federal Government, which would allocate crude oil to the winners of the bids whenever the model takes off.

    Through this means the government hopes to lessen the burden of sourcing for fuel abroad and improve the participation of operators at the downstream subsector of the industry.

  • ‘We’ll help grow economy with Aba products’

    ‘We’ll help grow economy with Aba products’

    The new commander of 44 Brigade, Ohafia, Abia State, Brig.-Gen Audu Ibrahim has reiterated the Army’s plan to buy Aba-made products in order to grow local enterprise and boost national economy. SUNNY NWANKWO reports

    What will please President Muhammadu Buhari more than seeing Nigerian troops fully clad in made-in-Nigeria uniforms, weapons in hand, and going about their duties? The President made it clear from the outset that his administration favoured locally made goods in order to grow the economy and wean the country off a culture of dependence on imported products. Soon the Army responded, visiting Aba, home of enterprising shoemakers, textile producers, fabricators and makers of almost anything the mind can conceive. On the visit, military chiefs praised the local products, even placing an order for a sizeable consignment of military gear made in the commercial city. Acting President Yemi Osinbajo also stopped by to boost the drive for Aba-made products. Now the new army Brigadier General in charge of 14 Brigade, Ohafia Abia State, Audu Ibrahim has toed the line, saying his command will buy Aba goods as championed by the Buhari-led federal government.

    Ibrahim made this known in an interaction with newsmen in Aba when he visited 144 Battalion Command Headquarters in Ukwa West Local Government Area of Abia State.

    According to the army chief, patronising made in Aba produce would help to grow the economy of the state and the country at large, promote local content, put food on the table of many homes, create employment for youths and reduce the rate of crime in the society.

    There were other things on the army chief’s mind, one of them security. He promised residents of Aba and the state in general of the command’s willingness to curb kidnapping, armed robbery and other crimes in the state.

    The Brigade Commander who took over from Brigadier General Lawrence Fejokwu also disclosed that the command recently smashed a kidnapping syndicate that had been terrorising some parts of the state, stating that efforts were on to arrest fleeing members of the gang.

    Ibrahim equally expressed hope that the war on insecurity in the state would be won or at least help to reduce violent crimes through collaborative efforts with other agencies in the state.

    He said the army was aware of Aba’s major contribution to the state economy and that of the country as a whole, adding all efforts must be made to ensure that Aba is peaceful and safe for business and economic activities. Ibrahim said it was the desire of the military that residents and visitors to Aba sleep with their eyes closed and do their businesses freely.

    While warning soldier against embarking on illegal duties and getting involved in civil matters, he urged them to ensure that they show high level of professionalism in the discharge of their duties.

    He also warned that the command would deal decisively with any officer caught embarking on duties that were not duly authorised by the command or their respective superiors.

    The 14 Brigade Commander called for prayers for soldiers fighting insurgency in the Northeast.

    He said, “In the face of your duties, you must be very professional in the manner you perform your duties. Aba is a place where there is high level of commercial activities. It is not your duties to go and settle cases between civilians. That is a civil affair. Your Commanding Officer will never do that, I as a General will never do that. Therefore, we don’t expect you as soldiers to do that. Do not go out on illegal duty, if you are not sent on a lawful duty by your Commanding Officer, Company Commander, Platoon Commander as the case may be, don’t follow others to go and do duties that you have not been sent to do. That will be a criminal breach of trust and you know that the Nigerian Army frowns at criminal misconduct.

    “Always remember soldiers in the Northeast in your prayers, support them spiritually. Their families are here. If you have any way you can assist the families behind, please do that because they are our brothers and colleagues.”

  • Ambode’s elixir for Lagos economy

    Ambode’s elixir for Lagos economy

    Confronted by seemingly scary unemployment situation, the Akinwunmi Ambode administration evolved the Eployment Trust Fund (ETF), a platform through which loans are disbursed to potential entrepreneurs. MIRIAM EKENE-OKORO writes that about 4,000 beneficiaries have accessed loans from the N25 billion provided by the scheme to establish their own businesses.

    When Governor Akinwu-nmi Ambode conceived the idea of an Employment Trust Fund (ETF); a platform through which loans will be made available to people who want to establish and grow businesses, many did not believe that the initiative would be real; as many had believed it was another gimmick by a government that seeks relevance and cheap popularity.

    But with the success story by some of the beneficiaries of the pilot scheme, through which the government disbursed N1b to 705 beneficiaries, even the opponents of the scheme have agreed that the initiative is critical in addressing the economic challenges plaguing the country.

    On Tuesday, June 13, cheques for N924.7 million were disbursed to another set of 1,438 beneficiaries to enable entrepreneurs, artisans, traders and others to have the necessary funds to boost their businesses; thereby reducing unemployment and increasing wealth creation among the people.

    So far, about 4, 000 beneficiaries have accessed funds from the N3.5 billion provided by the scheme. The state government is committed to support about 100,000 micro, small and medium enterprises and create at least 300, 000 direct and 600, 000 indirect jobs by 2019 through the initiative.

    To create more awareness and reach out to more beneficiaries, the Board of the ETF has embarked on a tour of the various local governments to sensitise the public to the importance of the scheme and to ensure that everyone benefits from it.

    Addressing some of the artisans at one of the sensitisation forums, the Executive Secretary of the Lagos State Employment Trust Fund, Mr. Akin Oyebode said the N25 billion fund was established by the government in order to empower small and medium enterprises (SMEs) and improve the skills of entrepreneurs, with a view to helping Lagos residents create a thriving SME-driven economy.

    He further explained that the fund was established by the Lagos State Employment Trust Fund Law 2016 to serve as an instrument to inspire the creative and innovative energies of all Lagos residents and reduce unemployment.

    He said the fund would raise additional N25 billion from international donor agencies to boost its programme of micro, small and medium (MSME) funding. This, he said, will bring the total amount in the Fund’s management to N50 billion; having received a take-off grant of N25 billion last year.

    Oyebode added that about 25,000 small scale entrepreneurs have been targeted to benefit from the fund to grow their businesses this year.

    “People are passionate and their zeal has challenged us to do better. We are privileged to be saddled with the responsibility to ensure the success of the objective,” he said.

    He expressed his satisfaction that beneficiaries of the pilot scheme have started paying back their loans.

    “The businesses we support must demonstrate capacity to repay our loans; be owned by Lagos residents duly registered by the Lagos State Residents Registration Agency (LASRRA); show evidence of tax payments to the Lagos Inland Revenue Service (LIRS) and have valid Bank Verification Numbers (BVNs),” he said.

    The LSETF boss said in addition to MSME financing, the Board will also train unemployed residents to either take up identified jobs or run their businesses such that beneficiaries can access maximum loan of N500,000 at an interest rate of 5 per cent per annum, to be spread over 12 months.

    The business must have a minimum turnover of N20, 000 monthly. In cases where an applicant does not patronise banks, turnover can be estimated using price of applicant’s service and walk in or buying rate.

    Speaking while presenting cheques to 1,438 beneficiaries at De Blue Roof, LTV 8 Ikeja, Governor Ambode expressed delight that the government was on course to meet the objectives of the initiative, adding that it was also encouraging that the previous beneficiaries have started repaying their loans.

    Represented by the Commissioner for Wealth Creation and Employment, Dr. Babatunde Durosinmi-Etti, Ambode made particular reference to one of the earlier beneficiaries simply identified as Jand2Gidi, saying that it was a thing of joy that they have started contributing to the growth of Lagos economy.

    “One of the success stories of this programme which I am very proud of is the achievement of one of the first set of beneficiaries, a company called Jand2Gidi, run by two young women.

    “We eagerly expect to celebrate many more success stories such as this,” he said.

    Ambode also praised the Board of the ETF for the good work done so far. He urged them to increase the pace of work and ensure that by the end of this year, about 20,000 businesses would have benefited from the scheme; a plan, he said, would ensure that the overall target of the scheme would be met by 2019.

    “It is only when you pay back your loans, and grow your businesses, that we can truly celebrate the success of this programme. Your success is our success, and together we will grow Lagos State’s economy and create jobs for our residents.

    “The initiative is another example of taxpayers’ money working for the people. I thank all taxpaying citizens for providing the resources from which the state government contributes N6.25 billion annually to the N25 billion Employment Trust Funds,” he said.

    In her opening remarks, Chairman, Board of ETF, Mrs. Ifueko Omoigui-Okauru said the event was another milestone by Ambode’s administration.

    Omoigui-Okauru also revealed a partnership between the Lagos State Employment Trust Fund (LSETF) and the United Nations Development Programme (UNDP) to improve technical and vocational training.

    Under the programme, she said, the LSETF will contribute $3 million, while UNDP will contribute $1million and the fund will be used to train  Lagos residents in manufacturing, construction, health care, hospitality and entertainment, while successful trainees will be provided with jobs at the completion of the programme.

    Responding on behalf of the beneficiaries, Mr O.A Goriola of November 16 Nigeria Limited, commended the government for the initiative and pledged judicious use of the funds.

    With the disbursement of the fund, stakeholders are confident that the state government is firmly on the right path.

  • Obasa assures on economy

    Obasa assures on economy

    The Speaker of the Lagos State House of Assembly, Mr. Mudashiru Obasa, has hailed Nigerians, particularly Lagosians, for their support for the All Progressives Congress (APC) administration at the national and state levels.

    He said the federal and state governments were committed to improved economy aimed at improving their welfare and enhancing their standard of living.

    The Speaker, in his Democracy Day message to Nigerians in general and Lagosians in particular, issued yesterday by his Chief Press Secretary, Mr. Musbau Razak, praised them for their resilience and perseverance during the recession caused by maladministration of the previous governments.

    He expressed happiness that the country was getting out of the recession.

    Obasa said despite the recession, there was cause for celebration, as there had been landmark achievements in the last two years at the state and national levels.

    His words: “I hail the cooperation and support of Nigerians, particularly Lagosians, for our government at the state and national levels, especially during the recession. Thank God with your support and cooperation, we are getting out of the recession.

    “I assure our people that the APC government is committed to putting in place measures and policies that will not only improve the standard of living of the public, but also enhance their welfare.”

    The Speaker enjoined Muslims to pray for the country’s growth and peace during the Ramadhan.

    “On behalf of members of the Lagos State House of Assembly, I wish you all a happy Democracy Day celebration,” he said.

  • Osinbajo: we’ve confidence in economy

    Osinbajo: we’ve confidence in economy

    Acting President ‘Yemi Osinbajo said the administration has restored investors and business confidence in the economy.

    He said the government is committed to ensuring that the robust reforms introduced into the economy are implemented and targets achieved.

    He spoke at a seminar tagged: LCCI Presidential policy dialogue organised by the Lagos Chamber of Commerce & Industry (LCCI) in Lagos.

    He urged Nigerians to exhibit character as the government is convinced that, shortly the recession would be over. He saidthe economy is on recovery path and would come out robust, resilient, inclusive, diversified and not dependent on a mono economy.

    Osinbajo said the government is committed to creating an enabling environment and building a more prosperous nation and economy despite the recession.

    He said the recession was as a result of structural weakness in the economy occasioned by maladministration of the past.

    He said: “We have produced over 36 strategic interventions in agriculture, food security, improved transportation and strategic infrastructure development on rail, air and land. We also insist on consistency and integrity of processes in local productions by the Small Medium Enterprises. This is besides ensuring insisting that we add value to products where we have competitive advantage”.

    Represented by the Minister of Industry, Trade & Investment, Dr. OkechukwuEnelamah, the acting president said the government has special interest to assist women in business and special funding is needed to keep them afloat including job creation for youths.

    In her opening remarks, LCCI President, Mrs. Nike Akande said the Organised Private Sector (OPS) is a bit relieved to note that the short to medium term outlook for the nation’s economy is much better that what it was last year. She attributed it to the outcome of the series of new policy initiatives, engagements and consultations with key stakeholders and some positive developments in the external sector.

    She commended the adjustment in the forex exchange policy which has reduced the volatilities in the forex market.

    She said: “Investors confidence is on the upswing, liquidity in the forex has increased, there is better clarity in the policy direction, forex inflows are beginning to pick up. We are very confident that recent government initiatives on the ease of doing business would impact positively on the economy. We appreciate the setting up of the Presidential ease of Doing Business Council (PEBEC), we also commend the unveiling of the Economic Recovery and Growth Plan (ERGP) which articulates the economic policy direction of government. The OPS also applaud the recent Executive Order which is targeted at enhancing the investment climate and improving the Ease of Doing Business in Nigeria”.

  • NACCIMA to lawmakers: budget delays hurting economy

    NACCIMA to lawmakers: budget delays hurting economy

    The National of Association of Chambers of Commerce and Industry, Mines and Agriculture (NACCIMA) has urged the National Assembly to expedite action on the passage of 2017 Appropriation Bill submitted since last year by the Federal Government.
    Speaking on the state of the nation, its President, Bassey Edem, said dragging the passage of the appropriation document further would hurt the economy, inhibit investment initiatives, stall key infrastructure projects and rubbish the Foreign Direct Investment (FDI) campaign of the government.
    Despite encouraging signs of recovery from recession with inflation rate pegged at 17.78 per cent and decline of -1.3 per cent in GDP adverse growth rate in the fourth quarter of last year, NACCIMA said inactive policy and structure might not sustain the fragile growth.
    According to him, the Economic Recovery Growth Plan (ERGP) targeted at 2.19 per cent by year end is a commendable initiative that could only be propelled through adherence to strategic implementation and engagement of the Organised Private Sector (OPS) to ensure an overarching recovery.
    “Having been part of the process of developing the ERGP, it becomes imperative that the OPS be carried along in its implementation.We acknowledge the thoroughness that the legislators are putting into the 2017 Budget process to ensure that it positively impacts the economy, however, the process is taking too long, considering the fact that a budget is the lifeline of the economic development which the private sectors also depend upon,” he said.
    Backing the Central Bank of Nigeria (CBN) ban on banks manipulating Micro, Small and Medium Enterprises (MSMEs) access to intervention funds, Edemcalled for a review of the CBN policy on the 41 banned items through the removal of the essential raw materials unavailable locally and restoration and extension of sectoral forex allocation to real sectors, agriculture and solid minerals.
    He further urged the government to align monetary and fiscal policies towards stimulating a lower interest rate that will support competitive growth.
    “All along, we have been saying SMEs are having problem accessing intervention funds from banks and the banks prefer to give it to the bigger people. So I support the CBN to ban those banks to make it a lesson for others. The CBN intervention is a welcome idea. You find that it is very sad to have so many exchange rates. So CBN bringing out different windows means that the panic buying which people are doing is reduced. We are hoping it would fall to the official rate of 305. The more the exchange rate declines, the better. Our only problem is the cost of borrowing. The man who goes and buy goods and come to Nigeria to sell can afford to go to bank and get a loan of 17 per cent because he knows he can add it to the cost price but the manufacturer cannot afford to do that. How much money does he get from converting his raw materials to finished goods; we must get to a stage of having single digit rate,” the NACCIMA chief said.
    The president noted that the association would chart ways to ameliorate the business climate through review of the ease of doing business at its 57th Annual Conference on the 25th.

  • Osinbajo: Fed Govt will develop local economy through MSMEs

    Osinbajo: Fed Govt will develop local economy through MSMEs

    The Federal Government is committed to building the local economy through the encouragement of Micros, Small, Medium Enterprises (MSMEs) in rural communities across the country, the Vice President, Prof. Yemi Osinbajo, said yesterday.

    Speaking while inspecting Plateau-made products on display at Polo Field,  Jos during his one-day state visit to Plateau State he expresses delight over the made-in-Plateau products. He said his office is embarking on a nationwide MSMEs Clinic 2017 programme across the states of the federation in order to grow the local economy.

    “The programme has solved so many business challenges faced by business men and women in some parts of the country where the National MSME Clinic 2017 have been held through the engagement of various agencies involved in doing business in the country.

    “The MSME Clinic is basically meant to encourage local entrepreneurs  for the purpose of growing local economy of the country, Prof Osinbajo said.

    The state Governor, Simon Lalong, in his welcome remarks said the commitment of the Vice President to social investment and the economic emancipation of the citizens have remained the indisputable reflection of the desire of President Muhammadu Buhari to enhance the economic well being of the citizens of the country.

    He said: “Beyond poverty alleviation is livelihood sustainability, hence the various programmes that the government has initiated in the agric sector and through the Micro, Small and Medium Enterprises Development Agency, to enhance the economic well being of Nigerians.

    “We have keyed into the objectives of the MSME Clinic which is to bring all relevant stakeholders and business operators together, to discuss issues affecting the setup and operations of MSMEs in Nigeria. Further to this is for government and other stakeholders to share and provide information on all policies and programmes that, have being initiated in the country to encourage activities of MSMEs”

    Gov Lalong commend Mr Vice President for initiating the SMEs Clinic which has already been held in 4 states of the federation and has provided a platform for SMEs to be empowered with necessary tools for growth.

    The Plateau State Government is almost at a point of signing a Memorandum of Understanding with Bank of Industry (BOI) on matching fund of Two Billion Naira (N2Bn) facility to enable the trained people have access to funds at a subsidized rates for the establishment of their businesses.

    The State Government in partnership with the European Union (EU) has also organized an exhibition programme for MSMEs to show case especially the Made-In-Plateau products which is a move towards encouraging MSMEs and linking them to markets and financial institutions.

    Chairman of the planning committee, Mr. Ezikiel Gomos in his address said MSMEs have been working hard to keep the economy of Nigeria growing over the years in their various areas of specialisation, disclosing that the MSMEs Clinic 2017 is to make them grow more.

    Mr.Gomos  maintained that, small businesses are the engine room of every economy in the world and, “This is the day for the MSMEs on the Plateau, government want to ensure that citizens are told how various agencies can take part in the growth of their various businesses for the economic growth of evey individual and the Country in general.”

     

  • Nigeria’s economy resilient against cyber attack, says report

    Nigeria is third among  African economies resilient againts attack on ‘critical infrastructure.’ Similarly, six countries have been considered at a risk of their critical systems.

    Critical infrastructure comprises information that are often considered confidential and a potential risk to a country when accessed by outsiders.

    These cut across information in private and government’s settings. Though every country is vulnerable to this attack; yet for any country to be considered ‘resilient’, simply means such country has the ability to recover from such attack on its critical infrastructure, while it can also block further access to such information by hackers in future.

    This was contained in the Cyber Resilience Preparedness index, an objective assessment of where each country stands in cyber security across five critical priority areas accepted by cyber security models for measuring resilient cyber security. They include: articulation and publication of a national cyber security strategy/ legislations; technical measures and standards; partnerships/cooperation; information sharing mechanism; and capacity building.

    In the study published in the International Journal of Critical Infrastructure Protection, a journal indexed on Elsevier with a 1.443 five-year impact factor, Dr Ada Peter, an associate professor of Media, Peace and National Security, Covenant University, Ota, Ogun State, demonstrated the cyber resilience preparedness of 12 African emerging economies against the compromise of their critical systems, industries, classified documents, as well as industrial espionage.

    In Peter’s research titled: ‘Cyber resilience preparedness of Africa’s top 12 emerging economies’, Egypt topped the chart of six countries followed by Kenya, Nigeria, Tunisia, Morocco and South Africa. The other six countries, Sudan, Ghana, Libya, Zimbabwe, Algeria and Angola, were considered at risk of compromise of their critical systems.

    Peter said the Cyber Resilience Preparedness index used in the study is viable for monitoring and comparing the cyber resilience of top economies in Africa

    “The goal of this study was to address the question: ‘Are top emerging economies in Africa cyber war prepared, preparing, or at risk of compromise of critical systems, industries, classified documents and industrial espionage’”? Peter said of the motive of the study.

    According to him, the research indicates that in the international media, Africa’s economic growth and commercial opportunities are reported as stirring and attractive.

    “This business attraction is usually attributed to the 300 million-strong growing middle class concentrated in urban areas, coupled with a youth bulge across the continent and these developments presumably bolster the case for Afro-optimism, since the numbers create an internal market of global scale.”

    However, in spite of the optimism generated by the continent’s growth and commercial opportunities, the research identified a reason for concern, which is the increasing reliance of Africa’s modern society on networked computer systems.

    “Precisely, most countries in the continent are embracing the economic and social potential of the Internet of Everything (IoE)- the intelligent connection of people, processes, data, and things.

    “Consequently, prioritising cyber resilience especially at public and regional/international policy levels must continue,” she further explained.

    She recommended that the economies at red alert risk can initiate further improvements on cyber security via commitments to capacity building, partnerships with entities such as the World Economic Forum’s Partnering for Cyber Resilience (PCR) initiative, which certifies that cybersecurity is carefully considered by militaries, policy makers, and intergovernmental bodies when crafting solutions to 20-century economic security challenges.

  • Obasanjo to expatriates, others: don’t undermine Nigeria’s economy

    Obasanjo to expatriates, others: don’t undermine Nigeria’s economy

    •Ex-President urges investors to key into economic recovery

    Former President Olusegun Obasanjo has warned foreign and local firms doing business in Nigeria against engaging in acts that can undermine Nigeria’s economy.

    Obasanjo counselled the firms that their emphasis should be to make Nigeria self-sustaining in production and consumption, vowing that he will kick against companies that want to use unwholesome business practices to sabotage the country’s self- reliance drive.

    The ex-President, who spoke in Abeokuta on Saturday at an interactive session with the Indian Professionals’ Forum (IPF) in Nigeria, condemned a situation where some companies have elected to make the country a dumping ground for sub-standard and fake products.

    The IPF members, led by its President, Mr. Dinesh Rathi, organised the interactive forum to identify with Obasanjo and to tap from his experience.

    The Ota farmer explained that wrong business dealings were not only acts of undermining the economy, but also give a bad name to companies doing genuine business in Nigeria.

    He noted that his administration had cause to expel some Indians from the country because of unethical business practices,  saying  the duty of companies is to improve the lot of the country where  they do business and not to undermine its economy.

    Obasanjo added that he visited India sometime ago and witnessed to his admiration, what India and Indians were doing “for self-reliance,” wondering: “Why any Indian company should come here (Nigeria) and undermines our own self-reliance initiative.”

    He deplored a situation where “jollof rice is (allegedly) being prepared and shipped to Nigeria as ridiculous and bad”.

    According to the ex-President, that was not what the country needed.

    He admitted that there are genuine Indians doing business  in Nigeria, engaging Nigerians as workers and contributing to the economy’s growth.

    He challenged the representatives of the firms to fish out the bad eggs in their midst.

    Obasanjo said: “There are Indians, who are in partnership with Nigerians and they are doing well. We have some even here in Abeokuta. They are doing very well and it is very encouraging.

    “But there are Indian companies that have been doing what they will not do in India and that is unfortunate and I hope those of you who are doing the right things, who really make us proud and our association with India, will make sure that this type of bad things are stopped.

    “I have the unfortunate responsibility to deport some Indians from what they have done wrong. My successors brought them back. He too later sent them back again – the one who brought them back, send them back again because you see, a Leopard never changes his skin and they believe that they can bribe their way in this country.”

  • Don’t undermine our economy, Obasanjo warns expatriates

    Don’t undermine our economy, Obasanjo warns expatriates

    Former President Olusegun Obasanjo has warned companies – foreign and local, doing business in Nigeria against engaging in acts that could undermine Nigerian’s economy.
    Obasanjo said the emphasis today is on making Nigeria self – sustaining in production and consumption, vowing that he would kick against companies, whether indigenous or expatriates, that want to use unwholesome business practices to sabotage the self – reliance drive of the nation.
    The elderstatesman who spoke in Abeokuta, the Ogun State capital, on Saturday at an interactive session with the Indian Professionals’ Forum(IPF) in Nigeria, condemned a situation where some companies have elected to make the country a dumping ground for sub – standard and fake products.
    The IPF members led by the President, Mr. Dinesh Rathi, had organized the interactive forum to further identify with Obasanjo and to tap from his wealth of experience.
    The Ota farmer explained wrong business dealing is not only act of undermining the economy, but also give a bad name to companies doing genuine business in Nigeria.
    He recalled that his administration had had cause to expel some Indians from the country because of unethical business practices, saying the duty of companies is to improve the lot of the country where they do business and not to undermine its economy.
    Obasanjo added that he visited India sometimes ago and witnessed to his admiration, what India and Indians were doing “for self reliance,” wondering “why any Indian company should come here(Nigeria) and undermine our own self reliance” initiative.
    He deplored a situation where “jollof rice is(allegedly) being prepared and shipped to Nigeria as ridiculous and bad,” and said that was not what the country needed.
    He admitted that there are genuine Indians doing business in Nigeria, engaging Nigerians as workers and contributing to the growth and development of the economy but challenged them to fish out the bad eggs among their midst.
    Obasanjo said: “there are Indians who are in partnership with Nigerians and they are doing well, we have some even here in Abeokuta. They are doing very well and it is very encouraging.