The Nation Newspaper

Tag: Economy

  • Firm boosts economy with local sourcing of raw materials

    Shongai Packaging Industry Ltd, a leading plastic packaging firm, in a bid to key into the Federal Government’s call on manufacturers to source raw materials locally for their production, has said it imports a little to manufacture products.
    It said it is helping in creating job opportunities for the people as well as boosting the country’s Gross Domestic Products (GDP).
    “At Shongai Packaging we lead the way in the industry with our state-of-the-art factory. We ensure we meet the needs of our clients and at the same time giving back to the economy, by ensuring that as much as possible we source locally made raw materials. Our products are manufactured, using the best European machines with international standards at a price that represent value,” the Executive Director, Mr. G.C.O .Anyaso, said.
    He said about 98 per cent of the firm’s raw materials used in the production of its products were locally produced, while a little fraction was imported.
    Anyaso said when goods are produced locally, it stems dependence on imported products and makes a country self-sufficient.
    According to him, the firm is offering consumers mouth-watering offers in terms of affordability and qualitative services.
    He said producing high quality products was the competitive edge the company used in winning customers, to remain relevant in the market.

     

  • El-Rufai praises NB on contribution to economy

    El-Rufai praises NB on contribution to economy

    Kaduna State Governor Nasir Ahmad el-Rufai has praised Nigerian Breweries Plc for its role in the economic development of the state. The company, he said, remained the biggest tax payer in the state.

    The governor, who was at NB Plc’s stand at the just-concluded Kaduna Economic and Investment Summit (KadInvest 2.0), said the firm plays a big role in the state, as far as investment and “economic growth are concerned”.

    The governor was accompanied by the National Chairman of the All Progressives Congress (APC), Chief John Odigie Oyegun; Kano State Governor, Alh. Umar Ganduje and his Zamfara State counterpart and Chairman of the Nigeria’s Governors’ Forum, Alh. Abdullazeez Abubakar Yari, as well as the Deputy Governor of Jigawa State, Barrister Ibrahim Hassan.

    El-Rufai maintained that NB Plc was a shining example in corporate Nigeria and a strategic partner for development in the state given its huge investments and social intervention programmes in Kaduna.

    Earlier, while welcoming the governor and his entourage to the stand, the Corporate Affairs Adviser of NB Plc, Mr. Kufre Ekanem, said Kaduna State was a friendly environment for investment and has been home to Nigerian Breweries since 1964 when its first brewery was built in Kakuri.

    Ekanem thanked the Kaduna State Government for its support over the years stressing that the company will continue to be a partner for growth and development in the state in line with its commitment to supporting the development aspirations of its host governments and communities.

  • Nigeria needs new political economy

    SIR: In spite of the recent launch of the Economic Recovery and Growth Plan, what ails Nigeria is more profound and fundamental.

    Ordinarily, politics should reflect the persistent search for an economic framework that best serves to improve and enhance the quality of life of the whole population. Structures of political organisation and institutional frameworks are not end in themselves but serve to search and promote appropriate economic order that enhances optimal productivity and sustainable economic activities that bring and add value to the commonwealth and give commensurate returns to all members of the active population.

    Politics in Nigeria has not functioned to trigger relentless drive for a search of appropriate economic framework to unlock national productivity and unleash value creation, which is the definitive aggregate of national wealth.

    Therefore, any meaningful recovery of Nigeria as a functional State must focus exclusively on economic modernisation. To the extent that the economy would be taken as central task, a framework of national consensus and multi-party co-operation instead of competition should be established, to avoid the distraction of politics and power struggles in the central task of economic reconstruction and modernisation. As the framework of multi-party co-operation, political consultation and national consensus would radically alter the existing political process, a constitutional reform is immediately imperative to accommodate the new national priorities.

    Saying that “we must become a nation, where we grow what we eat and consume what we produce”, will only make sense with a deliberate policy of industrialisation. If the President, meant that raw onions, tomatoes etc should be ferried from Maiduguri to Lagos, and raw tubers of yam transported from Makurdi to Abuja, then he is merely romanticising about an age that is long gone. To have processing industrial plant in Borno, Benue, Imo and our other resource rich outposts is the best way to guarantee our stable food market, which feeds the rest of us on what we produce. The West African market and, further down, the global horizon, could benefit from our productive potential and earn for us a more sustainable foreign exchange that the volatile oil market cannot guarantee.

     

    • Charles Onunaiju,

    Utako, Abuja

  • Ambode pledges support for young entrepreneurs to support economy

    Ambode pledges support for young entrepreneurs to support economy

    …Kick-Starts Lagos @ 50 Celebrations

    Lagos State Governor, Mr. Akinwunmi Ambode on Saturday evening formally flagged off the opening ceremony of activities lined up to commemorate the State’s Golden Jubilee Anniversary, just as he pledged that his administration would pay greater attention to the growth of young entrepreneurs and back it up with an enabling environment and friendly policies that will enhance success of their business initiatives.

    The Governor also said that concerted efforts would be put in place to utilise the golden jubilee celebration to lay a solid foundation for another glorious 50 years in the State.

    Governor Ambode, who spoke at the premiere of ‘Wakaa The Musical’, held at the new Terra Kulture Arena at Tiamiyu Savage Street, Victoria Island, said as the fifth largest economy in Africa, the State Government would explore all other areas of possibilities for growth while the future of the State would be premised on mutual love, peaceful coexistence, greater economic prosperity, tourism, urban renewal and infrastructure development projects that will complement its megacity status.

    “On our part, we are determined and committed to fully explore all the possibilities presented by this moment to lay a solid foundation to another glorious and prosperous 50 years. This golden jubilee therefore presents a unique opportunity for us not only to celebrate our achievements, but also showcase to the entire world the immense potentials waiting to be tapped in our dear state,’’ he said.

    He said the Government was more than committed to further boost the State’s economy by building capacities of young entrepreneurs especially in the areas of arts, culture, tourism hospitality and other businesses, urging the youths especially young graduates to take advantage of hospitality and friendly business environment to explore other areas of possibilities and develop their entrepreneurial skills that would place them at vantage position in the on-going economic reforms of his administration.

    Represented by his deputy, Dr. Oluranti Adebule, Governor Ambode said that the 50 years anniversary of the State presented a unique opportunity not only to celebrate the achievements of its founding fathers in the last 50 years but also to showcase to the entire world its rich cultural heritage and immense potentials waiting to be tapped by people with ideas and great vision.

    Governor Ambode, while commending the founding fathers and all his predecessors for their great vision for the State, pledged that his administration would leave no stone unturned to build on their good legacies to deliver a new Lagos that will be the pride of every African man.

    The Governor also lauded the Director/Executive Producer of Wakaa the Musical, who is also the founder of the Terra Kulture, Mrs. Bolanle Austen–Peters, for her initiative, focus and business ingenuity, noting that the actualization of the beautiful edifice which according to him was the first privately owned ultra-modern theatre in the country, was a reward for her selflessness, vision, courage, determination and belief in her abilities.

    He noted that the partnership of the State Government with the Terra Kulture was not only to identify with the success story of the private cultural heritage, but a demonstration of his administration commitment to encourage younger generation to maximize their potentials.

    Earlier in her opening remarks, Mrs Bolanle Austen-Peters Founder of Terra Kulture and the Executive Producer of Wakaa The Musical said Wakaa The Musical, was a compelling story of the travails young people go through after graduation in a bid to achieve their dreams.

    The collection of plays according to her explored the challenges and obstacles young graduates faced after leaving their colleges and the assurance for victory and success when they show commitment, brevity and tenacity in the face adversity.

    “Wakaa celebrates patriotism, honesty, diligence and the eventual success of excellence over mediocrity, greed and selfishness’’, she said.

    The Lagos at 50 Celebrations which commenced from Saturday, April 8 2017 will feature series of interesting activities and will climax on Saturday 27th May 2017 to commemorate the May 27, 1967 date of the creation of Lagos State.

  • My govt committed to a prosperous economy – Buhari

    My govt committed to a prosperous economy – Buhari

    President Muhammadu Buhari has said that, he leads a government that is committed to creation of a prosperous economy for Nigeria, saying that, his administration will continue to support private sector to provide the investment to drive the economic growth.

    President Muhammadu Buhari stated this in his goodwill message sent to the Kaduna Economic and Investment Summit (KADInvest 2.0), held at Umaru Musa Yar’adua Hall, Kaduna on Wednesday.

    The Kaduna Economic and Investment Summit (KADInvest 2.0), a brain-child of Governor Nasir Ahmad El-Rufai, is the second in series since his coming on board as Kaduna State Governor.

    President Buhari’s address said his government considers as urgent priority the creation of a prosperous economy where talents of Nigerians can thrive and sustainable jobs and opportunities for youth in the country.

    He however assured that, his administration will continue to support the private sector to provide the investment to drive the economic growth.

    According to the President’s goodwill message, “That is why we launched presidential committee on the ease of doing Business early in life of this administration”.

    He said, the mandate is to simplify the processes and procedures for starting and running a business so that the cobwebs of archaic bureaucratic and administrative tradition do not stifle initiative exacerbate the cost of doing business

    While commending Kaduna State government for replicating the ease of doing business committee, the President said, the action reflects the state government’s understanding of the responsibilities of the sub-national actors have in the quest for national rebirth

    “If we succeed in making our state governments adept at attracting investments, creating jobs, providing infrastructures and delivering much needed public goods like education, health and potable water, then we would have delivered a country that works for all our citizens”, he said.

    He however expressed hope that, KADinvest 2.0 with the theme making kaduna the investment destination of choice would result in a reliable partnerships can promote economic prosperity for people of Kaduna and Nigeria at large.

    In his own message to the occasion, Governor Nasir Ahmad El-Rufai said, Kaduna State realised highest ever Internally Generated Revenue (IGR) of over N18bn in 2016 due to its investment promotion moves.

    He said, his government is overwhelmed that, major investments resulted from Kaduna Investment Summit 2016, especially the Olam $150m poultry and livestock feed project, while exploration work has continued for gold, nickel and other minerals.

    According to him, “last year, we unveiled the first Kaduna Economic and Investment Summit as a practical statement that, Kaduna is open for business; that we view investment by private sector as the surest platform for job creation, improved revenues and development in our state.

    “Our credentials as an investment destination are anchored on the human and natural resources in our state, as well as the policy and legal environment our government has created.

    “At the inaugural edition of Kaduna Investment Summit, we presented the state development plan, explained our new, transparent tax code and demonstrated how digital land registry we are developing is critical to supporting investments. In 2016, these efforts earned us over N18bn in IGR, the highest ever in the state.

    “As a sub-national actor, we established the link between our state development plan and the decision to prioritise agriculture and minerals as main investment sectors. And we are glad that, major investments resulted from Kaduna Investment Summit 2016, especially the Olam $150m poultry and livestock feed project. In mining, exploration work continues for gold, nickel and other minerals.

    “Kaduna Economic and Investment Summit 2.0 seek to consolidate on the gains so far made. We shall be presenting our new Ease of Doing Business Charter, reflecting the hard work of our MDAs have put into simplifying the process of obtaining licenses and shortening the time it takes to get a business running in Kaduna State”, he said.

    The Governor however took time to give highlights of major achievements his administration has so far achieved across all sectors of the economy as well as the social sector and unveiled the plan of the government between 2017 and 2019.

     

  • Lamido accuses APC of ‘ruining’ economy

    Lamido accuses APC of ‘ruining’ economy

    Former Jigawa State Governor Sule Lamido has accused the All Progressives Congress (APC) of worsening Nigeria’s economic and political system in the last two years.

    The former governor spoke at the weekend at a Peoples Democratic Party (PDP) caucus meeting at Bamaina, Birninkudu Local Government. He described the country’s economic, social and political problems as a manifestation of APC’s immature leadership style.

    According to him, APC and its governments are confused, and consequently confused the country by their incredible ignorance of leadership and what it entails.

    “Today, what we are witnessing in Jigawa is clueless leadership and bragging, with no any meaningful development project that could improve the common man’s life,” he lamented.

  • ‘On economy, government should consult across parties’

    ‘On economy, government should consult across parties’

    Dr. Phillip Ntoh, a former World Bank Consultant, erstwhile Finance Commissioner and now Provost, Abia State College of Education, Technical, Arochukwu (ASCETA), in this brief encounter at the institute’s matriculation ceremony, spoke about the country’s economy, the politics and governance in Abia State under Governor Okezie Ikpeazu, and other issues. Excerpts  

    On Nigerian economy, are you worried that we are not getting it right?

    The situation is worrisome but this is not the platform for such discussion. I have made presentations at different fora and have granted interviews on the issue, so I do not think I want to continue to talk about it. As I have said at different fora, I still think that government needs to make more consultation. There is no situation that is unsurmountable, there is a solution to every challenge and that solution is what one expects from government. They should not limit their search for solution but must cut across parties and ensure they get the best advice. We have seasoned experts, scholars that abound in Nigeria and beyond; it is the duty of government to locate those people and tap from their expertise. There is nothing about the economy that cannot be tackled; the GDP and other micro economic indicators, like inflation rate, purchasing power, exchange rate etc. With good plan and good efforts on the part of government to redirect some of their policies we can revise the trend of what we have today. There is the need to convert our raw materials into finished goods; it is the only way to add value that you produce. There is the need to diversify the economy and the plans must be convincing that we are serious. The signal of what we are passing through now was there because when I was the finance commissioner I know I wrote a memo to the governor and made predictions on the economy but as I said, this is not the platform for such discussion or debate.

    How would you assess Governor Okezie Ikpeazu’s leadership in Abia State?

    I can tell you that Governor Ikpeazu has done so well in all aspects. The way you assess a leader is the ability to manage scarce resources at ones disposal. He has done well to ensure that the state is working. The state, if you go round, is but a construction site and he is ensuring that no sector is neglected. This is the first time for instance that a sitting governor is visiting ASCETA and that goes to show you that his ears are everywhere and he has the passion to develop Abia. He is always interested in what happens in every part of the state and to me that is the hallmark of leadership: to rise up as occasion demands in tackling challenges.

    You are already one year in office; what are the problems you have encountered and the prospects?

    For me the job is like a test case. A test in the sense that having performed excellently as a commissioner for finance under the Governor Theodore Orji administration, the present governor, Dr. Okezie Ikpeazu, looked at it as a test coming from the ivory tower to see if I will perform again. It is also a test given the fact that the school is located in my local government. So, the people from my area will want me to prove myself again. It is also a test case by my colleagues in the university who will want to see what this academic can do. So that is why to me, given the background, I felt this is another opportunity to prove myself. For me, it is a call to serve my people especially against the background that the institution has been in a state of coma or moribund for the past seven years.

    What are the challenges or major projects you have?

    In terms of projects, aside infrastructure, which I may say has no end, we will continue to work on the environment so as to make it more conducive for our students and staff. Another issue or challenge one is facing is enhancing the staff welfare package because if they are not well motivated, they won’t do much. I want to ensure the staff welfare package is taken care off. The governor has shown great interest in this direction. Immediately I assumed office, he directed me to set up a committee that will harmonise their salary; that will be at par with what other state-owned institutions earn. So, we have concluded our report and the governor, knowing the kind of person he is, will soon give approval to that report.

  • Building a competitive economy

    Nigeria’s GDP performance improved slightly in the 4th quarter of 2016, and showed us a route to recovery. The current recession has affected all of us. But the root causes of it are deep; and they must be addressed if we are to build a more sustainable and competitive economy. We must understand the causes of our economic malaise in order to implement solutions that are sustainable.

    Nigeria’s economy has been structurally weak for decades. Our oil wealth has disguised the fundamental structural weaknesses that we have, and while the cash flowed many of those weaknesses were overlooked. We were complacent. We did not do the work that was needed to develop the broader economy and we are suffering the consequences today.

    This is not because we did not know what needed to be done. The last two decades are full of economic plans and strategies designed to address them. Our challenge has been, principally, in implementation.

    Nigeria needs to build an economy that is not only resilient, but globally competitive. We have been focused on that since taking office, through our Strategic Implementation Plan (SIP), which has provided a platform. The evolution of the SIP is the Nigeria Economic Recovery and Growth Plan (NERGP), which we have unveiled this week. The NERGP provides a framework for implementation from 2017-2020, but does not mean we must wait until 2020 to see progress. The plan is focused on generating concrete and visible impact by the end of 2017, and many of the initiatives incorporated within it have been under way since 2016. We are not starting from scratch and the work that we have done so far is already beginning to show dividends. We are absolutely committed to delivering the implementation of the plan and we have the political will, determination and the leadership to achieve this.

    We have three core objectives: Restoring growth, investing in our people and building a competitive economy. These are delivered through five execution priorities. The first is to stabilise the macro-economic environment. We must increase revenue and cut costs. We will then focus on the four pillars of future growth; Achieving agriculture and food security; Ensuring energy sufficiency in power and petroleum products; improving transportation infrastructure, and driving industrialisation through local and small business enterprise. These objectives and priorities are underpinned by a robust delivery and monitoring mechanism to ensure that we are laser focused on implementation.

    Our lack of infrastructure is our Achilles heel. It means that the food we eat is more expensive, individuals and businesses have to generate most of the electricity they require, far too few people have access to running water and travelling around the country is a slow and difficult process. But beyond the effect this infrastructure deficit has on people’s daily lives, it has a hugely detrimental impact on our economic performance and the profitability, and often the viability, of our companies, which further impacts the lives of all our citizens. The better our economic performance, the more revenue the government will have to spend and the more it can do to address these deficits. That is why our 2016 and 2017 budgets were structured to deliver investment in transport and energy infrastructure. We will borrow to build the foundations for future growth. Our non-oil revenue has been traditionally unacceptably low. Delivering growth in agriculture, while ensuring that our industrialisation strategy is broad based (focused on SME’s) rather than reliant solely on large scale projects, is critical to reversing this.

    However, Government resources will not be sufficient to address all our infrastructural challenges. The Plan also provides for Government to partner with private and development capital from both within, and outside the country, to leverage and catalyse additional resources needed to grow the economy, and bring about prosperity.

    Underlying each of our priorities is a common requirement. We must invest in the skills of our workforce. Unemployment is too high, and the skills gap is too great. To be competitive globally, we must address the way in which we train, and build capacity. That is a core focus of this plan. We want to build an economy fit for the future, and that can only be done using our most precious, but most under-utilised resource, our people. It is why the plan places emphasis on building capacity in education, healthcare, social inclusion, job creation and environmental sustainability. Many of the initiatives this administration has already developed and rolled out have been focused on delivering basic needs for the most vulnerable in our nation. Our social investment programmes are examples of this focus.

    While the scale of our task is very large, we are already seeing the dividends of some of our work. Our focus on Agriculture and Solid Minerals has resulted in some growth in those two sectors in 2016. However, given the current recession, revenues continue to be challenged. But we believe that with the current outlook of stable oil prices and increasing production, it can only improve. Our tax base in Nigeria is 6% of GDP compared with an average of 16% across the rest of Africa. This is clearly far too low and there is room for significant improvement in expanding the tax base. There is much more work to do, but we are on the right track.

    The Presidential Enabling Business Environment Council (PEBEC) is also delivering results. Since its launch in the last quarter of 2016, we have seen the processes for obtaining visas streamlined considerably, with visas now available on arrival. There is much more to come and you will be hearing from that team over the coming weeks as they roll out the 60-day action plan to ‘Make Business Work’.

    While the past 18 months have not been pleasant for Nigerians, they have served to show us a way to a future in which we will work our way out of the current recession and onto a path of sustained, diversified and inclusive growth. We will need to intensify our cooperation and co-ordination with the State Governments. We will need to work closely with the private sector, and indeed, all Nigerians. It will not be easy, but this Administration has a plan to deliver. We have no doubt that, working together, we shall attain prosperity.

  • Experts, cleric urge FG to address economic challenges

    Health experts and a cleric have called on the Federal Government to take urgent steps to address the current economic challenges in the country, to check the rate of suicide among Nigerians.

    They spoke with the News Agency of Nigeria (NAN) in Lagos on Tuesday while reacting to the increasing cases of suicide in the country.

    The World Health Organisation reports that every 40 seconds, one person commits suicide somewhere in the world, which tallies to 800,000 suicides annually.

    The experts noted that in the last few months in Nigeria, cases of suicide that came to public knowledge had increased and stressed the need for increased government attention in reducing the problem.

    Dr Stephen Oluwaniyi, a Consultant Psychiatrist at the Federal Neuro-Psychiatric Hospital, Yaba, identified poverty, high debt, deprivations, unemployment, job stress and insecurity as related to the current economic challenges in Nigeria.

    Oluwaniyi said that the recession was affecting the mental health of some Nigerians, adding that it had also triggered high cases of depression, attempted suicide and other forms of mental illnesses.

    He, however, advised members of the public not to be silent about their emotional and psychological problems but seek help from mental health experts.

    A Clinical Psychologist, Mr Nathaniel Ayodeji of the Mental Health Foundation, said that suicide had a lot of underlying factors such as feelings of pain, loss, depression, broken relationships and hopelessness.

    Ayodeji said that although suicide was regarded as a despicable act in the nation’s culture, many people had been forced into the act as a result of frustration, economic pressures and sense of hopelessness.

    ”This social problem is a threat to the future of our country and the government needs to act immediately by fixing the economy before the situation goes out of control, ” Ayodeji said.

    Rev. Fr. Albert Ebosele of the Holy Family Catholic Church, Sokoto state, called on parents, families, relations, neighbours to watch out and observe others.

    This he said was necessary to prevent sudden behavioural changes that might lead to suicide.

    ”The government, family, institution and individuals can save the situation. We should observe our environment and be watchful of people living around us.

    ”The government and orientation agencies should develop orientation campaigns and counseling in schools, markets, workplace, to advocate change and impart on peoples’ behaviour.

    ”People should look up to God and seek His help instead of ending their lives,’’ he said.

    Also, Dr Bolanle Ajayi, a Psychiatrist at the Federal Neuro- Psychiatrist Hospital, Yaba, advised Nigerians to adopt proper income planning and management of their emotions.

    The precautionary measures he said became necessary to prevent the high rate of mental illness which could be dur to the current economic recession in the country.

    “No doubt about it, there is economic recession going on in our country and a lot of people are being affected.

    `Even in our wards now, we see a lot of people coming down with depressive illness, suicide, depression, deliberate self-harm and by the time we look at the primary cause of these illnesses, it is actually this ongoing recession.

    “Some people are psychologically affected, socially affected and emotionally affected.

    ”Some people have the ability to bring it out and get over it while some of us do not have such abilities.

    “However, the general advice to the public in this economic recession is that, you do your beat, whatever you earn, you have to plan.

    “ The era of I spend the money when the money comes is gone.

    ‘’The era we are now is, when the money comes you sit down on a round table in your house and do a proper plan on your money.

    ‘’This is because you don’t know when another one will come in.

    “As individuals, we have to try and manage our emotions; we have to shift a bit. That means that I have to row with the economic recession so as not to affect my own emotional and mental state.

    “We don’t want more people breaking down with psychiatric illness because of recession, ” Ajayi said.

    One of the recent cases of suicide in Nigeria is that of one Dr Allwell Orji,who on Sunday,jumped into the Lagoon in Lagos

  • ‘Govt’s Niger Delta peace moves ‘ll boost economy’

    Nigeria’s quest to come out of recession in the next one year is achievable if the current peace moves in the Niger Delta region are sustained, oil experts have said.

    The experts which including the Technical Adviser, Propetrol Limited, Mr Olajugbe Olabisi and the Chief Executive Officer, Abuja Power Station, Mr. Jameel Jammal, said with sustained peace in the Niger Delta region, oil production will improve and government’s revenue will increase.

    Nigeria, last week, overtook Angola as the largest oil producer in Africa, based on its current production of 2.1 million barrels of crude per day (bpd) as against about 1.7million barrels of crude oil per day by Angola.

    Before now, the country was behind Angola as a result of militant attacks on oil facilities in the Niger Delta, which dipped production to 1.604 bpd in January. The recent feat, according to stakeholders, would improve the nation’s economy. If the Federal Government and the Niger Delta region indigenes would be able to sustain the peace, crude oil production, they said.

    Olabisi said the Federal Government’s decision to encourage peace in the region would help in shortening recession’s lifespan in the economy. He said growth in oil output would lead to a corresponding growth in revenue accruing to the Federal Government, adding that the development would help in building the economy.

    He noted that when this happens, the country will focus on other sectors of the economy for growth.

    He said: “The issue of ending the quagmire in the economy would not be a problem if the country would be able to sustain peace in the Niger Delta region. The reason is because a conducive operating environment in the region would lead to increase in oil output and revenue needed to manage the economy. This would help the economy to grow. Besides, the government would be able to focus more on the growth of agriculture and other sectors of the economy.

    “Peace in the Niger Delta region would enable the Nigerian National Petroleum Corporation (NNPC) to get enough crude for its Direct Sales and Direct Purchase (DSDP) import model introduced to provide crude oil for refiners abroad and in return bring fuel into the country,” he said.

    According to him, one of the causes of recession was the reliance on crude oil to the detriment of other natural resources, stressing that the problems in the Niger Delta had prevented the country from meeting its Organisation of Petroleum Exporting Countries (OPEC) production quota.

    He blamed low oil output, fall in prices and other variables for the  recession, stressing that recession would be over when the country continues to increase production of oil.

    Jammal said ramping up production to 2.1million bpd was a good development, adding that the feat must be sustained if the country must achieve the desired economic growth. He said the Federal Government would stop struggling  once enough revenue are derived from oil and related resources.

    “Now that Nigeria has re-established itself as the leading producer of crude oil in Africa, it must not rest on its oars. To achieve this, the country must guarantee total peace in the Niger Delta in order to maximise the potentials in the industry fully,” he said.

    The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, attributed the leap in oil production to the relative peace in the region. He said the visit by the Vice President Prof Yemi Osinbajo to the region has helped in improving crude production well.

    Also, NNPC’s Group Managing Director, Maikanti Baru, said the country would be able to increase its oil production once peace thrives in the region.