The Nation Newspaper

Tag: Economy

  • Adeosun hosts U.S. ambassador, says Nigeria’s economy resilient

    Adeosun hosts U.S. ambassador, says Nigeria’s economy resilient

    The Minister of Finance, Mrs Kemi Adeosun, on Friday, reaffirmed Federal Government’s commitment to return the economy to the path of sustainable growth.

    The minister’s Special Assistant, Festus Akanbi, said in a statement that Adeosun made this known when the U.S. Ambassador to Nigeria, Mr Stuart Symington, paid her a visit in Abuja.

    Akanbi stated that the minister explained that in spite of the oil price shock and drop in production volumes, Federal Government had succeeded in utilising the situation to reposition the Nigerian economy to the advantage of the nation.

    She said the lack of adequate investment in infrastructure had been the bane of the Nigerian economy in the past, noting that the present administration had begun to correct this anomaly.

    She added that over N1 trillion had been released for various infrastructure projects across the country  and emphasised the critical role of power on job and wealth creation.

    The minister further explained that investment in public infrastructure would begin to attract private sector funding which would enable diversification and growth in priority areas like agriculture and housing.

    The U.S. ambassador said finance was to growth and prosperity, what oxygen was to life.

    He, therefore, stressed the centrality of the Federal Ministry of Finance to the ongoing efforts to turn the Nigerian economy around and commended the efforts of the Buhari administration in that regards. (NAN)

  • LCCI commends women’s resilience in economy

    LCCI commends women’s resilience in economy

    President, Lagos Chamber of Commerce and Industry (LCCI),  Mrs. Nike Akande has hailed Nigerian women on the occasion of the International Day for women – a day set aside by the United Nations to celebrate women worldwide, adding that the theme “Women in the Changing World of Work: Planet 50-50 by 2030,” is apt.

    In a statement made available to The Nation, Akande said the importance of this day cannot be over emphasized as women remain the foundation of any society having regard to their critical role in the family structure.  She said the contribution of women to the growth and development of the economy has been phenomenal. Since independence, women have continuously braced the odds to emerge leaders in politics, business, sports, academics and in every other profession, she added.

    She said: “The role of women in shaping families is one worthy of celebration as women have selflessly dedicated themselves to the nurturing and upbringing of their children. The quality of this upbringing has a major influence on the quality of leadership in any society. The values of integrity, humility, fear of God, love, selflessness, sacrifice and hard work is best imbibed at the level of the family.  The quality of parenting is a critical factor in this process”.

    She called on the Federal Government to put in place programmes and policies that will ensure equal opportunities for women and men in the country.  She further appealed to government to protect  women who have been affected by conflicts and other forms of dislocations and economically empower them.

    She said: “The various Internally Displaced Persons’ Camps (IDPs) are populated largely by women and children.  We appreciate the efforts of government and humanitarian organisations in alleviating their plights.  But evidently, a lot more needs to be done to bring normalcy to their lives.  We urge the government, corporate bodies, and individuals to scale up their support for the IDPs in all parts of the country”.

    While we celebrate the social, economic, cultural, and political achievements of women it is also a call to action for accelerating gender parity, a time to reflect on progress made, to call for change and to celebrate acts of courage and determination by ordinary women who have played an extraordinary role in the history of our nation, she added.

  • Stabilise economy, Osinbajo urges stakeholders

    Stabilise economy, Osinbajo urges stakeholders

    Acting President, Prof  Yemi Osinbajo, has urged stakeholders in the country to join hands with the government in promoting Micro,Small and Medium Enterprises (MSMEs) to stabilise the economy, stressing that “Nigeria must grow what it eats and wear what it produces.”

    The country, he said needed such a commitment  as a driving force to stimulate the dream of realising a healthy economy for sustainable growth.

    Prof Osinbajo who spoke while declaring open, a two-day nationwide MSMEs Clinic in Sokoto, Sokoto State capital, re-assured that the country would soon get out of recession in view of her abundant resources such as  resources  gypsum, potassium.

    Osinbajo said: “There is no reason why this country should not be the most wealthiest country in the world. Being one of the cardinal points of the present administration, it is important to deepen all of our engagements into agriculture which is what the government is focusing on.’’

    The Acting President also enjoined all federal agencies such as the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to partner with the small and medium business owners.

    He said it was aimed at ensuring that those making local products get to the formal market.

    “The small and medium business owners should partner with all the government agencies by registering their businesses, so as to get them to the formal market,” he said.

    Sokoto State Governor Waziri Tambuwal who commended the Federal Government, said the MSMEs Clinic would  galvanise the sector in the states.

    ’’This would improve the cardinal injection to the development of N2 billion MSME loan with the Bank of Industry,’’the governor said.

  • ‘Wheat production can inject $13.4b into the economy’

    The Federal Government has vowed to end the continuous importation of wheat to boost its local production and encourage farmers.

    The Minister of Agriculture and Rural Development, Audu Ogbeh, who spoke at a conference on Wheat held in Abuja, said the country currently produced high-quality wheat.

    The minister, represented by the Director of Agribusiness and Marketing, Dr. Muyiwa Azeez, said the Flour Milling Association of Nigeria, had submitted a written commitment to the ministry, stating that it would buy all the wheat produced by wheat farmers.

    Kebbi State Governor Abubakar Bagudu said certain agronomic practices, which initially reduced wheat yield per hectare, had been addressed by research institutes across the country. He listed some of the states that had improved their wheat production as Kebbi, Kano, Kaduna, Jigawa, Sokoto, Bauchi, Zamfara, Gombe, Niger and Plateau, among others.

    Bagudu noted that trade wars were major factors behind the inability of Nigeria and Africa to achieve sufficiency in wheat production. He called for proper research to enable policy makers make informed decisions on how to boost wheat production.

    “Last year, only five states recorded significant increase in wheat production, but as a result of mobilisation, about 11 states have improved inputs and increased yields. If we have no research that informs policy makers about the totality of support that is given in countries with whom we are competing and from whom we are importing, we are likely to continue penalising our wheat value chain. African wheat is competitive, but farmers need support,’’ he said.

    Chairman, House of Representatives Committee on Agriculture, Mohammed Monguno, assured farmers that the National Assembly would encourage policies that boost the production of wheat and other agricultural produce in the country.

    African Development Bank (AfDB) President, Dr Akinwunmi Adesina, said wheat production could inject $13.4 billion into the Nigerian economy. He was represented by the Director of Agriculture in the bank, Dr Chiji Ojukwu.

    The AfDB, through its agricultural programmes, he said, was planning to increase the production of wheat from 2.5 tonnes to 7.0 tonnes per hectare.

    He noted that the Support to Agriculture Research for Development of Strategic Crops in Africa (SARD-SC) project, a four-year programme, was funded by the AfDB with $63 million.

    SARD-SC, Africa Wheat Project Co-ordinator, Dr Solomon Assefa, said the project was aimed at promoting food security and nutrition in Africa, enhancing the economic growth of 12 African countries, while contributing to their poverty reduction.

    According to him, wheat consumption in Africa has increased significantly with the cost of importation rising close to $15 billion.

    Assefa, however, said some of the challenges facing wheat production included environmental conditions, technology, policies and marketing.

    He said Nigeria had increased its wheat production from 70,000 tonnes in 2012 to 400,000 tonnes last year.

    However, Wheat Farmers Association of Nigeria President, Mr Salim Mohammed, regretted that farmers had no access to improved seeds and modern farming equipment to boost production.

    He, therefore, called on government at all levels to provide farm inputs that would encourage local production of wheat in the country.

  • Stakeholders seek indigenes’ involvement in Bayelsa economy

    It is an established fact in Bayelsa that whenever non-indigenes especially the Igbos sneeze, the local economy of the state will catch cold. In times of local celebrations like the annual Igbo Day, people in the state are always stranded because almost all business activities are shut down.

    Indeed, non-indigenes control almost all the local sectors of Bayelsa economy. They own almost all the stalls, shops, shopping malls, kiosks and they constitute about 80 per cent of artisans in the markets. They are everywhere even in the transport sector.

    Irked by the development, an Ijaw elder statesman and economic expert, Chief Thompson Okorotie is making frantic efforts to change the narrative. Okorotie who has also played key roles in the politics of the state wants the Ijaw and other indigenes to become more involved in the state’s economy.

    Recently, he assembled the Central Bank of Nigeria (CBN), the Bank of Industry (BoI), Bayelsa State Institute of Entrepreneurship (BSIE), Izon-Ebe Micro-Finance, Bayelsa Micro-Finance Enterprise and Development Agency and Bank of Agriculture in Yenagoa.

    He brought them to meet with practising and aspiring entrepreneurs and to drive the Nigerian Association of Small and Medium Enterprises (NASME) in Bayelsa. Okorotie believed that establishing the state’s chapter of NASME with the support of pillars of the economy would help the indigenes play active role in the local economy.

    Addressing the stakeholders who attended NASME’s inauguration in Bayelsa, Okorotie said to be part of the micro, small and medium enterprises, creative ideas, turning the ideas into a well-organised ventures, international best practices and en enabling environment provided by the government were important factors.

    He asked the stakeholders to rise from their slumber to benefit from the strategic and steady steps taken so far by the Federal Government to encourage SMEs. He said NASME was established in 1996 as a Business Membership Organisation (BMO) to coordinate and foster the growth of SMEs in the country.

    Okorotie noted that a formidable chapter of NASME in Bayelsa would enjoy the limitless services provided by the national body. He lauded the SMEs clinic programmes coordinated by the Vice-President’s office which had conceded in Aba in January to end in November 2017. He said Bayelsa would join Rivers State to participate in the clinic scheduled in Port Harcourt in September.

    He lauded the state Governor, Mr. Seriake Dickson, for his encouragement of SMEs in the state. He said the governor recently launched N10bn Entrepreneurship Development Funds (EDF) to make loans available for SMEs.

    “With the establishment of a Bayelsa State NASME chapter, members who register now will be looking forward to a robust participation in the various state government programmes in this vital sub-sector”, he said.

    Okorotie who was inaugurated an interim chairman of the State NASME with Lambert Otiotio as Secretary, commended the NASME’s Zonal Vice-President, South-South, Dr. ED Oko-Jaja for working tirelessly to establish the Bayelsa chapter.

    He said: ” I urge great entrepreneurs present here and those to join us to seize this opportunity for us to benefit from the various programmes of NASME and become promoters of good companies, ready to occupy the commanding heights of our local economy and beyond”.

    The Commissioner for Trade, Investment and Industry, Mr. Kemela Okara, in his remarks thanked Okorotie for organising the event. He asked the participants to develop an enterprise culture. He told them the future of the state lied in their hands adding that the state government was committed to promoting entrepreneurship.

    Also, the Managing Director/Chief Executive Officer of Izon-Ibe Micro-Finance, Nengi Rufus-Spiff asked the stakeholders to take advantage of the bank to grow their business. She said the state was expecting funds from CBN adding that Bayelsa was also involved in the apex bank’s Anchor Borrowers Prigramme.

    She asked the people of the state not depend solely on the government appealing to them to register their businesses to benefit fro funding. She, however, reminded them that any money collected from the bank was a loan that must be repaid.

    Representatives of other economic institutions showcased their roles in promoting business in the state and advised the participants to take advantage of their presence in the state.

  • Economy coming out of recession – Presidency

    The Presidency on Tuesday reacted to the review of the economy by the National Bureau of Statistics (NBS), saying the report indicated that the economy was coming out of recession.

    “There are now indications that the Nigerian economy is well on its way out of recession considering the 2016 overall and last quarter Gross Domestic Product reports,’’ the Presidential Adviser on Economic Matters, Dr Adeyemi Dipeolu, said in a statement.

    A review of the recent GDP figures released by the NBS shows a contraction of -1.30 per cent in the fourth quarter of 2016, translating into an estimated economic growth rate of -1.51 per cent for the full year.

    Dipeolu said the Nigerian economy actually performed better overall last year as the growth rate was higher with a contraction at -1.5 per cent than the -1.8 per cent predicted by the IMF.

    He said the report had raised the hope that Nigeria was gradually coming out of recession with the improving trends in several key sectors of the economy including agriculture and mining.

    The presidential aide said the Buhari administration was also hopeful that with the series of ongoing engagement with the oil-producing communities of the Niger Delta, the increased oil production output would be sustained.

    He added that the ongoing implementation of the Social Investment Programmes and significant infrastructural spending of the Federal Government would spur a positive multiplier effect on the Nigerian economy.

    He said same effect was expected from the possible early legislative passage of the 2017 budget.

    “The Buhari administration will not relent in its determined effort and its comprehensive approach to bring about the full recovery of the Nigerian economy and set it on a solid path of sustainable growth.

    “Our work continues and we renew the pledge to do it with diligence, and the firm commitment it deserves,’’ he said.(NAN)

  • Of economy, pulpits and Nollywood expectations

    Sometime in 2016, #Bringbackourcorruption began to trend on the social media. Nigerians disenchanted with the dire state of the economy in the midst of a war on corruption launched by the APC-led federal government, began to wax nostalgic about yester-years, the glory days of corruption. In their warped view, if the return of corruption is what it will take to put food on their tables, they are all for it. Considering that the government of President Muhammadu Buhari had been in government for barely a year then, the campaign surely did not signify a policy failure on the part of government. Nobody would reasonably expect the government to have resuscitated the then comatose economy within so short a period.

    Nor can it be argued that corruption has no direct bearing to the country’s economy slipping into recession. As the Acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu declared recently, “About 90% of the cause of recession is corruption, because there was fund and people stole the funds and kept them where they cannot be reached. If we can lay hands on this hidden wealth, it will be sufficient for us to get out of recession”.

    In other words, the campaign did not arise because corruption is not an issue or that the President has demonstrably failed to tackle our declining productivity as a nation. Rather, the #Bringbackourcorruption crusaders are, like us all, victims of the cumulative effect of new fad religion and nollywood on our collective psyche. Nigerians no longer believe in hard work and sacrifice as a path to success. To many Nigerians, the no pain, no gain mantra is outdated and not fit for the times. The new mantra is instant gratification and miracles. Patience and diligence is no longer a virtue.

    New religion has destroyed our work ethics and the Nollywood industry has firmly cemented the connection between the church and instant solution to problems. Religious leaders in the churches and mosques have joined the witch doctors in preaching a gospel of instant prosperity over and above hard work and perseverance. At the expense of logic and wisdom, their adherents follow whatever instructions they are given in order to achieve instant success. The Rev. Fr. Boniface Ezeoke of St. Agnes Catholic Church, Ichida, Anambra state recently encapsulated this in his homily. According to the reverend father, “Our messages of instant gratification have created a generation of people, who only want to see instant results, immediate relief, and a painless profit. This is not the natural course of nature or a normal way of doing things”. Even then, the Nollywood industry has made this belief in instant results and immediate reliefs more popular among Nigerians. In all the home movies, the theme is the same. A visit by a character to the pastor or witch doctor produces instant result with no further contribution from the character.

    The damage to our psyche as a nation is in fact what has held us back as a country. Our desire to reap without sowing, eat without working and run without walking is the bane of our economic development. Past administrations deferred the restructuring of our economy because Nigerians were not willing to bear the necessary pain that will accompany such restructuring. Against economic sense, the Nigerian state for decades, subsidized fuel consumption by the populace because the citizens have developed a sense of entitlement. Mounting evidences of sleaze and looting of the treasury by those in the corridors of power were ignored and the looters held up as manifestations of God’s blessings and prosperity. Any government that tried in the past to correct this trend and restore sanity had been harangued out. A new government comes in with instant appeasement and is hailed as a messianic one. And the rot continued.

    Today, we are presented with yet another chance to get it right. Yet again, some Nigerians will have none of it and will go to any length to truncate any efforts towards laying a solid foundation for the future. Such people are more interested in sharing the so-called national cake than in creating wealth. For them, consumption comes before production and profits before investment.

    Yes, the economy is in dire straits. The citizens are suffering. The government is working very hard to reverse the rot and put the economy back on the path of growth. The citizens must understand however that miracles and instant solutions have no place in nation building. We are where we are today because we had before now not taken the hard decisions to restructure the economy. The government must be supported to do so now if we are going to enjoy the prospect of a long term improvement in quality of life for every Nigerian. According to the minister of finance, Kemi Adeosun, Nigerians’ tax contribution to GDP is only 6%. That is one of the lowest anywhere in the world and reflects decades of the population’s unwillingness to contribute to government revenue. What economic miracles do we expect from government if, as citizens, we do not pay our fair share of taxes? We are quick at comparing the living standards of Nigerians to those of other nations but forget (conveniently) to point out the disparities in tax compliance.

    Years of deterioration in infrastructure and the economy cannot be remedied overnight. Such only happen in Nollywood movies where one’s personal circumstances are reversed instantly on the intervention of a pastor, and that diabolic uncle or step-mother who had been responsible for that person’s woes immediately confesses and dies and all that the person lost over the years is restored to him. Such do not happen in real life. It took a good two years for former president Barack Obama’s policies to impact on the economy of the United States of America on his assumption of office in 2008. Americans kept faith with him, stayed the course and are better for it today.

    Rebuilding infrastructure, dealing with corruption, securing lives and properties across the federation, restructuring the economy and fixing Nigeria generally is doable. Patience and sacrifice is required however on the part of Nigerians. The government of the day must be encouraged and supported to see through its various programmes aimed at achieving the listed objectives.

     

    • Dr. Ezejiofor is Executive Director, Green Women for Change and Empowerment Foundation (GWC), Abuja.
  • Buhari laying foundation for secured nation- SGF

    Buhari laying foundation for secured nation- SGF

    The Secretary to Government of the Federation (SGF), Mr Babachir Lawal, has said that President Muhammadu Buhari is laying a solid foundation for the future generation through his leadership style.

    Lawal spoke at a roundtable with top government officials in Owerri on Saturday.

    The SGF was in Owerri on Friday where he was conferred with a Fellowship at the 5th Convocation of Imo State Polytechnic, Umuagwo.

    He said Buhari’s administration was not witch hunting anybody, but wanted to ensure that impunity and corruption was eradicated in the country.

    Lawal said the Federal Government had already engaged over 30,000 youths through its numerous programmes and job creation, adding that one million youths would be gainfully employed before the end of 2017.

    He said the president  inherited a lot of challenges ranging from insecurity to corruption, adding that the situation needed support and patience to fix the economy.

    He said that everybody must join hand to rediscover the nation and to put it back to where it rightfully belong.

    “We have commenced a new journey of rapid and sustainable economic growth that will usher us prosperity despite all the challenges.

    “Our economy should have been among the strongest in the world if not for the high level of corruption which is more evident in key sectors like education and health care delivery,” he said.

    The SGF said the  administration had recorded huge success since it started the fight against corruption and had prosecuted many public office holders.

    He added that the Whistle blowing policy had helped the administration recovered millions of naira from corrupt Nigerians, adding that the huge sum would be reinvested to boost the econmy.

    Lawal said that government was aware of the pains Nigerians were passing through, but assured that government was doing everything possible to address it.

    “This government has introduced diversification policy and very soon we will begin to witness changes as we have witnessed in rice and wheat production,” he said.

    Gov. Rochas Okorocha said that this was not the time for Nigerians to weep or complain in the struggle of nationhood, but a time to comply.

    According to him, Nigeria must write the history of this recession, just like other advanced nation did in their own struggle to greatness.

    Okorocha further said Buhari’s main job was not to build sky scrapers, but to lay solid foundation for other successors to build.

    He said Nigerians should continue to pray for the president as his emergence was divine and the purpose must be fulfilled.

    Okrocha also admonished youths to de-emphasise the search for civil service jobs, but to see agriculture as the fastest means to create wealth.

  • Pipeline vandalism destroying economy, says NSCDC

    Pipeline vandalism destroying economy, says NSCDC

    The Nigeria Security and Civil Defence Corps (NSCDC) has described pipeline vandalism and illegal refineries as economic sabotage and environment hazard capable of destroying a nation.

    NSCDC called on communities in the Niger Delta to volunteer more information on activities of pipeline vandals to enable the Corps flush them out.

    Its spokesperson Mr Emmanuel Okeh disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.

    He said the Commandant-General of the Corps, Mr Abdullahi Muhammadu had ordered NSCDC officials to evolve new strategies and redouble their efforts in tackling the menace.

    Okeh said that more than 20 illegal refineries and 100 suspects were recently arrested in the region following intelligence report.

    He explained that the NSCDC had also established a 24-hour Command and Control Centre in Abuja as part of plans to enhance its surveillance on the pipelines.

    The spokesperson also stressed the importance of the cooperation and support of host communities to enable the NSCDC improves its operation in the region.

    “With the support and cooperation of host communities in the Niger Delta, I can assure you that our operations will be enhanced.

    “We need all the necessary information on the activities and hideouts of these vandals from the host communities,” he said.

    Okeh said NSCDC would continue to collaborate with other security agencies like the Navy to stem the tide of vandals in the Niger Delta.

  • How to reposition the economy

    SIR: Without any iota of doubt, Nigeria is endowed with lots of natural resources which if some other countries have, will put them among the top 10 economies in the world. It is however said that in the midst of

    these abundant natural and human resources, Nigeria is still wallowing in abject poverty with low foreign reserve, unfavourable balance of trade and high exchange rates among other challenges.

    I however have an idea of what I believe the government can do to reposition Nigeria among the top 10 nations of the world by all known indices.

    Nigerian government through an extensive and result-oriented research, should identify one or two natural resources (liquid or solid minerals) and/or products (herbal or non-herbal) which are needed globally but with little or no competition.

    Once identified, adequate resources should be diverted to its development for massive-export earnings.

    South Africa is a good example in the area of solid mineral development (Diamond). The Orthodox and Traditional medicine producers should be encouraged to find real cure for diseases such as HIV/AIDS and Cancer which are afflicting people globally.

    A breakthrough in this area will be a breakthrough for the Nigerian economy. India and China are good examples in this direction but they are yet to have a breakthrough drugs for the widespread diseases.

    Nigeria can still take the lead with adequate interest and support by  the government.

    The concentration of funds on just a few research areas will quicken the manifestation of the desired breakthrough rather than being a jack of many trades but master of none.

    Developing a breakthrough resource or product is what Nigeria needs now to excel and then develop the power and transport sectors to complement.

     

    • Jide Owatunmise,

    Lagos.