The Nation Newspaper

Tag: Economy

  • IMF pledges to stop competitive devaluation

    Nigeria might get some respite from international pressure to devalue her currency. The International Monetary Fund (IMF) in its Communiqué after the Thirty-Fourth Meeting of the IMFC released in Washington DC on Saturday, promised to refrain from competitive devaluations and not “to target exchange rates for competitive purposes.”

    The IMF lamented that “the economic outlook is increasingly threatened by inward-looking policies, including protectionism, and stalled reforms.”

    ” We commit to design and implement policies to address the concerns of those who have been left behind and to ensure that everyone has the opportunity to benefit from globalization and technological change.”

    Going forward, the IMF demanded that “all countries should use fiscal policy flexibly and make tax policy and public expenditure more growth-friendly, including by prioritising high-quality investment, while enhancing resilience and ensuring public debt as a share of GDP is on a sustainable path.”

    The Fund noted that “appropriate and credible fiscal policies along these lines will support growth, job creation, and confidence. Well-designed tax structures, as well as income policies where appropriate, can promote stronger growth, protect the vulnerable, and reduce inequality.”

    With regards to monetary policy, the Fund urged monetary authorities to “remain accommodative, consistent with central banks’ mandates, mindful of financial stability risks, and underpinned by credible policy frameworks. Monetary policy by itself cannot achieve sustainable and balanced growth, and hence must be accompanied by other supportive policies.”

    To help ensure that the financial sector is robust enough to support growth and development, IMF pledged to “intensify efforts to address remaining crisis legacy issues in some advanced economies and vulnerabilities in some emerging market economies, while monitoring potential financial stability risks associated with prolonged low or negative interest rates, systemic market liquidity risks, and nonbank intermediation.”

    It cautioned that “timely, full, and consistent implementation of the agreed financial sector reform agenda remains an important priority, as well as finalizing remaining elements of the regulatory framework as soon as possible.”

    The Fund agreed to redouble its “commitment to maintain economic openness and reinvigorate global trade as a critical means to boost global growth.”

    To help maintain the current lending capacity of the Fund, it was agreed that they will welcome the pledges of US$360 billion received from 26 members to ensure the IMF’s continued access to bilateral borrowing under the strengthened governance framework approved by the Executive Board; support the need for continued access to multilateral borrowing agreements; and call for broad participation of the IMF membership including through new agreements.”

    Looking ahead, the Fund reaffirmed its “commitment to a strong, quota-based, and adequately resourced IMF to preserve its role at the center of the global financial safety net.”

  • UI students hold debate on economy

    UI students hold debate on economy

    The Literary and Debating Society of the University of Ibadan (UI) has begun her third yearly Jaw Wars with a focus on the economy.  MERCY ADEDIGBA (100-Level Communication and Language Arts Education) reports on the issue.

    The third yearly Jaw Wars kicked off at the University of Ibadan (UI) on Wednesday last week with students of various halls of residence challenging  proving their supremacy on the  economy.

    The Literary and Debating Society provided the platform, and the Theme for the debate, which will last until November was: “Nigeria: Africa’s heartbeat in coma.”

    The halls were represented by two students each.

    Chief Judge, Dr Demola Lewis, gave the rules of the game and the acceptable way of comportment during a debate or speaking competition.  He urged the students to snap their fingers rather than howl and clap in favour of their speakers – because noisemaking tends to hinder the flow of thought and words of the speakers; and because judges may assess speakers poorly if they do not hear them.

    Chants of stand up, speak up or shut up rent the air as the event was formally opened.

    There were a total of five rounds in the first stage of the event. The first round topic was “Should special courts be set up for corruption cases?”  And the debate was between the male hall of residence, Tedder Hall which spoke in favour of the topic and the female hall of residence, Obafemi Awolowo Hall, which spoke against the topic.

    The second round was between the Independence Hall and Nnamdi Azikiwe Hall, both male halls of residence. “The abolition of religion; a just cause?” was the topic and Indy Hall spoke in favour, while Zik Hall spoke against it.

    Sultan Bello Hall was up against Alexander Brown Hall for both male and female students of College of Medicine battled in the next round. Sultan Bello Hall spoke against the topic: “Nigerian prison system; a reformation of criminal”.

    Queen Elizabeth II Hall spoke in favour of the topic: “Euthanasia: Justifiable or not” as it competed against Kenneth Mellamby Hall.

    The final round was between female hall of residence, Queen Idia, and the male hall of residence, Kuti, which debated on “Strike: A panacea to the problems of the nation’s educational sector?” Kuti hall spoke in favour of the topic.

    After five rounds of listening to mind blowing, educating and informative speeches the judges, Dr Lewis, Odebowale, and Mr Tunde Ogundare were saddled with the responsibility to choose the best speakers. After much deliberation, Queen Elizabeth II hall won the first stage of the competition with 84 per cent, Mellamby hall came second with 81.2 per cent; and Sultan Bello, third with 81 per cent.

    But the event was not all about debates alone.

    An entrepreneur, Miss Bukunmi Adeaga, related the topic to entrepreneurship.

    She urged the students to invest in themselves and be disciplined.

    “As an entrepreneur it is not about who is going to let you but about who is going to stop you. Your certificate is not a means of grading yourself. (You are rated) by what you known and can do and by yours skills. All this is possible by investing in yourself daily and continuously,” she said.

    Opaleye Akintunde recited a poem entitled: “The dark Nigeria”, which focused on the need to have faith and hope in Nigeria. It also speaks on the need to imbibe African values and shun corruption.

    The Jaw wars theme song was presented by Michael Olaoye.  It focused on the need to use words to speak and do positive things.

    In his speech, the Dean of Students Affairs, Prof Abdulrasak Alada, expressed the joy of being among the students in an educative and fun filled event.

    The President of the Literary and Debating Society, Catherine Tomosori, also spoke on the past and future of Jaw Wars in the university and the nation.

    The event was rounded up with  Olaoye singing the Jaw Wars theme song.

    The finale of the competition takes place on the November 3, 2016 at the large lecture theatre of the faculty of Social Sciences, with a debate among the different faculties in the university to determine the winners.

    Tedder Hall and the Faculty of Social Sciences won the 2015 edition of the competition.

    Important figures in the university and students union, including the President, Ojo Oluwanifemi, attend the event.

  • Economy: time to avoid short-termism 2

    Economy: time to avoid short-termism 2

    Countries, like individuals, that fail to save in the years of plenty are bound to suffer in the years of scarcity 

    Although the joining of various groups of Nigeria’s elite in the debate about selling national assets to weather the storm of current recession has almost pre-empted most of the points delayed for today, it is still important to put a few issues about alternatives to sale of assets in the accessible language of the average mass reader.

    With various texts and counter-texts from government circles and other elite groups in the country on the logicality of selling what is already bringing you revenue to deal with a challenge that requires a new vision of governance, fiscal innovativeness, and re-inventing the polity to fight recession, it is not clear whether citizens will still be ignored at the end by those elected to govern the country. How nice would it have been for our country to have a people’s constitution which allows for referendum on issues with such divided positions on a matter of common interest to the nation at large. With the kind of constitution by which we are governed, what happens to Nigeria’s assets at the end of the current debate should not be what those in power prefer, but what majority of citizens can tolerate.

    Back to the core of today’s column, what should the government do to reduce the pain of recession without auctioning assets that are still largely geese that lay golden eggs? If those in government approach this matter with the subtext of a narrative to win 2019 election for the same group, it may not be able to stimulate the change and sacrifice that are required to take decisions that may not be palatable at the beginning but that is likely to taste like bitter leaf or bitter kola at the end. If the government of change is to have traction, it has to let Nigerians—elite and masses—know that a desperate problem requires a desperate solution. We cannot continue to do things the way(s) they have been done since 1975 without having to resort to selling whatever we have to feed ourselves. The fundamental question is what kind of parent will sell his farm or business in order to feed his/her children? This may be a right time for the elite in particular to cut down on their consumption patterns, especially the percentage of national wealth they consume in the name of governance and to in the process provide the power of example for the average citizen to accept austerity measures in the interest of economic recovery.

    Many countries all over the world have embarked in the last few years on austerity measures to meet their budgets. Such countries include Greece, Italy, Ireland, India, Portugal, Spain. Many of the measures to cut spending in these countries focused on reduction in recurrent spending. This has been characterised by reduction of salaries for top salary earners, cutting public servants’ pay; reduction in number of government seminars; increase in tax on big corporations; freezing of public sector workers’ salary; income tax hike for heavy earners; cut in child benefits or allowances; reduction of minimum wage; cut to regional subsidies; suspension of civil servants and putting many on partial pay, rise on VAT, etc.

    In an economy so quickly knocked down by recession and a polity in which all benefits are reserved for top individuals on political and bureaucratic appointments, Nigeria cannot afford to take many of the anti-people austerity measures of Greece and Spain in particular as most of them are likely to dampen our economy further. However, there are more socially equitable ways for our governments to cut recurrent expenditures more radically than what obtains at present, 15 months after the birth of a government of change. Nigeria cannot afford to reduce minimum wage that is already too low. But we can reduce the number of government seminars and retreats, especially those taken away from the secretariat provided for such events. We can further cut foreign travels for political appointees and civil servants, just as we can reduce the number of planes in the presidential fleet to one or two. There is no reason to have up to 11 planes for presidential trips. If we want to be prudent, there is no basis for a presidential plane at this point in our economic development. Even the British Prime Minister, the world’s fourth largest economy, travels on commercial flights most of the time.

    In addition, we can do away with outlandish perks for executive, legislative, and public service officers. For example, too many top officers are still receiving ridiculous allowances for ward-robes, domestic servants, generator and diesel, special cars, drivers, housing allowances that exceed annual salaries of recipients of such benefits, many police orderlies for elected and public servants and spouses, entertainment, etc. There are moments that call for celebration in the life of countries just as there are some that call for sacrifices on the part of those in leadership positions. Most potential investors, international donors, and loan agencies are likely to find it absurd to give loans to the country to be used for pampering a select class of political and public officers. We had engaged in such profligacy for long on the excuse that money from oil was not our problem but just how to spend it. Citizens are also likely to feel outraged if we sell state assets to service expensive habits of lawmakers, ministers, commissioners, and local government chairmen. This is the time to review the culture of security votes. Citizens view this as unnecessary pork in the budget for special citizens.

    If there is need for emergency powers in respect of the economy, such power should include declaration of a state of emergency in respect of federal transfers to subnational governments. For example, instead of pushing for autonomy to local governments in the guise of a third tier of government that does not exist in most countries, this may be a good time to use economic emergency measures to limit allocations from the federation account to just the 36 or 37 state structures. State governments should be charged under the emergency measure (pending amendment of the constitution to re-join states and local governments as subnational levels of government) to be responsible for local governments as it used to be before emergence of a government model driven by oil boom.

    Moreover, the over 100 Unity Schools should be privatised and money saved from allocations to these schools pumped to improving regular public education. Similarly, after over 40 years of NYSC programme, the country is not likely to lose anything if it chooses to phase out this money- guzzling programme. If Nigeria has not been able to achieve national unity after 40 years of NYSC, it may be that there are forces (other than ignorance of the culture of the other) for such failure. At present, there are too many police-related agencies that do or attempt to do virtually the same thing: Nigeria Police Force, Federal Road Safety Commission, Vehicle Inspection Office and Civil Defence. Having many such organisations doing more or less the same thing in an economy that is cash strapped is not logical.

    The moment calls for a return to Orosanye Report on MDAs. Cutting the number of agencies that perform similar services and re-deploying their workers may help to reduce waste. Just reading names of several agencies in the country suggests an unduly bloated public service sector that gulp funds that should have gone into development: Economic & Financial Crimes Commission versus Independent Corrupt Practices & Miscellaneous Crimes Commission; Nigeria Export Promotion Council versus Nigeria Export Processing Zones Authority; Federal Environmental Protection Agency versus National Environmental Standards and Regulations Enforcement Agency; Broadcasting Organisation of Nigeria versus Nigerian Television Authority; National Agency for Science & Engineering Infrastructure versus Office for Technology Acquisition & Promotion, etc.

    There is no better time to call for sacrifice on the part of those that have been over pampered during the decades of high rents from oil. Countries, like individuals, that fail to save in the years of plenty are bound to suffer in the years of scarcity. But innocent citizens need to be protected from sharing in the blame of decades of irresponsible governance.

    Concluded

  • Recession: NASS offers 20-point resolution to Buhari

    Recession: NASS offers 20-point resolution to Buhari

    To overcome the economic recession in the country, the National Assembly has sent twenty point resolutions to the Executive arm of government.

    The Senate President, Senator Bukola Saraki disclosed this to State House correspondents at the end of the 56th Independence anniversary at the Presidential Villa, Abuja on Saturday.

    According to him, the National Assembly has already started implementing four of the resolutions concerning the legislature.

    “Already, as you have seen, we have sat down to address the important issue which is the economy. We have come out with about 20 point resolutions to the executive that we think they should do. We also have about four for ourselves. And we have started doing it already,” Saraki said.

    “At the last session, we started addressing some of these issues that we are sure will make us come out of this recession in a short while.

    “We will start preparing for 2017 budget to ensure that there will be releases of funds that would be spent to do that.”

    Though he agreed that things are tough in the country, Saraki said that the problems are not insurmountable.

    “I believe that we can do it. Like I said earlier, we have stayed united, we have stayed focused, determined and hard working. It is not something that we cannot achieve. The potentials are there. We will weather it,” he said.

    On the issue of the Niger-Delta, he said that the National Assembly will be favorably disposed in looking at the budget of amnesty Programme in the 2017 Budget.

    “This is what we are looking at. We understand the challenges and we will play our own role to ensure we get out of it.

    “We have been able to achieve a lot for the country. I am sure in present times, people will wonder what we are celebrating. As a country, we have stayed united. We have have taken up a lot of challenges and we have come out better.

    “I believe we have the capacity and the expertise to do it this time around. People just have to believe in the country and we will get there,” the Senate President

  • How to pull economy out of recession, by Skye Bank chief

    How to pull economy out of recession, by Skye Bank chief

    The Group Managing Director of Skye Bank, Mr. Tokunbo Abiru, has encouraged Nigerians to patronise made-in-Nigeria goods as one of the ways to reflate the economy and save the nation from the present recession with its attendant challenges.

    Mr. Abiru spoke while delivering a paper at the Made-in-Nigeria Summit titled: Empowering the Made in Nigeria (MAIN) Economy: Fostering Innovation and Leveraging Entrepreneurship which is holding at Eko Atlantic City, Victoria Island, Lagos schedule for between  September 26 and October 1.

    Mr. Abiru stressed the need for Nigerians to patronise made-in-Nigeria goods and services as a way out of the present recession.

    He said: “This will help to boost local production, create more employment thereby prevent capital flight, which will eventually lead to the export of goods made-in-Nigeria to other countries and earn foreign exchange.

    “When we patronise locally made goods, we are invariably contributing to enhanced operations of local manufacturers and entrepreneurs; create more jobs; improve quality of products and ultimately stimulate local consumption that impact the local economy.

    “When the local small medium enterprises (SMEs) are empowered through enhanced patronage of products and services, it enables such players to meet their obligations to the larger society – through payment of taxes, sourcing raw materials, contributing to the growth of linkages and providing job opportunities for skilled and unskilled labour.”

    Over the past five years, MSMEs’ contribution to the gross domestic product (GDP) has grown steadily at a compound annual growth rate of 3.51 per cent to 51 percent in 2014.

    Renowned rating agency, Agusto & Co estimates that MSMEs will account for around 56 per cent of GDP by this year, largely due to the growth in wholesale and retail trade MSMEs.

    Mr Abiru used the occasion to share with the participants the bank’s contribution in the area of innovation and support to entrepreneurship.

    He noted that in a bid to support its customers in exploring the opportunities of the e-commerce age, Skye Bank currently has an e-commerce portal called Yes Mall. The portal provides free business enrolment platform for entrepreneurs to showcase their products to an online community which they ordinarily would not have reached. He stated that the testimonials from beneficiaries of the platform has been encouraging as the bank provides immense online shopping experience covering products and services.

    Other dignitaries at the event are  Minister of Works, Power and Housing, Mr. Babatunde Fashola,  Director, Sahel Capital, Ndidi Nwuneli,  President of the Nigerian/British Chamber of Commerce, Prince Dapo Adelegan,  Executive Vice Chairman, Sahara Energy, Mr. Tonye Cole, among other panelists.

  • Reflating the economy

    One constant issue on the lips of participants at the inaugural Presidential Quarterly Business Forum with the Organized Private Sector (OPS) at the State House, Abuja last week Monday was the recession in the country.

    The Forum, which was part of the Federal Government’s initiative to maintain a robust engagement with the private sector, was held with representatives of Manufacturers Association of Nigeria (MAN), the Lagos Chamber of Commerce and Industry (LCCI), National Association of Chambers of Commerce and Industry (NACCIMA) and other businesses in the country at the old Banquet Hall.

    The business leaders, during the question and answer session, wasted no time in re-echoing the various problems their businesses are now facing mainly caused by the recession. The challenges they listed included lack of access to finance, high interest rate and high energy cost, lack of access to foreign exchange, transport and infrastructure deficit. Others are weak export support, inconsistent government policies and ease of doing business challenges, including approval delay bottlenecks, low support for domestic manufacturing, delays from Custom officials and security issues.

    Towards finding solution, they were asked to fill a feedback form naming their sector and listing top five challenges they are having with the Nigerian economy and doing business in Nigeria.

    President of Lagos Chamber of Commerce, Micheal Cole, in particular advised the government to show consistency in its policies if it really hopes to reflate the economy and place it on the path of sustainable growth.

    On his part, President of Manufacturers Association of Nigeria (MAN), Frank Udemba, said the Forum has given them opportunity to air their views and concerns about the policies and how the government aim to get the country out of the current recession.

    “Already government has promised to sell off some assets to beef up the foreign reserve, that is key. We have a lot of challenges of doing business but basically they have to pump in a lot of money into infrastructure because that is a quick way to reflate the economy,” he said

    The Vice President, Prof. Yemi Osinbajo, who is the head of the Economic Management Team, did not fail to point out that the recession in Nigeria is peculiar to the country and cannot be compared to what other countries have gone through or going through.

    Besides heaping the cause of the recession on the militancy in the Niger Delta, Osinbajo said the Federal Government is devising home grown strategies to steer the nation out of the recession.

    The Forum had kicked off with other members of the EMT including the Minister of Budget & National Planning, Senator Udoma Udo Udoma; Minister of Finance, Kemi Adeosun; and Minister of State for Industry, Trade & Investment, Hajiya Aisha Abubakar and the representative of Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, making presentations and proffering solutions to the problems.

    Udoma, in his presentation titled ‘State of the Economy’, traced how Nigeria got into recession and measures for economic revitalization.

    He was confident that the crisis could be turned into an opportunity to restructure and reset the Nigerian economy.

    To reflate the economy, he suggested fiscal stimulus and implementing the Strategic Implementation Plan.

    In her presentation titled ‘Economic Strategy and Outlooka’, Adeosun maintained that Nigeria’s economy is rebuilding from a trough which includes declining Gross Domestic Products (GDP) growth and increasing levels of unproductive debt.

    The reform strategy being adopted, she said, will solve both the historic and current challenges facing the nation.

    Besides diversification, she said she believed that reduction in the cost and composition of government financing will drive incremental savings.

    Represented by Senior Technical Adviser of the Ministry, Mr Johnson Awoyemi, the Minister of State for Petroleum Resources, Ibe Kachikwu, said that the Petroleum Industry will be reposition by implementing seven big wins.

    The key focus areas, he said, included Niger Delta and security, Policy and Regulation, Business Environment and Investment drive, Transparency and Efficiency.

    He listed others as Stakeholders Management and International Coordination, Gas Revolution and Refineries and Local Production Capacity.

    Despite calls for sacking of Udoma and Adeosun, the National Economic Council last Thursday commended the duo for the way they are handling the economy and their plans to steer the nation out of recession.

    Just as it was noted that the recession is a blessing in disguise, it is hoped that the recession will really give Nigeria a chance of restructuring and rebirth of her economy.

     

    Man of the moment

    Before last Thursday, the Kogi State Governor, Yahaya Bello mostly enters the Council Chamber for the National Economic Council meeting unnoticed. He will only locate his seat and exchange pleasantries with governors close to his seat and sit down.

    But Thursday’s NEC meeting was a different one for Yahaya Bello. He instantly became the centre of attention as soon as he stepped into the Council Chamber around 10:45 a.m.

    The only reason for this was that Yahaya Bello had his election as governor of the state upheld two days earlier by the highest judicial body in the land, the Supreme Court.

    As the man of the moment, Yahaya Bello, clad in white ‘Babanriga’ and brown-coloured designed cap to match, did not fail to seize the opportunity that came his way that day.

    He didn’t go straight to his seat when he came into the Council Chamber as he continued to receive handshake and commendation from his colleagues including Kebbi State Governor, Atiku Bagudu, deputy governors of Katsina and Nasarawa states.

    After chatting for few minutes with them, Yahaya Bello decided not to sit down as he made his way to see other governors seated at the other side of the hall.

    On his way to the other side of the hall, he met and stopped to exchange pleasantries with Ekiti State Governor, Ayo Fayose, who also congratulated him for his victory.

    When he got to his destination, he was also greeted by Delta State Governor, Ifianyi Okowa and Anambra State Governor, Willy Obiano for achieving the feat.

    On his way back to his seat, he met Kaduna State Governor, Nasir el-Rufai, who also congratulated him.

    While talking to el-Rufai, Sokoto State Governor, Aminu Tambuwal and Oyo State Governor, Abiola Ajimobi also joined them to congratulate the man of the moment.

    Yahaya Bello, definitely, won’t forget last Thursday in a hurry.

  • FG, States, others meet on economy on Tuesday

    Federal, state government and other stakeholders will meet in Abeokuta the Ogun state capital on Monday to find ways of improving their revenue streams this trying times.

    A statement from the federal ministry of finance said the meeting will hold under the auspices of the National Council on Finance and Economic Development (NACOFED) 2016 conference.

    The statement signed by Festus Akanbi, Special Assistant to the minister of finance said the meeting will avail federal and state governments opportunity to “examine options available to government to improve its revenue streams especially in a period of low earnings from crude oil.”

    He added that the conference “is expected to enhance the ability of states to align with the Federal Government on various issues of economic concern in order to ensure policy consistency and effective implementation.”

    The conference, he said “is being hosted by the Minister of Finance, Mrs. Kemi Adeosun, with the themed: Enhancing Revenue Generation and Obtaining Best Value for Money in Expenditure.”

    According to the Federal Ministry of Finance, the event will attract a diverse group of participants including Ministers, Governors, Commissioners of Finance and Budget from the 36 states of the Federation, as well as captains of industry from the private sector.

    NACOFED was created as a forum for members to discuss current socio-economic issues, and proffer a way forward for the Nigerian economy on fiscal and monetary policies.

    The forum serves as an avenue for sharing ideas that will lead to the streamlining of activities in the finance ministries at the federal and state levels as well as other financial institutions of relevance, including government parastatals.

    The conference will be declared open by Ogun State Governor, Senator Ibikunle Amosun. According to the Minister of Finance, Mrs. Kemi Adeosun, the policy thrust of the current administration informs the theme for this year’s conference. She said the Federal Ministry of Finance has continued to discharge its numerous functions through well-articulated initiatives and policies to improve revenue generation, blocking leakages, tackling wastage and obtaining best value for money in government expenditure.

    Some of the topics to be treated at the all-important event include: “The non-oil sector as a sustainable alternative in enhancing revenue generation” to be delivered by the Minister for Mines and Steel Development, Dr. Kayode Fayemi.

    Others include “Harnessing Customs and Excise Duties for Improved Revenue Generation”, to be delivered by the Comptroller General of Customs, Col. Hammed Ali (rtd); and “Tax as a Source of Improved Revenue to the Federation Account”, to be led by the Chairman of the Federal Inland Revenue Service, Mr. Babatunde Fowler.

    Business executives and economic analysts expected at the event include Managing Director, Guaranty Trust Bank, Mr. Segun Agbaje, Group General Manager, Nigerian National Petroleum Corporation, Dr. M.K. Baru, Managing Director, Financial Derivatives Limited, Mr. Bismarck Rewane and former Director General, Budget Office, Mr. Bode Augusto, among others.

  • Group solicits support for govt on economy

    Group solicits support for govt on economy

    The Police Assistance Committee (PAC) has solicited the support of every Nigerian for the Federal Government in its quest to address the current economic recession and move the country forward.

    In a communiqué issued in Lagos after a one-day workshop organized for its members comprising trade associations and artisans operating in the Small and Medium Enterprises (SME) category, the organization pleaded with Nigerians in all facets of economic endeavour to join hands with the Buhari administration by offering workable suggestions and ideas to fast-track rebuilding the economy rather than criticizing every attempt by government to address the situation.

    In the communiqué signed by its Director-General, Dr. Martins John-Oni, the PAC told participants at the workshop, comprising chairmen, secretaries and PROs of trade associations and artisans to mobilize their members on how they can key into various government economic policies being projected to bail the country out of economic recession within the quickest possible time and shun all vices that can adversely affect the economy.

    Dr. Oni noted that the Nigerian project is faced with several challenges, ranging from security, social, political and economic, and, therefore, urged all well-meaning Nigerians across board to assist the government in proffering workable solutions to address the various challenges, confronting the country, adding that the Nigerian project is everybody’s project and all hands must be on deck to salvage the country.

    The PAC helmsman pledged that the organization will keep intensifying its efforts in the area of assisting our security agencies with information and intelligence in the area of crime detection and combating.

  • Udoma to critics: Economy is in good hands

     

    Budget and National Planning Minister  Udoma Udo Udoma yesterday answered  critics who want him and Finance Minister Kemi Adeosun sacked  for alleged lame response to the current economic woes.

    Udoma,a former senator,said the economy is in good hands.

    All that the country needs,he told reporters in Lagos ahead of the 22nd Nigeria Economic Summit (NES) scheduled for  Abuja next month, is the political  will to change from being a consuming nation to a producing nation.

    He said: “We need fundamental reforms for economic growth. We want to instill standards and quality in locally manufactured goods to make them competitive outside the shores of our country.

    “We will do everything possible to encourage export trade because that is the way forward.”

    He stressed the need to grow food locally to reverse the present trend a situation where over eight per cent of revenue is spent on food importation.

    Udoma also spoke on the planned sale of some federal government’s assets.

    According to him,government needs instant cash to re-energize the economy.

    He said the current economic challenges are rooted in Nigeria’s reliance on a single commodity- crude oil- whose price has fallen in addition to the militancy in the South South region.

    The minister explained that if the government could find enough cash to fund the 2016 budget the nation will quickly recover.

    He said about $7.9billions or 30 per cent of government’s total earnings was spend to import fuel but pointed out that fuel importation would be stopped by 2018 by encouraging the building of modular refineries  and individual efforts towards self sufficiency.

    To get out of the recession and make life tolerable for Nigerians we will have to spend more and encourage the export business and in the long run insist on the patronage of ‘Made in Nigeria goods’ against indiscriminate importation of goods even for those with local substitutes.

    He said this year’s Summit will further encourage local manufacturing by ensuring that those in the sector have access to foreign exchange  to import critical machinery and raw materials with no local alternative to grow the sector.

    In his opening remarks, CEO, Nigeria Economic Summit Group (NESG), Mr. Laoye Jaiyeola said the Summit  with the theme ‘Made in Nigeria’ will also have special presentation for Small, Medium, Enterprises (SME’s), noting that over 40 million entrepreneurs are into SMEs. He said no nation can grow without the SMEs as they are the engine room of any nation.

     

  • ‘We are boosting Nigeria’s economy through employment, healthy living’

    ‘We are boosting Nigeria’s economy through employment, healthy living’

    It was a business seminar of Edmark international, manufacturer of premium health food supplement.

    The seminar which took place at Novotel Hotel in Port Harcourt, the Rivers State capital attracted chief executive officers of companies, bankers and politicians who came to hear from the owner of the company, Mr. Sam Law and more importantly to know the secret of the company’s success which was packaged in a book that was unveiled the same day.

    Speaking at the event, the Chief Branding Officer, Mr. Tham Chee Wah,  said the more the company expands its business in Nigeria the more Nigerians and the economy benefits from the company policy.

    Wah, who appreciated the good business climate and patronage in Nigeria, said since January when the book on the “Four Pillars of Success” was published, seminars have been held in many locations.  He said the company would continue to improve on healthy living of Nigerians and provide good number of job opportunities to Nigerians who are ready to be part of their success, adding that throughout the years, Edmark branches in Nigeria have doubled in workforce to serve the fast growing network of distributors standing at almost 50,000 active independent distributors.

    He noted that the most important thing to the company is to give back to the society and contribute to the growth of Nigeria’s economy.

    Wah said: “We are treating Nigerians based on the universal principle of gratitude, abundance, love and compassion. That was why today we are not regretting given back to the society. Since Edmark started its journey in Nigeria with its mission set in mind, the company has continuously provided job opportunities through its network marketing business. And promote a healthy lifestyle through high quality food supplements. Now, the company is set to create a positive living environment with efficient public utilities, hygienic amenities and state-of-the-art facilities. With quality education a favorable living condition, Edmark envisions to build a productive, prosperous and positive community in Nigeria.

    “Edmark’s journey in Nigeria began way before the first branch opened in 2009. The growing demand for the Edmark products in the country gained the attention of the management and Business development teams.  Notable number of consumers and distributors purchased products and registered their distributorship at Edmark first African branch in Accra and Ghana.  Edmark Nigeria has spurred the growth of Edmark in the African continent with the company subsequent entry into Cameroon.  Edmark has grown into having ten more branches across Nigeria as of this year, located in Abuja, Benin, Enugu, Jos, Kano, Onitsha, Osogbo, Oweri, Port Harcourt and Uyo.”