The Nation Newspaper

Tag: Economy

  • Uduaghan: terrorism taking its toll on our economy

    Uduaghan: terrorism taking its toll on our economy

    Delta State Governor Emmanuel Uduaghan has said worsening terrorism in the Northeast is taking a toll on the socio-economic life of the country.

    The governor spoke yesterday at the second plenary session of the Catholic Bishops’ Conference of Nigeria (CBCN), hosted by the Warri Diocese of the Catholic Church.

    Uduaghan said the Boko Haram scourge has gone beyond just a regional problem.

    The bishops urged the Federal Government to devote the same level of seriousness it employed in curbing the Ebola Virus Disease (EVD) to fighting the spreading terrorism in the North.

    The governor said the pressure of the activities of the terrorists have continued to force people in the North to flee their homes and communities.

    “The insecurity in the Northeast is not a northern problem alone; it’s a problem affecting the entire country. The phone calls I receive daily about the movement of people from the North to the South are very scary.

    “I only hope and pray that something is done as a matter of urgency to restore confidence in the people, but I can tell you that the government is doing its best to ensure that terrorism is destroyed.”

    The president of the CBCN and Archbishop of Jos, Rev Ignatius Kaigama, urged the Federal Government to find a solution to the worsening terrorism.

    The clergy also denounced calls by some Nigerians for the dissolution of the country, noting that Nigeria stood a better chance at greatness as one that when fractionalised.

    “We insist that the government confronts the issue of insurgency with the same seriousness as it is doing with the ebola problem. It appears that rather than coming to an end, the activities of terrorists, especially in the north-east, are expanding and growing in sophistication and threatening to spread beyond there.

    “We call on all to genuinely use the powerful weapon of prayers and charity, just as we ask Nigerians to be of good disposition towards one another and our political leaders to have the political will to do only what is noble, honourable and just for our nation.

    The event, which took off with a special mass at the Sacred Heart Cathedral, Warri, ended up at the Bishop’s Conference Centre in Effurun and was attended, by Deputy Governor Amos Utuama (SAN), the president of the Christian Association of Nigeria (CAN), Pastor Ayo Oritsejafor, Senator Emmanuel Aguariavwodo, senator representing Delta Central District and many others.

  • ‘Regulatory agencies’ infractions hurting economy’

    ‘Regulatory agencies’ infractions hurting economy’

    Business operators, particularly operators of Small and Medium Enterprises (SMEs), are crying over the multiplicity of agencies with over-lapping regulatory and supervisory functions. They grumble that it is strangulating their business, reducing their productivity and competiveness. Assist. Editors Chikodi Okereocha and Okwy Iroegbu-Chikezie write that if operators’ recommendations are implemented, respite may be on the way for industrialists. 

    As the leading voice of private sector operators in Nigeria, the Lagos Chamber of Commerce and Industry (LCCI) understands why the industrial sector is encumbered despite the avalanche of programmes to fast-track industrialisation, accelerate inclusive economic growth, create jobs, and transform the business environment.

    The LCCI said beyond the nation’s huge infrastructure gap, regulatory challenges and its attendant costs are factors stifling the growth of businesses.

    Specifically, the LCCI said the multiplicity of agencies with over-lapping regulatory and supervisory functions at both the federal and state levels is hampering the smooth operation of many businesses. Noting however, that the effects of regulatory infractions on private sector operators are more profound for Small and Medium-sized Enterprises (SMEs) because of their inherent vulnerability, the LCCI raised the alarm that this has forced many businesses to close shop, relocate to other countries or move into the informal sector.

    The LCCI’s findings were contained in a  study aimed at examining and reporting the lingering regulatory challenges in the industrial sector and provide viable engagement platforms for solutions. In carrying out the study titled: ‘Regulatory infractions on Nigeria’s industrial sector,’ the LCCI, according to its Director-General, Muda Yusuf, believes that without an enabling business environment with clear, consistent laws, regulations, and enforcement, Nigeria’s private sector and democratic development will be inhibited.

    The body noted that a vibrant private sector, especially the SMEs is crucial to any economy in providing job opportunities, developing innovations, and meaningful participation of the citizens in the democratic process.

    The study, supported by the Centre of International Private Enterprise (CIPE),said  most of the regulatory anomalies were evident in the high rate of human interface, arbitrary charges, fees and fines, overlap of functions and fight for supremacy among the agencies as well as high frequency of factory visits and collection of excessive product samples, among others. To most private sector operators, for instance, the high frequency of factory visits by various agencies, as the study found out, is an overkill.

    “There is no defined number of inspection visits to companies by the agencies in a year. The number of inspection visits range from four to 10 times a year, depending on the company’s production capacity and other factors. The disturbing aspect of the repeat/regular visits is that the same quantity of product samples is collected by the agencies during each visit. The companies are compelled to pay inspection fee for each visit, take care of transportation etc of the agency officials on each factory visit,” the study said.

    As if the repeat/regular factory visits are not enough to raise the bile of business operators, such visits are accompanied by collection of excessive product samples. The Nation learnt that officials of the agencies collect samples of all the products they meet in the production line or store on each occasion they visit the companies. Stocks of products are collected excessively under the guise of ‘test sample’ in cartons, rolls, and dozens.  ‘’Edibles, home use and ‘easy sale products’ suffer most from regular collection of huge amount of samples,” the LCCI study revealed.

    The frustration does not stop there. The LCCI said even after samples were collected, there were delays in approvals because of absence of national standards. The group said registration/certification of products took six months to one year, noting that in most cases, the companies never get to receive the test results from the agencies after due payments and regular follow ups with the relevant departments in the agencies.

    “This slows down business activities and leads to loss of opportunities especially the ones that are time bound,” the study said, adding that there is no standard for most chemicals and industrial products, yet the firms are compelled to pay levies for the products standards.

    The study further said some firms which do not want to pass through the rigour of processing documents, induce the agency officials. “This is mostly fuelled by the need for quick approval of papers/permits to meet certain commercial deadlines or to circumvent inherent/artificial bottlenecks in the system. Sometimes, companies’ representatives go out of their way to tip the officials in order to save their jobs because if a major regulatory query is issued against the company, the manager in charge will be blamed or fired by the management for mishandling relationship with the regulator,” it said.

    The LCCI said the study also found that some importers may bring in many products, but would lobby regulatory officials to pay inspection fee for only few of the products. Those that import contraband goods also do the same thing by ‘cutting their ways’ with the officials. In all of these, the LCCI study found an  overlap of functions and fight for supremacy among the agencies. For instance, it cited pronounced overlapping regulatory activities of Standards Organisation of Nigeria (SON) and National Agency for Food, Drug Administration and Control (NAFDAC) in sectors like cosmetics, food, drinks, beverages, health and confectionary to mention a few.

    “It is frustrating to businesses that a product inspection report produced by SON will be rejected by NAFDAC and vice versa. Each of the agencies prefers to carry out an independent analysis for the same product. This leads to waste of management time, unnecessary fees, fine, charges and high operational cost,” the study said. However, the result of the study only confirmed observations earlier made by LCCI and other industry associations on the issue.

    Earlier, during a visit to the Minister of Industry, Trade and Investment, Olusegun Aganga, in Abuja to table some requests aimed at ensuring seamless business operations, LCCI’s President, Mr. Remi Bello, noted the overlapping functions of the regulators. He said apart from compliance with SON guidelines, industrialists were worried by the demand for compulsory product listing by the Consumer Protection Council (CPC). He said this was in addition to the yearly charges on each product, which is an additional burden.

    This was why the latest report by LCCI projected that industrial activities will grow by about 25 per cent over two years if a more service-oriented and accommodative regulatory and monitoring environment is put in place. LCCI said: “This will impact directly on the number of new jobs, emergence of small scale agricultural processing ventures, higher tax revenue for government at all levels, and ultimately douse the growing insecurity conditions fuelled by youth unemployment.”

    LCCI said frameworks that will enhance the collaboration between SON and NAFDAC’s regulatory and monitoring functions will be  helpful to build trust and respect among the two agencies. The operators argued that more enhanced collaborations between the two agencies would certainly reduce unnecessary pressure on businesses suffering from the age long silent battle for supremacy between the two agencies.

    They also noted that continuous streamlining of processes aimed at reducing internal bottlenecks and bureaucracy was essential for the growth of the sector. “There is need for steady communication and enlightenment of businesses on trends of regulatory provisions. Also, the management of the agencies must now take the enforcement of rules against human interface by their officials very seriously. High degree of human interface for registration and obtaining permits remains even after the leadership of SON and NAFDAC has instituted reliable processes that eliminate/reduce human interface in their operations,” the operators advised.

    That is not all. LCCI members said they wanted to see a clear pronouncement specifying the number of times and for what purposes SON and NAFDAC were expected to visit the companies in a year. They argued that the frequency of the visits to firms was still high, even after the leadership of the agencies assured at vrious forums on the measures being put in place to rework the system.

    Operators also said to move forward, the standard for granting waivers and concessions to firms by the agencies should be defined and institutionalised. This, they noted, should be communicated to stakeholders. In addition, SON and NAFDAC should define the maximum quantity/size of product sample that should be collected by their field officers from the companies, he said. “This will assist the companies to comply and also guide them in cases of over collection of samples by the agency officials,” the study added.

    LCCI called on the Federal Government to develop a framework for oversight and control of regulatory institutions to curb probable excesses. According to the group, the measure is in line with best practices in many emerging markets. On the immediate, the government, the group said, should adequately fund the agencies and provide them with the necessary working facilities. The poor funding of agencies create room for extortion.

    The Manufacturers Association of Nigeria (MAN) is also seeking the harmonisation of regulatory functions of agencies. Since last year, its members said the agencies have made it difficult for stakeholders to address challenges relating to standardisation and quality control of made-in-Nigeria products as well as imported items.

  • Elimination of child labour’ll benefit economy, says TUC

    Trade -Union Congress (TUC) has pointed out that eliminating child labour in transition and developing economies could generate economic benefits nearly seven times greater than the costs.

    Speaking with The Nation, Secretary General of TUC, Comrade Musa Lawal said child labour is a violation of fundamental human rights and has been shown to hinder children’s development, potentially leading to lifelong physical or psychological damage.

    “Evidence in Nigeria, for instance, points to a strong link between household poverty and child labour, and child labour perpetuates poverty across generations by keeping children of the poor out of school and limiting their prospects for upward social mobility.

    “The TUC has made it clear to the government that policy to combat child labour is necessary because the lowering of human capital in the economy through child labour has been linked to slow economic growth and social development.

    “In the 2014 labour conference, discussions on International Labour Organisation (ILO) study on child labour has shown that eliminating child labour in transition and developing economies could generate economic benefits nearly seven times greater than the costs,” he said.

    He said for many governments around the world the elimination of forced labour remains an important challenge for the 21st century as it would curb insecurity challenges. Lawal said political leadership at all levels in Nigeria need to redouble their efforts in curbing corruption.

    His words: “We appeal to our political leadership at all levels in the country to redouble their efforts in curbing corruption. We are of the view that unless there are prompts deterrent sanctions against those brought to book; the problem will continue to fester.

  • ‘Why fish import limits is vital to the economy’

    The Federal Government’s policy of restricting fish imports will help to revive the sector, which accounts for four percent of the Gross Domestic Products, the Managing Director Vesa Fisheries, Mrs Vera Aighbe, has said.

    The focus of the new fish policy, according to the Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, is to promote fish self-sufficiency as total fish demand is 2.7 million metric tonnes with local production accounting for 800,000 metric tonnes. The large deficit of 1.9 million metric tonnes being met by imports.

    Mrs Aighbe praised the policy, noting that it has provided a level playing field for players as well as promoted increased entrant of local players into the industry.

    She said their previous challenges which had been unattended to by former administrations were being tackled under the fish policy.

    According to her, the new policy on import quota is directed at sanitising a terribly corrupt fish import licensing and import quota system.

    She said it has prevented the practice where some large corporate importers simply stockpile fish and distort the market at will, driving small Nigerian fish retailers out of business. Stock piling also leads to keeping fish way beyond acceptable sell-by dates, leading to the sale of rancid fish to consumers.

    On its sustainability, she recommended the dissection of the policy to be adopted as a national law and ended with saying: “I can’t sell bad fish to my brothers and sisters or to anyone as I do not know who will buy the fish.”

    She was optimistic of the initiative. Through the implementation of the policy, Mrs Aigbe noted that the “Fishy Business” which had riddled the industry mostly the issue of foreign players marginalising and oppressing the local players have become issues of the past as the policy promotes local market share which has risen to about 50 percent and they are  pushing for a 60-40 share.

    She also validated the minister’s target to rid the market of bad fish, adding that with the policy they can purchase monthly quota which ensures that the fish in the market is fresh and healthy for consumption.

    She said the limits were being imposed “with the goal of guaranteeing the security of the local fisheries and indicate that the scope of the measures is reducing spoilage and wastage  caused by overstocking by foreign companies’’.

    On the allegations of bribery in the industry, she said: “The minister is a straight man, the allegation is not true; we do not have the money to even bribe the minister. The issue of bribery was in the past and was by the foreign players. The allocation and quota sharing was done without any financial inducement from Nigerian fish industry players.”

  • Falana urges African leaders to challenge IMF, World Bank on economy

    Lagos lawyer Mr. Femi Falana has urged African Heads of State and Governments to challenge the alleged manipulation of the continent’s economy by the International Monetary Fund (IMF) and the World Bank as a summit of the United States (U.S) and African leaders opened in Washington, DC, this week.

    American President Barack Obama is expected to host the summit, which focuses mainly on trade and investment in Africa. The theme of the summit is: Investing in the Next Generation. A number of signatures and side events have been organised to acknowledge the role of civil society, women and youth in the development of Africa.

    Forty African Heads of Governments are in Washington, DC for the summit.

    As part of the run-up to the summit, 15 civil society organisations (CSOs) from Africa, in an open letter on August 1 by Pamela Timburwa and addressed to the U.S. and Heads of African State and Governments, urged the leaders “to ensure that serious consideration is given and firm commitments are made to ensure an enabling environment for the participation of civil society, women and youth in Africa’s development”.

    The 15 CSOs include Action for Southern Africa (ACTSA), Human Rights Watch, International Commission of Jurists (ICJ), Africa Regional Program, International Federation for Human Rights (FIDH), Lawyers for Human Rights, Regional office; Liga Moçambicana dos Direitos Humanos (LDH), Mozambique, Liga Guineense dos Direitos Humanos (LGDH), Guinea Bissau.

    Others are: Open Society Initiative for Southern Africa (OSISA); Southern African Litigation Centre (SALC), South Africa; Swaziland Coalition for Concerned Civic Organisations, Swaziland; Women and Law in Southern Africa (WLSA), Malawi; Women and Law in Southern Africa (WLSA), Mozambique; Women and Law in Southern Africa (WLSA), Regional office and Women of Zimbabwe Arise (WOZA), Zimbabwe.

    Reacting to the letter, which was copied to him by Ms Timburwa, the Lagos lawyer disagreed with the issues tabled by the civil societies before U.S. and Heads of African State and Governments.

    The activist said the letter was silent on the economic system in the 54 member-states in Africa.

    He said the African Union (AU) and the regional economic groupings had not addressed the empowerment of Africans, adding that without addressing unemployment, poverty and insecurity, majority of Africans cannot enjoy any human right.

    Falana said: “Africa must challenge the manipulation of the economy of the continent by the IMF and the World Banký. The lower interest rates in the West and the very high interest rates in Africa, being endorsed by the Bretton Wood institutions, should be seriously challenged. Instead of aid, the emphasis should be on trade. After hundreds of years of crude exploitation of her resources, Africa should no longer be a dumping ground. Having been on the receiving end, Africa should champion the struggle for a new world economic order based on justice and fair play.”

    The frontline lawyer noted that apart from condemning the level of corruption in Africa, the U.S government had not deemed it fit to ensure that the stolen wealth is repatriated.

    He said: “While countries risk losing aid for enacting laws against same-sex marriage, the Obama administration has not even imposed a travel ban on corrupt African leaders. Or, is America not unaware of the fact that some of the leaders who are attending the summit have endangered the development of their countries on account of grand corruption?”

  • I’ll revamp economy, says SDP candidate

    I’ll revamp economy, says SDP candidate

    Osun State Social Democratic Party (SDP) governorship candidate Mr. Olusegun Akinwusi has said he will revive the economy and “help youths rediscover themselves”, if elected.

    He spoke at the weekend during a visit to the Ogunsua of Modakeke, Oba Francis Adedoyin.

    Akinwusi said he ventured into politics following God’s call to serve him for four years.

    He said: “Two years ago, when you hosted me here, I said I had no interest in politics. But when you look at what is going on today, only a bastard will refuse to stand up to help rescue this state.

    “We are faced by a strange type of government and it will be bad if we keep quiet. I am coming on board to put things right, to help youths rediscover themselves and put in place right policies for the revival of the economy.”

    Akinwusi thanked the monarch for hosting him even though no notice was given for his visit.

    Oba Adedoyin prayed for Akinwusi’s success in the election, describing him as a worthy ambassador of the town.

    Urging the people to support the SDP candidate, he said: “We know your efforts towards the development of our town. We all love you as our son and welcome you home as our worthy ambassador. We have members of other political parties here, but we assure you of our people’s support, both at home and abroad.”

  • ‘Nigeria needs more startups to grow economy’

    ‘Nigeria needs more startups to grow economy’

    Ibifuro Tatua, CEO, Boss Pan Africa Limited, a company involved in packaging and sourcing building materials is helping others to take their business to the next level and connecting with their contemporaries in other parts of the world. In this interview with Rita Enosegbe, she shares her passion for business and other related issues. Excerpts:

    How did your journey into business start?

    My journey into business started from an early age, without really realising it. I was groomed to be a business woman by my grandmother who herself was a trader and a farmer. Every holiday when we went to the village to visit her, she would make me sell her farm produce and she let me sell it as I pleased and she would sing my praise to all who cared to listen. I did it then just for the praise, I enjoyed the drama and attention I got as she would use my name to sing different songs. She would dance and she was loud about it, so selling and doing chores, for me, became my goal every holiday, even though my dad who was a pilot and my mum a contractor with shell.

    My other siblings hated the idea but I did it as if my life depended on it. I did it with so much joy, and today I am that girl; that happy, hardworking grandma’s girl, now a woman.

    Which was your first job?

    When I graduated, the first job I got was with a construction company. They built mostly churches, universities and did big projects only. I was the site clerk.

    I resigned as the site clerk, registered a company name and called my mum and my brother and I started this supply business of building materials. I relocated to Lagos and ventured into other line of businesses, and realised there is so much potential in Africa; there is so much to learn and so much to do.

    I have always had an independent mindset. I have too many ideas running through my mind and I know that doing a white collar job would limit me to a certain extent and I would be required to work within my job description, job group and the company scope. I do white collar jobs only to gain knowledge and the technical knowhow of certain operations and to add to my CV. But once the knowledge is tested and proved, I like to expand and maximise it in my business world.

    How do you compete with others in the market?

    Ideas and opportunities kept presenting themselves to me. I just don’t know how to be idle; I like to work, even if it is for charity. I just like to be productive and multiply in productivity. I am the kind of person who would sell water to fish. If I find myself in a bad place, I like to think of what good can be sold there. So, basically, ideas present themselves to me and I take a chance on them.

    What do you consider as inspiration on the job?

    The very first people I share my business ideas with, the ones who support and give approval. Those I need the most are the first to say no, don’t do it, you can’t do it, forget about it or some just go silent on you. Without moral support, it becomes four times more difficult to proceed, but now I have decided to try things out on my own or with like minds that may not necessarily be close to you but who believe it can be done. That is no longer a challenge for me, however. Every business has its own challenges; for some it is cash, for me it is to understand the business, the nitty-gritty of the business. It takes time to grasp the basics of a business, we see the beautiful aspect of a finished product, we project in our mind and calculate the expected turn out of the business, but most times those tiny factors we overlook can set us back and frustrate a well planned and heavily funded venture.

    As much as it is good to hire professionals to handle every area of your business, there is need for you to have an idea of what to do to save your business until help surfaces. I call it business first aid; there is also need to have an understudy for every professional.

    What inspires what you do?

    I learn from those who have gone through the mile I want to go. I read books, watch documentaries on the businesses I am interested in. I keep an open mind, I take risk, and I make friends and find mentors or role models in the chosen line of business. I don’t mind running errands for them just to stay close. I tell them my mission and most often than not, they are happy and willing to put you through, but you must always remember to give them due credit at every chance you get, and you must be focused.

    What challenge did you face at the beginning?

    I trust easily. I give people benefit of doubt and I like to give room to my workers to create. I do not box them and they do excellently well, but not checking on them, not checking on their final delivery has cost me time, money and a few opportunities. So, now, no matter how brilliant an idea, I see to it that it is reviewed critically. I still make mistakes; I am still a work in progress, but I try to see how best to improve on production and services.

    I am inspired by a lot of factors pending on what angle I look at it. I like change, I like to make a difference, I like to feel secured, I like to just go out there and come back with favourable results or at least make an attempt.

    If you don’t utilise your full potential in your youth, when you are strong and active, is it when you are old weak and feeble that you will begin to think and work? In my first year at the university I came across a phrase: procrastination is the thief of time. I liked it so much and used it often, as so as I knew what it meant, if you don’t do it now, you might as well forget it because every second that clicks is time being spent, burnt, lost, and it is you getting older by the seconds. Some people tell me they don’t have the platform or opportunity to prove themselves. Some say they have ideas but don’t have the resources, well how long will you wait? What if the platform or resources you are waiting for never comes; will you just wait and do nothing? Why not get busy while you expect that big break. Trust me, nothing is too small, it was one Otunba in Lagos who said: ‘shit business is big business’. What can be low as that if you look at it from a layman view?

    How did you raise your start-up capital?

    No matter how quietly you make it, your responsibility increases, the demand on you is high and there is the need to give back to the society. You just have to set your priorities straight; you must set aside money for business, money for pleasure and money for emergencies. You must learn to be financially disciplined or else you end up worse than where you started. I have made several financial mistakes. I love to shop and I love to help people, but I realised that moderation is the key word. In everything you do, set a limit.

    It was Mahatma Gandhi who said: “Never test the depth of a river with both feet,” so I make sure I don’t get carried away with expenditures. As for human resources, some people see me and their first reaction is, this small girl? Well, by the time they sit down to discuss business with me and realise that I know what I am doing, they begin to say, ‘yes ma’, ‘ok madam’ or ‘yes boss.’

    What do you hope to gain from the international summit?

    When I got an award as the young performing personality of the year at the Niger Delta Achievers Merit award in 2012, I was surprised to see many young entrepreneurs like myself at the event. I was really impressed to see that the young people have decided to take control of the economic situation around them. Then at the African Achievers Award held in Ghana, I met much more youths across Africa taking giant strides; some of us came together and decided that there was need for us to meet, inspire, empower and support the next generation of emerging global business leaders who are committed to use the power of business to change some of Africa’s most challenging economic, social and environmental problems. The summit will feature the top business leaders like Mrs. Divine Ndhlukula, Forbes most successful business woman in Africa 2012.  Others include Maha k.Al-Ghunaim Chairperson & Group Chief Executive Officer of the Global Investment House, Justina Mutale (Founder Positive Runway), with presence across 54 countries globally and Richard Branson, founder and Chairman of Virgin Group.

    The summit is designed to support young people on their ongoing journey of business excellence as renowned business leaders, industry giants and entrepreneur expects have been lined up to give them extensive training, while stimulating real life business challenges in the 21st century with pragmatic solutions for society benefit and business success. It would also help to match individuals with the best in the industries or sector will be our own strategic mechanism to guarantee value.

    What are the other benefits?

    Participants would gain perspective on their own current leadership challenges, looking both at their personal styles and global strategic context of their industries. The business sessions, trade collaborations, seminars, expert business tour, networking opportunities and political exposure will surely define the crescendo of the summit and make it an experience unforgettable for all participants.

  • Economy still vulnerable, says World Bank

    Economy still vulnerable, says World Bank

    Despite claims that Nigeria’s economic prospect is bright, the World Bank has warned that the economy is still in a vulnerable macroeconomic position.

    The World Bank in its report on Nigeria states: “With much depending on the performance of the oil sector and commodity prices, a negative shock to oil revenues would also adversely affect the expectations of portfolio investors, with further short term balance of payments implications.”

    On the positive side however, the World Bank believes that in addition to the perceived resolve of the Government and Central Bank of Nigeria (CBN) to maintain a prudent macroeconomic policy stance, the strong reserve and debt positions of the Nigerian Government still imply significant space.

    Although the balance of the Excess Crude Account (ECA) is still quite low, the World Bank report noted. “Nigerian sovereign debt stands at only 10.6 per cent of (re-based) GDP, and external debt at 1.7 per cent. As a result, “changes in monetary policies in the US and other developed countries could also trigger changes in net portfolio investment flows to Nigeria,” the report said.

    The report maintained: “Over the medium and longer term, Nigeria’s future prosperity will depend critically on improvements in non-oil growth and non-oil government revenues.”

    This argument by the World Bank is hinged on what it believes that “while Nigeria still possesses substantial oil and gas reserves, oil revenues will likely continue to shrink relative to the size of the Nigerian economy over the medium term this should occur even in the event of an optimistic scenario with respect to oil output and prices.”

    The report added that maintaining or increasing the finance of public services in Nigeria will entail rapid growth of non-oil sources of revenues. The Nigerian economy it said “has experienced substantial economic growth in recent years. The quality and quantity of this growth has nevertheless proved so far insufficient to generate the productive jobs needed by a young and rapidly growing population.”

    Commenting on the performance of the 2013 budget, the World Bank said: “The implementation of government budgets faced challenges in 2013 due to significantly lower revenues than programmed and, in the case of the Federal Government, late passage into law of the annual budget.”

  • Tips on how to develop our economy, by CMD chair

    Only a purposeful and knowledge-based leadership will transform the nation’s economy, Chairman, Governing Council of the Centre for Management Development and former Minister of education Prof. Tunde Adeniran has said.

    Adeniran said the country is one of the most blessed with enough human and material resources, but added that a review of the recruitment pattern should be undertaken to allow the best and right persons take charge of management decisions.

    The one-time Nigeria Ambassador to Germany, who spoke at the closing ceremony of the training on “International Workshop and Study Tour on Best Practice in Documentation and Records Management” at the CMD centre in Lagos said Nigeria has the human resources to manage all its affairs.

    He said: “We have enormous human resources. The only problem is that we have not been utilizing the resources that we have, particularly the human capital. There is hardly any sphere of human endeavor that we are not endowed.

    But one thing we need to do is to take a look at our recruitment pattern, in terms of leadership, resource and management recruitment. If we are able to put the right peg in the right hole, this country will go places. There is no area where we will say we need expatriates because all the resources are right here with us at home.

    Adeniran explained that “we have not invested enough in human resource, getting the right people in the right places. We seem to think of ourselves first, by thinking of ourselves first, when there is job to be done, we look for friends, relations, and that we never help this country. We have to look for the right people to do the right job. If we continue to apply the wrong method and hope to get the right result, we are deceiving ourselves. We have to develop the culture of looking for the right people to do the right thing for the country.”

  • How tourism can boost economy, by expert

    How tourism can boost economy, by expert

    A tourism expert, Mr Ashamu Sewanu Fadipe, has decried inadequate knowledge and investment in the tourism industry of the country which can be well tapped to improve its economy.

    He said sustaining the industry is just as important for the realisation of the dreams of a county as well as utilise products that can help create wealth.

    Mr Fadipe, who was the pioneer General Manager of the Lagos State Tourism Board and now Permanent Secretary of the Local Government Service Commission of Lagos State, spoke during a media launch on his book entitled: Tourism Destination Management: A Guide for Policy Makers and Destination Managers which will be launched on August 7 at the Glass House, Lagos Television (LTV), Ikeja.

    The publication dwells on the techniques for developing tourism industry, particularly the science of developing and managing tourism destinations. The book promises to be interesting, informative and educative on how to discover and create tourism destinations.

    It will also help and inform policy makers and destination managers to obtain as much information as possible to guide their decision-making process and allow them deeper knowledge on the subject matter. The book gives an insight into the roles of various stakeholders in the overall management of destination.

    The author is of the opinion that tourism should be taken to the grassroots  of states which should employ tourism officers to spot potential tourism hubs for exploit.

    “Tourism is now a major engine of development that is contributing significantly to the Gross Domestic Products of many nations. Ecotourism will decongest the cities and enhance the economic value of those in the rural areas,” he said.

    Expected at the launching of the book is Lagos State Governor Babatunde Fashola and state Commissioner for Tourism and Intergovernmental Relations Disun Holloway. The chief launcher will be the Managing Director of American Hospitals and Resorts, Lekki, Dr Richards Afonja, and the Director-General of the National Institute of Tourism and Hospitality, Abuja, Dr Munzali Dantata, is expected to chair the occasion.