The Nation Newspaper

Tag: Prof. Pat Utomi

  • Likely Money Policy Rates retention in future reasonable — Utomi

    An economist, Prof. Pat Utomi, has said the likely retention of the Monetary Policy Rates (MPR) for a while at 14 per cent was reasonable due to non-availability of pressure on the economy.

    Utomi told the News Agency of Nigeria (NAN) on Wednesday in Lagos that the MPR was not critical at the period, adding it was not a critical factor because Nigerians were not borrowing.

    According to him, many people are looking at the uncertainties in the country and waiting to see attitude to the economy.

    Utomi said: “At this particular point in time, I think the Monetary Policy Rate (MPR) is quite muted. In a situation like this, if there is any action to take, it is either you stay where you are or CBN tries to incentivise people to do things.

    “We’ve got into a terrible mood in Nigeria where nine months into election, people stopped investing and for 14 months after to assess how things are settled.

    “So, in that period, unfortunately, incentives are what the monetary policy guideline is supposed to do. This is either to stimulate or bring about contraction in money supply to manage inflation not very critical.”

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    He added that presently, what was typical about an election year was a lot of money being pumped into the system but that had stopped because of the disposition of the current leadership.

    “I think it is good relative to the madness that election is becoming in our country. There is really no pressure to curtail money supply from the politicians in the system.

    “More importantly, there is not any investment going round that the economy could become overheated. It is reasonable to see the retention of the current rates by the MPC,” he said.

    NAN reports that the Governor of the Central bank of Nigeria (CBN), Mr Godwin Emefiele, said the decision of the MPC to retain the MPR, liquidity ratio and the Cash Reserve Ratio at current levels was in the light of the observed risk confronting the economy.

    This includes the global and domestic inflationary pressures which have intensified the risk of currency depreciation, the MPC was of the view that a loosening option was very remote.

    “Weighing the balance of its judgement on price stability conducive to growth, the MPC felt that tightening will result in the loss of the gains so far achieved, Emefiele said.

    He noted that this might drive the banks to reprice their assets; thus increasing the cost of credit as well as elevating credit risk in the economy.

    “It will also worsen the position of non-performing loans of the banks. The Committee also felt that tightening will dampen investments and hamper improvements in output growth, given the already fragile growth performance so far achieved.

    “In the light of the above, the MPC decided by a vote of all eleven (11) members to keep the policy parameters unchanged from their current levels.

    NAN also reports that at the end of the November meeting, the MPC maintained all its policy rates, retaining the Monetary Policy Rate (MPR) at 14 percent, with the asymmetric corridor at +200 and -500 basis points around the MPR.

    It retained the Cash Reserve Ratio (CRR) and Liquidity Ratio (LR), at 22.50 per cent and 30 per cent respectively. (NAN)

  • Utomi, Ochei, Kachikwu blasts APC primaries

    The APC governorship aspirant Prof Pat Utomi has called for a postponement of the APC primaries.

    Utomi described the process as illegitimate, adding that the delegates list was unavailable for aspirants.

    He spoke at a meeting of stakeholders, suggesting a postponement due to the shortcoming that plagued the shadow polls.

    According to Utomi, those present at the meeting were ex-Governor Emmanuel Uduaghan, Victor Ochei, Prof Pat Utomi and Dr. Ibe Kachikwu.

    His words: “The delegates list is not available, aspirants have not seen the list.

    ‘’I believe only those who drew up the list have it. The list should have been made available to all at least three days to the primaries to enable aspirants make their pitch to them. There is no level playing field for all aspirants. This will create a crisis of legitimacy.

    ‘’We have suggested that the primaries be postponed, that way we will have a truly democratic process.”

  • Obaseki supports Pat Utomi’s integrated produce city in Edo

    …facility to create over 30,000 jobs

     

    The Edo State Governor on Wednesday said his administration would continue to prioritise and support the Integrated Produce City project and other investments in agriculture, in the state.

    Obaseki said this when he received the chairman of the Integrated Produce City Project, Prof. Pat Utomi, during a courtesy visit to the governor, at Government House, Benin City.

    He noted that area mapping of land for agricultural purpose is ongoing across the state, and said his administration anticipates investments from local and foreign investors.

    According to the governor “the mapping of the area where the Integrated Produce City Project is being executed has been completed and the state is in talks with an Asian investor to develop an oil palm plantation development strategy in the location.

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    “We will support the project; we are anticipating its reality as the state has a lot to benefit from it.”

    He urged the project team to kick-start the pilot phase so that farmers do not seek alternative markets.

    “Farms are being cultivated across the state and it will be worthwhile if your commodity trading takes off soon,” Obaseki advised.

    Earlier, Prof. Utomi said that the facility would create more than 30,000 jobs and serve as an agricultural hub.

    Prof. Utomi disclosed that the team was working on the development of the infrastructure at the project site and added that the city would serve as commodity exchange centre and provide storage facilities for farm produce from neighbouring states.

    “We have cleared more than 100 hectares of land, we have built offices and are creating earth roads” Prof. Utomi said.

    He appealed to the governor to help construct a link road to the project site and build a security post at the facility.

     

     

  • UNN alumni members visit Utomi, announce general meeting date

    Members of the executive of University of Nigeria Alumni Association (UNAA), Lagos branch, have begun what they called “appreciation visit” to members of the association, who contributed to the successful hosting of the National Executive Council (NEC) meeting recently.

    Prominent among those visited was Prof Pat Utomi, who hosted the alumni members to a forum where discussions around upcoming activities and yet-to-be-implemented projects were held. The projects are sited in Lagos and on the university campus.

    President of the alumni body, Sir Orji Udemueze,  appreciated members, who supported the association in cash and kind, while calling on graduates of the university to identify with the association and contribute their quota to the development of their alma mater.

    Udemueze announced next Sunday as the date for general meeting, urging the school graduates living in Lagos to turn-up at the UNN Lagos Liaison Office in Ikeja.

    As part of the activities of the meeting, Udemueze announced that the alumni body would be fully involved in the Students’ Week organised by the Students’ Union Government (SUG), which is scheduled to hold in the third quarter of the year.

  • 300 teachers contend for N5m Maltina star prize

    Three hundred teachers are in contention for this year’s Maltina Teacher of the Year award.

    Corporate Affairs Adviser, Nigerian Breweries Plc, Mr. Kufre Ekanem, said in a statement that the panel of judges, headed by Prof Pat Utomi have begun screening of the teachers.

    The number of entries is nearly double that of last year which was 176.

    Ekanem said applications came from all states of the federation and the FCT.

    He said the judges have the task of  selecting state champions from the lot among whom they would shortlist the best 10 for further screening. The top three would be selected from among them.

    “The valid entries will now be subjected to further scrutiny and thorough assessment process by the panel of judges to pick the state champions. From the state champions, the 10 best entries will thereafter be invited for another round of assessment where the panel will further subject the 10 finalists to rigorous scrutiny in order to determine the Maltina Teacher of the Year for 2017. On October 12, 2017, the winners will be announced and celebrated at a grand event in Lagos,” he said.

    The overall best winner will get a total of N5 million spread across five years, training abroad, as well as a block of classrooms for his/her school.

    Ekanem said the firm hopes to boost the teaching profession through the award which is one of the programmes funded under the NB/Felix Ohiwerei Education Trust Fund.

    “It is our hope that through the Maltina Teacher of the Year initiative, we can inspire this nation to accord our teachers their deserved credit and bring back respect to the teaching profession in Nigeria,” he said.

  • Take up mantle of leadership, Utomi challenges youths

    A renowned economist and scholar, Prof. Pat Utomi, has urged the nation’s youths to take up the mantle of leadership, amid the current economic challenges being experienced in the country.

    Utomi told the News Agency of Nigeria (NAN) on Tuesday in Lagos that youths should be interested in rising up to challenges that could make a difference in the society.

    The Professor of Economics, spoke against the backdrop of an award conferred on him by The Verdant Zeal Quantum Awards at the prestigious Civic Centre, Victoria Island, Lagos, on March 22.

    He was honoured for his pivotal role as a Leader of thought in Development Economics.

    “I want to encourage young people that the world we live in can be changed by few people. If they so wish; it is their time to take up the mantle.

    “It is a function of few committed individuals who know what to do; they should not sit back and watch. They should act now.

    “Almost everything I do most times is to show young people example that it is possible to have a vision that is bigger than the size of your bank account.

    “They should have interest in changing the world around them, and not trying or emulate those who accumulate everything without success,’’ he said.

    Utomi added that he had lived a life that could be mirrored by the society and told NAN that he had been engaged more in philanthropic activities in recent times.

    “My life is an open book; everything about my life is what I want everyone to know. I am a person of faith in the last 40 years.

    “I have been deeply involved in different faith-based activities to change the world as a Christian in my church and the Full Gospel Businessmen Fellowship (FGMF) member.

    “I do a lot of social enterprise with widows, the weak and the challenged. Generally, I don’t like to talk about it, but people know that I’ve been working on it more than 30 years now.

    “I am committed to a centre that takes care of widows and to render help. I see them as vulnerable in the society,’’ he said.

    Utomi said that the focus on helping widows was borne out of the experience he had sometimes ago in his village.

    “I began to focus on widows when I came home in 1982 and it was reported to me that one rich man had died of cancer.

    “After that, the widow went from been up there to nowhere, then I realised something is wrong with this culture. I began to do things around supporting widows,’’ he said.

    He said that he had been commenting on the recent economic recession, especially on the global platform, and added that the economy needed a consensus policy.

    “I have been commenting on the Nigerian economy in recent times on a global platform. I have been saying that economics is about facts and getting the right policy issues.

    “It is about empowering people to have strategy on how to get to a determined place, we need to put our policy in one direction; it is about the right policy choices.

    “We need to build a consensus around our policy though; we are not clear in Nigeria what direction of policy we are travelling.

    “We actually need to get the economy right, every government needs help but they need to put up efforts,’’ he said

    NAN reports that Utomi is an economist of great repute, the creator of Patito’s Gang, a television talk, motivational speaker and a former presidential candidate.

    Utomi was a former Vice-Chairman of Platinum-Habib Bank. He is an accomplished columnist, and Chairman, BusinessDay Media Ltd.

    He has served on key blue chip corporate organisations such as the Lagos Chamber of Commerce and Industry (LCCI); The National Council of Manufacturers Association of Nigeria; and the Nigeria Employers Consultative Association (NECA).

     

  • Utomi, NDDC boss harp on leadership

    Utomi, NDDC boss harp on leadership

  • Entrepreneurship, quantum leap in value creation –Utomi

    Entrepreneurship, quantum leap in value creation –Utomi

    As the entrepreneurship bug spreads across Nigeria, more young people are taking chances, towing the path, and finding success, despite the grueling challenges in Nigeria’s business environment.

    From fashion to technology, hospitality, media and entertainment, some young Nigerians have set up thriving businesses with aim to scale up while others trade in commodities. The impact of these on the country’s performance is been felt. But in a country that has more traders (traditional entrepreneurial practice) than modern day entrepreneurs, how much value can this dynamic add to Nigeria’s economy?

    According to renowned Professor of International Political Economy and Mara Mentor Pat Utomi, “entrepreneurship involves a quantum leap in value creation.” It is thus important that micro economic activities of traders and entrepreneurs be aligned with greater macroeconomic policies and growth strategies.

    Prof Utomi implied that entrepreneurs should perhaps incorporate traders into their value chain, as it would be detrimental to the economy if traders continue to flood the Nigerian market with commodities imported from industrialised climes. This thought is also in line with calls for support for local production and small scale industries.

    Speaking on the Mara Mentor Talk Show recently, he said although traders contribute to the growth and development of the economy, it is pertinent to distinguish between an entrepreneur, whose value creation has a direct impact on job creation and economic development, and a trader who is just an agent in a value chain, albeit equally important.

    “Everybody has it in him/her to create value,” he said, adding that although there are a lot of entrepreneurial opportunities in Nigeria, it is thus the ability to create remarkable value that bridges the dissatisfaction gap and supports economic development.

    Utomi said it is important to embrace “deferred gratification as opposed to instant gratification” in their quest to build sustainable businesses, which would have a lasting impact on the country’s economic growth and development.

    He also urged young Nigerians to get involved with mentorship programs to work with mentors, whom he said “are not necessarily demi-gods, but could be peers, subordinates, or anyone that can point you in the right direction.”

     

     

     

  • Where is their conscience?

    Where is their conscience?

    It is no news again that the standard of our education has deteriorated. But the importance of education to the development of human mind cannot be overemphasised. Globally, education is considered as a tool with which humans can open their ways in the wilderness; in fact, this is the reason why many international bodies consider education as a fundamental right for all human being.

    The first and perhaps the greatest challenge facing Nigeria and making it difficult for good quality education that is capable of bringing about sustainable development is inadequate funding of our schools by the government. But who are the people in government? They are the people that enjoyed quality education in their times, but who could not reciprocate the gesture to the present generation.

    I was privileged to attend a workshop in Lagos where the popular human rights lawyer, Mr. Femi Falana (SAN), described present generation as “unfortunate”. He explained when he was in the university, schooling was very easy for students in his days. There was reasonable school fee, expansive lecture rooms and capable lecturers. Food was no problem for all students irrespective of their status; in short, the environment was conducive for learning.

    Falana noted that a graduate could apply for car loan, using his certificate as collateral. All these are not practicable in today’s Nigeria because the government has failed to plan for our future.

    At another programme, where Prof. Pat Utomi recalled his undergraduate days, he noted that securing an admission into the University of Ibadan was difficult than being admitted into Harvard University. He told the audience at the programme that everything was possible because of quality of education enjoyed then by students.

    What actually go wrong? I think people at the top will be able to provide answers to this question. Now our schools lack basic infrastructures that can aid good learning; the school fee is killing, one can no longer tell when he would graduate because of strike session. Campuses are unsafe due to the government’s lackadaisical attitude towards education sector.

    It is frequently said that if anyone wants to know what will become of a country in a decade, he should assess the country’s schools. What has this generation done wrong to deserve this from the older generation? It took our government over five months to ‘partially’ resolved Academic Staff Union of Universities (ASUU) strike; the polytechnics are still on strike.

    The government keeps telling us that there is no money but yet, public officers squander billions of naira on irrelevant programmes and sponsor people to pilgrimage. They spend billions of naira every year on this while education is left to rot. What is more, their children are studying abroad.

    But where is their conscience? It is clear that our leaders do not want the development and wellbeing of the masses. They forget that one day, we will all stand in front of our creator and account for our deeds on earth. What would be our excuse then?

     

    •Tolulope is a graduating student of Computer Science, LASPOTECH