The Nation Newspaper

Tag: summit

  • Ex-CBN deputy governor holds summit in Kano

    Former Deputy Governor, Central Bank of Nigeria (CBN), Kingsley Moghalu highlighted the importance of youth involvement and participation as an important measure in driving economic growth and development in Nigeria.

    Moghalu who is also Founder, Institute of Governance and Economic Transformation, spoke at the Kingsley Moghalu Youth Initiative, under the Isaac Moghalu Foundation, during its inaugural summit in Kano.

    Themed ‘The role of Nigerian Youths in the Quest for Political and Economic Transformation’, the event was held in collaboration with Towards An Intellectual Tomorrow Initiative, a youth group in Nigeria focused on driving youth participation in governance, policy formulation and economic transformation.

    The former CBN chief called on Nigerians to ignore political messiahs and unrealistic promises, emphasising the need for effective and true reform that would produce sustainable development for citizens.

    Speaking at the event, former Indepedent National Electoral Commission (INEC) boss, Prof. Attahiru Jega called for unity among the youths, explaining that it was necessary to organise voters and communities for true and effective change, stating that citizens should demand true and competent leadership.

    Giving the final remarks, Usman Bugaje advised youths in Northern Nigeria to take charge of their lives and educate themselves, especially in the Quran and Arabic Language.

     

  • Buhari for ‘One Planet Summit’ in Paris

    Buhari for ‘One Planet Summit’ in Paris

    President Muhammadu Buhari will participate alongside over 50 world leaders in the One Planet Summit in Paris, France tomorrow.

    The summit, jointly organised by the United Nations (UN), the World Bank Group and the French Government in partnership with non-governmental organisations concerned about reversing the negative effects of climate change, like Bloomberg Philanthropies, holds at the eco-friendly La Seine Musicale, situated on the picturesque Seguin Island in western Paris.

    The main focus of the summit, with the theme, “Climate Change Financing,” according to the organisers, will be to innovatively pool public and private finance “to support and accelerate our common efforts to fight climate change.”

    Recognising that all countries are affected by the effects of climate change under “One Planet” but some are more vulnerable, the summit seeks for tangible collective action to reduce greenhouse gas emissions.

    The President, who will depart for Paris today, accompanied by the governors of Adamawa, Kano and Ondo states, and the Ministers of Foreign Affairs and Environment, will return to Abuja on Thursday.

  • Harnessing EU, AU Summit partnership potentials

    The 5th European Union and African Union Summit slated for November 29- 30, is underway in Abidjan, Cote D’Ivoire. Africa’s and Europeans’ heads of states and governments are expected with leaders of the continents’ institutions and organizations.

    This year’s summit has a very interesting central theme – ‘Investing in the Youth for a Sustainable Future’. The triennial meeting which was last held in Brussels, Belgium in 2014 is expected to reach key decisions that would provide political guidance towards effective strategic and development partnership that is expected to address future socio-economic challenges.

    The focus on youth is both apt and pertinent, considering that more than 60 percent population of Africa is made up of youth.  Unfortunately, they lack guidance and lose faith in the leadership of their respective countries. The apparent despondency of the average African youth can be understood as their countries do not have any social security programme for them.

    Poor education policy and ineffective planning coupled with deficit funding over the years have become a bane in socio-economic advancement of the continent. World Bank in its 2015 report revealed that half of the youth in sub-Saharan Africa are out of schools. This number makes the region to have the highest rate of exclusion. According to UNESCO Institute for Statistics and the Global Education Monitoring (GEM), poverty and armed conflict contribute significantly to the low youth enrolment in schools.

    There is no doubt that Africa tends to have much younger population than her European counterpart. This should be seen as potential economic opportunity that if well harnessed can be mutually beneficial to both continents. Unfortunately, this youthful population accounts for the surge in illegal migration into Europe, a crisis situation that is not likely to cease soon. These youth are fleeing from a distressed economic situation and war; they are in search for greener pastures abroad. African leaders should be blamed for neglecting the critical mass of their youth.

    The proposed marshal plan for Africa by European leaders should be revisited in this summit. This development package was conceived to create jobs at home countries to dissuade those intending to flee their countries. But in rather resorting to engaging brutal forces to deal with these migrants, they have unwittingly supported human right abuse.

    French president, Emmanuel Macron’s plan to set up what he calls Hot Spots in Chad and Niger where refugees could apply for asylum instead of risking their lives trying to cross the Mediterranean, is seen as a welcome development. However, as brilliant as this may sound, the host countries believe it would create confusion that may not be easily controlled.

    In addressing this intractable migrant crisis, Judith Sunderland, associate director for Europe and Central Asia division at Human Rights Watch offers a solution that Europe should grant humanitarian visas to the refugees.

    Expectedly, developments on the Joint Africa-EU Strategy (JAES) which was launched 10 years ago in Lisbon, Portugal would also feature prominently in the Summit. The purpose for this programme was to move the partnership between these continents beyond donor/recipient basis and to maintain a sustainable cooperation based on mutually complementary interest.

    So far, this partnership has delivered tangible results in key areas especially at both political and operational levels. Visible efforts have also been observed in management and resolution of conflicts through Africa-led International mission in Central African Republic in 2013. African Union Mission in Somalia and Africa-led International Support Mission to Mali. These and many other interventions received funding and support from EU.

    Also, the EU and AU cooperation on election monitoring has helped to consolidate democratic cultures and structures. African democracies, elections, rule of law and good governance have also been deepened. Trade, regional integration and investment have equally received a boost under this partnership.

    However, the recent revelation that most light weapons illegally flooding Nigeria come from Turkey, should be of concern to Nigerians participating in the summit. The disclosure by Minister for Information, Lai Mohammed, a couple of months ago that France provided a base for financial transaction that funded the proscribed IPOB activities in Nigeria should equally be of concern.

    It is not in doubt that Africa has a longer political and economic relationship with Europe than other continents. Therefore, this partnership holds the much needed hope for the continent’s economic emancipation and technological advancement.

     

    • Itaobong Etim,

    Calabar.

  • Another national summit on education

    Another national summit on education

    Nigeria has just held another summit on education. No, it is not just another summit. This is a presidential summit, initiated, attended, and addressed by the President of the Federal Republic of Nigeria. Therefore, it must be different than the others.

    First, as a presidential initiative, there is hope that government is serious about fixing the collapsing edifice of our educational system. Second, it represents another down payment by the administration on its campaign promise of change in our approach to development. Third, and perhaps, most important, stakeholders can rest assured that the recommendations that come out of this summit will receive prompt attention at the highest level of government.

    It is noteworthy that the president gave the Ministry of Education the directive to organize the summit in his address to the convocation ceremony of the University of Ilorin barely a month earlier.

    At that forum, the president explained that the reason for the summit was to tackle major problems facing the education sector in order to “restore education to its lead role of human development game-changer.” He also vowed that his “government will not allow the country to miss the globally agreed Sustainable Development Goals (SDGs) train, the driving force of which is education.” Thinking aloud, and rightly too, Buhari noted that “any success recorded in education will have a ripple effect on every other sector of our life.”

    The Ministry of Education acted promptly on the president’s directive and the November 13 summit was the outcome. Hope is kept alive! Except that nothing is new under the sun that shines on this land of wonders. For starters, this is not the first presidential summit on education. There was one in 2010, another in 2012, and yet another in 2015, at the instance of the Jonathan administration.

    In its news of the 2015 conference in December 2014, Daily Independent reported that “the Federal Government has concluded plans to organise another National Education Summit, where it hopes to review progress and challenges still militating against the sector” (my emphasis). It added that “the Federal Government, under President Goodluck Jonathan, convened the last education summit in 2012 where most stakeholders reeled out various challenges bedeviling the sector since the attainment of independence in 1960 and came up with far reaching recommendations that could salvage the system” (my emphasis).

    Why the emphases? First, the Jonathan administration summit proposed for 2015 was not the first education summit. Indeed, the same administration had held two previous summits on education. However, it could be argued, in the light of our traditional beliefs, that where a problem persists, we must assiduously seek for solutions. After all, an unceasing infestation of body lice condemns the fingernails to constant blood stain.

    Second, however, the 2012 summit was supposed to have provided “far reaching recommendations that could salvage the system.” Obviously, those recommendations fell short; hence the need for 2015, and then, 2017, if we just limit ourselves to presidential initiatives.

    There were of course stakeholders’ summits, state summits, and zonal summits on the Nigerian educational crisis. Sadly, the crisis appears to have only deepened, one manifestation of which is the recent decision of the Kaduna State government to fire almost 22,000 teachers for failing a competency test. That such a large number of primary school teachers failed a test designed for their students is a great embarrassment to the system and a grave sign of system collapse.

    But Kaduna State is not an outlier and similar or worse ailment afflicts other states. There are teachers with serious challenges in the use of English language. There are parents and teachers helping their wards cheat in examinations. When stakeholders pressed school systems on the high rate of failure in WAEC and NECO, many teachers and principals, including officials of state education boards and others in high places, respond with corner cutting.

    The result is that students pass external examinations, but they are neither employable nor admissible to higher institutions. Those who secure admission through an odious patronage system may buy their ways through the same means, but almost always end up as liabilities to themselves, their parents, and the community. When you input garbage, you get garbage as output.

    A rotten educational system does not just hurt individuals; it is a national disaster. No sensible person will doubt that without the natural endowment of oil reserves, which we have apparently managed to turn to a curse, an outstanding system of education can take the nation to the highest level of development. Look at Israel and other resource-challenged nations.

    What those nations have, that we lack, is a political system that creates strong institutions and throws up leaders with the right mix of skills, foresight and charisma, which enables them to identify development goals, thoughtfully plan and selflessly pursue their implementation with vigor, while combating challenges in their path. How else could a region implement free primary education with no oil revenue? And why, after enormous oil revenue since the early seventies, have we failed to move from free primary education to free university education? Why are we now contemplating charging fees for secondary education?

    The answer is simple. With our oil revenue, we created a monstrous system of patronage that has turned public service into a private enrichment system. Awolowo had no security vote. He and his colleagues had no special allowance for personal constituency projects. They certainly had no luxury of personal emoluments that surpassed those of the most developed nations of their time. They invested their regional resources in the development of their regions and the nation at large was the beneficiary.

    Almost all our present leaders from local government to state and federal levels are beneficiaries of the system that prioritized the education of citizens. Our educational system would not be in the dunghill now if every one of them had followed the example of those leaders who made it possible for their generation to step into their shoes.

    The Minister of Education is right on point: “Nobody has the moral and resource capacity to intervene promptly, substantially and sustainably in all areas of education provisioning better than government.” So much for the copout of “government cannot do it alone.”

    If there is will, the way is doubtless clear. The Minister pointed out that “from 1999 to date, the annual budgetary allocation to education has always been between 4% and 10%.” The recommendation of the United Nations for financing education is at least 26% of a country’s budget. As the Minister added, “none of the E9 and D8 countries other than Nigeria allocates less than 20% of its annual budget to education.” For 2018, Mr. President’s education budget is 7%. So, we know what the problem is.

    But we are told that the funds are not there. Civil servants are owed months of salary and pensioners are starving. However, the sacrifices are not shared equally, and it is unfair. If justice is the first order of social life, every member must bear an equitable share of the social burden, from the president down to the littlest citizen.

    For a start then, if education is understood as the means to a good life and a great society, its funding must be assured by society. We have an Education Trust Fund which is made possible by the sacrifice of corporate citizens. The political class also needs to make its contribution to that pool. This can be done by committing all security votes and all constituency project allowances to the rejuvenation of the education sector to get us to at least 20% of budget for the sector.

    Surely, money is not the cause of every problem in the sector. Traditional values have broken down and parental neglect is the foremost symptom. Bringing children into the world and abandoning them to the vagaries of social life is highly irresponsible. So is using them as income generators at a tender age when they should be in school. The more than 8 million out-of-school kids in Nigeria is a national shame. We are already paying the price in various ways.

  • OGFZA raises key issues at global trade summit

    The ease of doing business and public-private partnership in investment promotion, were among the key isues raised by the Oil and Gas Free Zones Authority (OGFZA), at this year’s Global Trade Development Week (GTDW), in Dubai, the United Arab Emirate (UAE)

    OGFZA, at the World Trade Organisation (WTO) conference, also harped on compliance with laws and regulations, governing trade and investment  and lowering cost of doing business

    The oil and gas regulator,  placed a premium on these four concerns as must-address imperatives in its three-year roadmap for the development of the nation’s oil and gas free zones.

    The theme of the conference was, “Navigating Global Trade & Reviving Global Growth: Implementing TFA and enhancing capacity across the public and private sector.” TFA, for Trade Facilitation Agreement, a WTO trade protocol which came into force on 22 February 2017, seeks to lubricate trade among member nations of the WTO that have ratified it.

    Delegates to the conference,  including four management staff of OGFZA interfaced  with more than 80 international experts in trade facilitation, international trade finance, customs administration, compliance issues and training, and also with  other delegates from the Middle-East, Asia, Australia, Europe and the Americas.

    The Economy Minister of the UAE,  Sultan bin Saeed Al Mansoori, said the theme of the conference was about ‘facilitating cross-border trading through simplification of procedures at borders and administration requirements, providing information and electronic procedures which help save time, reduce costs and improve customs and logistics standards.”

  • Edo’s Alaghodaro Investment Summit

    As Governor Godwin Obaseki of Edo State marks his first anniversary in office on November 12, there would be so much to talk about in the coming weeks on the Edo State Investment Summit, otherwise branded as Alaghodaro, which means ‘progress, moving forward and looking ahead’ in Edo language. It is another way of saying the future is here. Everywhere you turn in Benin City, the Edo State capital; you will find billboards and flag pole banners starring back at you in a welcoming gesture announcing the summit and critical areas of intervention to reset the economy of the state.

    The summit that would be declared open by Prof Yemi Osinbajo, Nigeria’s Vice President, is scheduled to hold from November 10 – 12, in Benin City, and the organisers have promised to reveal ‘Nigeria’s best kept secret’ at the summit. The essence of Alaghodaro has been aptly captured as “Envisioning the Future” by looking at 30 years from now. It is a bold and visionary endeavour by Governor Obaseki and the intention is for local and foreign investors to unlock the investment potentials in Edo State. Indeed, Alaghodaro is a march to greatness and a plan to own the future.

    By being forward looking and coming up with a strategic intent for creating wealth and prosperity for Edo State people, Obaseki is bringing his wealth of experience in the private sector, especially his investment-savvy credentials, to bear on his economic transformation agenda in Edo State. The very distinguished professor of strategy, Michael Porter of the Harvard Business School, says strategy is about winning by using your resources to gain competitive advantage through innovation.

    As a man of ideas, Obaseki has clearly continued on this path since he assumed office 12 months ago and it is evident that he is in a hurry to accomplish so much during his tenure. The governor is a technocrat and strategist and silent workaholic who would rather allow his performance record speak for him as he strives to win for the Edo State people. If you visit the website of Alaghodaro, it says the summit is aimed at bringing together “top Nigerian and international business leaders, investors, bankers, industry experts, policymakers and the academia to set the agenda for development”.

    The richest man in Africa, Aliko Dangote, will be leading a host of other serial investors and entrepreneurs to make presentations in what the organisers say would “spark innovation and inspire commitment to strategic deployment of capital for greater socio-economic and environmental impact”. Together with the Dangote Group, the Mahindra Group from India and Tolaran Group from Singapore are ready to showcase a $1.5 billion investment at the summit. A ground-breaking event would be the launch of Edo Industrial Park that would signpost the governor’s vision for the rapid industrialization of the state.

    In addition, the summit intends discover how Edo State will leverage its competitive advantages in the different sectors for sustainable economic growth. This critical outcome is expected to be achieved by private sector collaboration with the state government. The strategic pillars of the prosperity road map that would be unveiled at the summit as the government looks into the future include institutional reform, economic development, social welfare, environmental sustainability, and art, culture & tourism.

    Information from the Alaghodaro website further revealed that the Edo State Investment Summit was conceived with the following objectives in mind:

    • Bring together stakeholders critical to advancing business interests across a variety of industries.
    • Build important business relationships with key stakeholders such as investors, financiers, consultants, operators, project developers and government.
    • Acquire practical knowledge from top local and international business leaders and investors on the latest trends, opportunities and challenges across various fields of interest.
    • Gain valuable insight into Edo’s investment landscape and untapped potential in a variety of industries.
    • Explore prospects for joint venture or outright acquisition through public-private-partnership, privatization and commercialization of several state-owned enterprises.

    To set the tone for the summit and to demonstrate his commitment to succeed, Obaseki was at the London Stock Exchange recently to speak to a global audience on investment opportunities in Edo State. The sectors he talked about during the session discussing ‘The Nigerian Opportunity’ included mining, agro-processing, infrastructure, transportation, healthcare, arts, culture, tourism and education. With assurances of a favourable investment climate provided by the governor, global business leaders are encouraged to participate at the Alaghodaro Investment Summit.

    In a season of declining oil revenues, Obaseki says Alaghodaro is a response to that challenge through innovation by moblising human and private capital to open up non-oil sectors such as agriculture, mining, sports, technology, entertainment, arts, culture and tourism. The time has come for governors to completely innovate and think out of the box. The era of going cap in hand to Abuja for monthly handouts should become a thing of the past. Such monthly allocations ought to be considered as residual revenue while focusing on non-oil sector revenue to accelerate developments in their respective states.

    Indeed, plans are afoot to turn Edo State into a tourist destination through a re-branding effort that encourages ownership of the process by all stakeholders. The idea is to look at the culture and lifestyle of the Edo people; festivals, carnivals, tourist attractions and historical sites in view of the rich cultural heritage of Edo State. For example, Edo State Festival of Arts, Culture and Tourism, otherwise known as EDOFEST is planned to hold from December 17 – 22 in Benin City just as the Ososo Carnival has been scheduled to hold in Ososo in Akoko Edo Local Government Area of Edo State from December 23 – 30.

    These are just two examples to promote domestic tourism in the state. In addition, the state government has also targeted a critical audience by looking at diaspora citizens. It is an open secret that most Nigerians abroad are keen to either return home or have investments with organisations or individuals they can trust. Nigerians abroad send millions of dollars home every year but these funds can be properly harnessed for investment purposes in critical sectors that align with the Alaghodaro vision.

    There are several investment assets that may be considered by investors including our diaspora brothers and sisters. A good example is the AMES Edo Truck Transit Park which is an Edo State government public private partnership agreement (PPP) with Atlantique Marine and supported by the federal government through the Nigerian Shippers’ Council (NSC) that is constructing a modern Truck Transit Park (TTP) located in Benin City. The park is designed to conveniently accommodate about 1000 trailers on rotation basis. The park will also serve as a public rest area located off the road to provide temporary rest location for truck drivers.

    Another PPP example is the construction of an Inland Container Depot (Dry Pot) in Benin City also facilitated by Atlantique Marine. The objective of the project is to bring shipping activities closer to manufacturers and drive industrialization in Edo State and neighbouring states. On completion by 2018, the project is expected to be designated a Custom Port and receive the federal government approval as a Port of Origin and Destination.

    However, in order to successfully reset the economy during and after the Alaghodaro Summit, the strategy and economic team should explain in a document the incentives for investors who are deploying private capital. An investment guide would also be helpful and it should clearly establish how shared value that is sustainable can be created through PPP to encourage more investments from the private sector.

     

    • Braimah is a Lagos based public relations and marketing executive.

  • ‘WAPI summit to unlock market potentials’- Broll

    A commercial property services company, Broll Nigeria and a subsidiary of Broll Property Group, has emerged as the Platinum Sponsor of the third annual West Africa Property Investment (WAPI) Summit 2017. The summit, which is making its debut in Nigeria,  will hold on November 28 – 29, at Eko Hotel and Suites, Victoria Island in Lagos. It has as its theme: “Changing the West African Narrative”. The two previous editions had held in Ghana, with Broll as the Platinum Sponsor.

    The conference, billed to attract delegates from across the sub-Saharan region, will see participants discuss and share insights on the challenges facing investors and stakeholders in the region. Topics such as unlocking capital markets; growth in the  retail segment of the market, especially with the increased development of new shopping centres; student housing; as well as property and land valuations, among others, will be deliberated upon.

    Broll’s Chief Executive Officer, Mr. Bolaji Edu, revealed that the property markets in West Africa keep expanding and investors see opportunities in what is by global standard, still an immature and emerging market. This, he further explained, is why conferences such as this will make it possible for topical and relevant issues to be discussed, which will ultimately lead to improving the transparency, professionalism and knowledge base of investors, developers and occupiers.

    The summit, according to him, provides a platform for industry experts, property professionals and leaders of thought to discuss key issues relating to real estate investments in West Africa.

    “The economic improvement and stability in the forex market has brought improved confidence from corporates looking to take up new space and investors/developers. There is confidence that the recent fall in rental levels may have begun to bottom-out,”Edu said.

    Speakers at the summit  include Edu, Broll Head of Retail Management and Retail Leasing, Gavin Cox, and Broll’s Head of Occupier Services, Nnenna Alintah.

    According to Alintah, “corporate real estate services strategy is key to any property investment business and it requires paying attention to every detail before decisions are made. “We are currently working on an occupier service snapshot report on West Africa and this will be launched and discussed at the summit,”she said.

    In a similar vein, Cox added: “One of the issues we intend to highlight at the summit is the investors’ choice of either high street or shopping centre retail. Some experts believe that high street retail has more visibility when compared to being located within a mall.”

    Cox further noted that the retail sector in the country is facing tough times, as a result, international retailers interested in entering the Nigerian market have  since adopted a ‘wait and see’ approach in the light of the prevailing market conditions. “In addition to understanding the long-term growth potential of the retail sector, Nigeria is also seen as a much easier market to expand into compared to other western markets,” he said.

  • NIESV holds two-day summit

    A two – day summit is being organised by the Lagos State Branch of the Nigerian Institution of Estate Surveyors and Valuers (NIESV); it  will hold on November 7 and 8.

    According to the branch’s Publicity Ssecretary, Mr. Richard Olodu, estate surveying and valuation profession encompasses diverse fields of specialisation, including such land, building, engineering and Business, Estate agency, iInvestment advisory, property management, facilities management, eeal estate consultancy, project development and auctioneering, among others. He however regretted that practitioners were widely known for a few of areas perceived to be lucrative.

    Olodu said the summit will endeavor to put an end to this notion with various sessions created for capacity development of all cadre of members of Institution in these various fields of specialisation. For instance, he said the Master classes will focus on professional and technical development in line with international best practice in various fields with business insight for members.

    This summit is also an opportunity to promote the various faculties of NIESV created by its national body to improve service delivery to the public in these fields of practice. It is open for every member – Fellow, Associate and Probationer – in the estate surveying and valuation practice as well as everyone who is a stakeholder in the real estate industry.

  • Edo investment summit: Sustainable future beckons

    Edo investment summit: Sustainable future beckons

    The Edo State Government plans to host a three-day business/investment summit tagged “Alaghodaro Investment Summit.” With the theme “Envisioning the future”, it promises to be the template for leveraging a robust private sector partnership to open up investment opportunities in various sectors.  Asst Editor OKWY IROEGBU-CHIKEZIE reports that the state also plans to ride on the summit’s platform to domesticate the Federal Government’s Economic Growth and Recovery Plan (EGRP).

    The economic development agenda of the Governor Godwin Obaseki-led administration in Edo State is on course. The governor, who has not hidden his intention to strategically position the state for life without oil, has concluded plans to unveil an economic blueprint fashioned after the Federal Government’s Economic Growth and Recovery Plan (EGRP) launched by President Muhammadu Buhari in April.

    The EGRP, a 168-page medium-term economic plan, charts a course for the economy over the next four years. Its vision is to boost growth, invest in Nigerians, and build a globally-competitive economy. It envisages that the economy will return to sustainable, inclusive and diversified growth, and also transform Nigeria from an import-dependent to a producing economy.

    The EGRP document has been described by many experts in economics and public administration as a well-articulated principles for managing the economy. Dr. Alex Oti, a banker, said: “The EGRP represents the first blueprint by this administration to not only deal with the present economic meltdown, but also ensure growth in the medium term.”

    This is why, in line with its provisions for the growth of the non-oil sector, the Obaseki-led government plans to use the platform of the maiden edition of its summit tagged “Alaghodaro investment summit” to unveil a domesticated EGRP. The summit with the theme “Envisioning the future” will hold in Benin City, the Edo State capital.

    Alaghodaro is a Benin catch phrase meaning ‘Progress’ or ‘Moving forward.’ According to its organisers, it will bring together top-notch Nigerian and international business leaders, investors, bankers, industry experts, policymakers and the academia, to set the agenda for the state’s development. It will showcase how Edo intends to partner the private sector to leverage its competitive advantage in various sectors for sustainable  growth.

    With the state’s economic development plan geared towards opening up investment opportunities, with priority given to initiatives that prioritise its competitive advantage in agriculture, the summit, The Nation learnt, will showcase the administration’s ambitious agricultural programmes that gave birth to the Edo Fertiliser and Chemical Company aimed at boosting the local production of fertiliser.

    The Edo Fertiliser Plant and Chemical Company Limited, recently inaugurated by Vice President Yemi Osinbajo, in Auchi, is a public-private venture, which can produce about 60,000 metric tonnes of fertiliser yearly. Also to be paraded at the summit is  Saro Farm in Sobe, Owan West Local Government Area, where harvest is ongoing.

    No doubt a template for leveraging a robust private sector partnership to open up  investment opportunities, the Saro Farm is the outcome of a Public-Private Partnership (PPP) initiative with Saro Agro Sciences Ltd., a leading company in agribusiness. It was conceived by Obaseki to create jobs for youths across the state.

    According to Obaseki, the maize farm was part of his administration’s accelerated agriculture initiative to boost job creation in the state. He told excited and expectant indigenes that between 50, 000 and 80, 000 agricultural jobs would be created before the end of the year in the state. The first phase of the initiative targets job creation for 1,000 farmers through the cultivation of 5,000 hectares of maize farms across five local government areas of the state.

     

    The road to an industrial hub

    Apart from agriculture, which has got a major boost with the adoption of contract farming, partnership with SARO Group on maize farming, the state government under Obaseki’s watch is also making frantic efforts to industrialise the state and create jobs.

    For instance, the Edo Industrial Park, which has received positive reviews by analysts, will top discourses at panel and technical sessions during the summit.

    On completion, the park will be linked to the Azura-Edo Independent Power Plant (IPP), under construction. The project is situated close to Nigeria’s main trunk line, the Escravos Lagos Pipeline System (ELPS), which is only 1km from the Azura-Edo project site.

    Aside these, there is a plan to transform the state into a transport hub, with the anchor being the Gelegele Seaport, which would aid the evacuation of agricultural produce for local and global markets.

    The resulting jobs that would be generated from these ventures are expected to usher the state into a new order of economic growth. The 200,000 job target will be reviewed at the event with the sectors that can produce the highest number of jobs, as encapsulated in the EGRP.

    Infrastructure is also top priority for the Obaseki administration. This informed the creation of a separate Ministry of Infrastructure in the state to drive the realisation of the Gelegele Seaport, the expansion of the Benin Airport in partnership with the Federal Government and the construction of intra-city and inter-state roads, among other projects.

    Perhaps, more importantly, the Ease of Doing Business also received the EGRP attention. For instance, Nigeria is ranked 169 out of 190 countries on World Bank’s ‘Ease of Doing Business’ index. The plan envisages improved ranking to 100 during the EGRP.

    Consequently, the government as part of removing barriers to trade and investment, signed the Private Property Protection Law. The law criminalises the  Community Development Associations (CDAs) activities. The CDAs were notorious for harassing land owners by making them pay illegal levies and selling people’s property until the PPA Law was put in place by the Obaseki-led government.

    The passage of the PPP law effectively outlawed land speculators and grabbers, who for years tormented investors.This has cleared the space for investors to site factories and industries in parts of the state without fear of intimidation from anyone.

    As part of its vision of making the state accountable, transparent and a darling for local and foreign capital inflows, the  government  insists on the adherence to its public procurement laws in sourcing of services and goods, which eases business transactions with the State Government.

    Shedding light on the planned summit, Chairman of the Planning Committee, Asue Ighodalo, said: “The summit is designed to foster knowledge sharing, build relationships, spark innovation and inspire commitment to strategic deployment of capital for greater socio-economic and environmental impact.”

    Ighodalo, an investment lawyer, sits on the board of Nigerian Economic Summit Group (NESG). He has been the chairman of Sterling Bank since 2014  and director of private companies and non-governmental organisations (NGOs),including the Christopher Kolade Foundation, FATE Foundation, Lagos State Lottery Board, Main Street Technologies Limited, Union Bank (UK) among others.

    It is easy to see why the government through the summit is engaging investors and thought leaders on the immense potential that the state has. For instance, on a scale of one to 10, Edo ranks eight as the most likely state to be self-sustaining for its natural resources. The state has oil, immense potential in water and other natural resources, a population that can easily attract outside and foreign investments.

    Despite, Obaseki is cautious that this may not last. He said: “Oil has been the driving force of our economy both at the national and state level. The real challenge for us as a people is not necessarily what happens now, but what happens when the oil wells dry up and we can no longer generate foreign exchange from the sale of oil.”

    The governor said: “Alaghodaro is the response of the government of Edo State to this challenge. We understand that to ensure a sustainable future for our children we must take deliberate action today towards developing the non-oil sectors and diversifying our economy.”

  • GPP summit targets finance partners for infrastructure devt

    GPP summit targets finance partners for infrastructure devt

    The value of Nigeria’s infrastructure stock (road, rail, power, airports, water, telecoms and seaports) is only 35 per cent of the gross domestic product (GDP). This is a far cry from some of the emerging market countries’ average of 70 percent. To attain a considerable increase in this area, it is estimated that the country needs to invest $3 trillion in infrastructure over 30 years.

    However, experts agreed that the government was not in a position to singularly make this a reality, except it sourced for private financing.

    “It is, therefore, critical that Nigeria leverages private financing opportunities for infrastructure development from global institutional investors through Public Private Partnerships (PPP),” said Managing Director/Chief Executive of Global Property Partners (GPP), Mr. Emmanuel Odemayowa.

    Odemayowa said GPP, a consortium of firms with diverse interests in real estate and infrastructure development, would organise a summit on infrastructure development in Lagos on October 26.

    Vice President, Prof. Yemi Osinbajo, will be the special guest of honour. “This year’s summit is to create a platform for the engagement of global institutional investors for infrastructure development. The summit aims to raise Partners to Finance the National Economic Recovery Goals with regards to Infrastructure Development,” he explained.

    The summit, with the theme: “Infrastructural development as catalyst for economic growth”,  will focus on creating avenues to generate sustainable income and wealth through global partnerships, innovation and sound investments. Among the issues to be discussed are investment opportunities in Africa and beyond; mobilising institutional investments for infrastructural development and current government policies and regulations on public-private partnerships. There will also be networking opportunities with distinguished business executives and corporate leaders in the national and global infrastructure finance sector at the Summit.

    The summit will attract key players in infrastructure finance and development, both locally and internationally, including Dr. Zhao Changhui of China EximBank; Mr. David Smith of the British African Business Alliance and the Minister of State for Power, Works & Housing, Mustapha Baba Shehuri.

    Also billed to speak at the summit are Mr. Bismarck Rewane of Financial Derivatives Company; Dr. Joseph Nnanna, Deputy Governor, Financial System Stability of the Central Bank of Nigeria; Ms. Yewande Sadiku, Director-General of the Nigerian Investment Promotion Commission; Arc. Gbenga Onabanjo, Chairman of GPP and Olabintan Famutimi, President of the Nigerian-American Chamber of Commerce, among others.