By Okeoghene Akubuike

With the continuous increase in the price of bread, many residents of the Federal Capital Territory (FCT) say they are struggling to keep up with the cost of the staple food.

The residents, who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, pleaded for the government’s intervention.

They expressed concern that bread is slowly becoming a luxury item rather than a basic necessity.

The latest National Bureau of Statistics (NBS) Food Price Report for February  2024, said the average price of 500g sliced bread increased by 89.48 per cent on a year-on-year basis from  N553.03 recorded in February 2023 to N1,047.86 in February 2024.

While the report said on a month-on-month basis, 500g sliced bread increased by 15.91 per cent from  N904.02 recorded in January 2024.

Mr Sumaila Yusuf, a civil servant, said it had become difficult to buy bread because of the increase in price .

“ It has been tough buying and consuming bread these days.

“As a matter of fact, bread is now treated on the list of special foods that we go for occasionally and it is no longer a routine item that must be on the shelf at all times.

“Sometimes I ponder on why I should keep consuming bread with an almost daily increase in the prices of loaves.

“I can recall that this time last year, I was buying Imperial Bread for N800 but it was sold for N1400 about a month ago when I last bought it.

“Also, Delight Bread small loaf was N600 but it is now  N1, 200. I can go on and on. The government really needs to intervene and help regulate the price,” he said.

Mrs Biodun Ajakaiye,  a businesswoman, said the increase in the price of bread had led to a reduction in its consumption in her house.

“I used to buy two family loaves for my family of six and we used to eat bread twice a week but with the increase we now eat bread once a month.

“The last bread I bought was N1, 700.  So two loaves for my family will be N3400. How can we spend that amount on only bread twice a week?

“We just had to advise ourselves and replace eating bread with Akamu and  Akara,” she said.

Mrs Ella Anyanwu,  a civil servant, said the increase in bread price had affected her family’s consumption of it.

Anyanwu also said in spite of the increase, the quantity and quality of some bread had reduced and she called on the government to intervene.

“The price of bread increases geometrically and the quality and quantity also reduce daily. Some are not properly baked due to the high cost of baking items hence they spoil easily.

“A loaf of bread that was being sold between N950 to N1,000 early this year, increased to N1,300 then to N1,600 currently making affordability very difficult because one needs to buy like three loaves to meet the needs of my family.

“If bread that is a common food for a common man can be so expensive, how can Nigerians survive in this harsh economic situation?

“Therefore, the government should endeavor to look into the cause of its increasing cost as well as other food items and intervene to cushion the effect,” she said.

A trader, Musa Ahmed,  said he still ate bread but went for the smaller sizes because of the price increase.

According to him, I used to buy a loaf of N500 bread but it is now N1,000, so I  now buy the  N400 loaf which used to be N300, and manage myself.

Peace Samuel, a manager of one of the big bakeries in Abuja, attributed the increasing cost of bread to several factors, including the Ukraine war, foreign exchange increase, and inflation in the country.

“ Two to three months ago, our  900g family loaf was supplied to distributors at a rate of N930, while it was sold to final consumers at N1,100.

“But presently, the same loaf is supplied to distributors at N1,100 and sold to final consumers at N1,300.

“Similarly, the 1,200g Jumbo loaf that was sold to final consumers at N1,200 is now being sold for N1,600.”

Samuel, however, said in spite of the drop in dollar, the cost of raw materials such as flour and others used to make bread was still on the rise.

“As of March 22, the price of flour has witnessed another increase of between N1,500 to N2,000, depending on the brand.

“This continuous surge in prices has led to many bakeries shutting down.”

She also said that suppliers sometimes create artificial scarcity and increase prices, knowing that customers have no choice but to buy.

According to her, this is harming the bakery business, and many people are losing their jobs.

Samuel recalled how the government’s intervention helped with the reduction in prices of flour when the Master Bakers Association went on a nationwide strike in February.

“When we went on the strike, the government intervened to an extent and the price of 50kg flour was reduced immediately from  N55,000 to N50,000.

“However, the price has gone up again, ranging from N53,500 to N57,000, depending on the brand.

“The government needs to understand that the continuous rise in the cost of bread is creating a ripple effect that is affecting the entire economy, therefore, the government really needs to intervene,” she said. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

By Yunus Yusuf
Hajia  Aisha Mahmud, Commissioner, Customers Affairs, Nigerian Electricity Regulatory  Commission (NERC), has cautioned electricity consumers against self- procurement of  transformers, cables and accessories without formal agreement with distribution companies.

Mahmud  gave the warning at the commission’s three-day Customers Complaints Resolution Meeting with Eko Electricity Distribution Company’s customers on Friday in Lagos.

The News Agency of Nigeria (NAN) reports that customers at the forum were drawn from Lekki Business Unit which covers Lekki Phase, Ilasan, Ikota, Ikate, Ikate-Elegushi, Osapa, Chevron, Igbo Efon and Agungi.

According to her, lt is not the responsibility of the customers to procure transformers for the DisCos.

“In the event that such happens, the customers and the DisCos must sign an undertaking, so we still say do not buy the transformers,” she said.

The commissioner further explained that the Meter Asset Provider (MAP) offers vendor and DisCos financing options for prepaid meters.

Addressing the funding constraints within the Nigerian Electricity Supply Industry (NESI), particularly concerning the National Mass Metering Scheme, she underscored the ongoing financial struggles experienced by industry players.

She highlighted the critical need for adequate funding and financing mechanisms to support initiatives aimed at improving metering infrastructure and addressing the metering deficit in Nigeria.

Mahmud said, “The Minister of Power, Mr Adebayo Adelabu, is actively engaged in efforts with the Presidential Metering Initiative (PMI), and with adequate funding, the government could potentially eliminate the metering deficit within one to two years, depending on the availability of funds.

“Customers often overlook their rights and entitlements; paying for electricity should guarantee not just power but a superior service experience, and customers should assert their rights to quality service when paying their bills.

“It is crucial for customers to understand that investing in the distribution network, including transformer purchases, is not their responsibility as consumers.

“While the cost is factored into the electricity tariff, if customers choose to invest in infrastructure like distribution transformers, the law permits DisCos to incorporate the investment into the tariff, enabling them to earn returns over the asset’s economic lifespan.

“If about N100 million, for instance, is invested in the purchase of the transformers by the DisCos, it is expected to be spread over fifteen years within the economic life of that asset, and recovery of the cost gradually deducted by customers’ billings.

“We expect the DisCos to use the IGR to fund whatever purchase or use credits to purchase the assets.

“But in the event that they cannot do that and given the liquidity crisis within NESI, the books of the DisCos are already in red.

”So that NERC came up with the regulations, customers can fund the purchase of the DT meters, and they will be refunded.

“In this case, what the regulation stipulates is that the customers have to sign an agreement with the DisCo stating that a certain amount of money has been used to purchase the transformer, and a refund will be made over a certain number of years based on the agreement with interest and dispute resolution clause.”

Mahmoud, therefore, cautioned that it was not the responsibility of the customers to procure transformers for the DisCos.

She  added that in the event that such happens, the customers and the DisCos must sign an undertaking.
“The issue is that customers do not know their rights and duties on what they are supposed to do.

“When customers pay for electricity,  it is not only electricity but also for services, and they should demand for effective service .

On Investment in network, Mahmud urged customers not to buy transformers and poles.

“We expect the disco to use their IGR, bank and investment.

“Its not the responsibility of customers to buy transformers.

“But in the event that they have to do that, they must ensure an agreement is signed for refund,” she added.

Also, Mrs Susi Eonwuka, Head, Lagos Office of the Federal Competition and Consumer Protection Commission (FCCPC), urged distribution companies to design effective feedback mechanism in responding to customers’ complaints.

Eonwuka, however,  assured electricity consumers that the regulator through the forum will address all concerned areas.

She said that the Customers Complaints Resolution forum was designed as one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues within Eko Electricity Distribution Company franchise areas.

She said that the forum is an intervention to bring all the stakeholders together to listen to consumers’ complaint and resolve them.

She added that FCCPC would also get commitment from Discos on a time-frame within which these complaints have to be resolved.

“The major complaints received from all over the country is on over billing, community transformer problems, disregard of metering and regulations from NERC with respect to disconnection, energy tapping, tariff band classification

“Other issues also have to do with account reconciliation, adjustment bottlenecks, disconnection without notice, and billing before connection of the billed property with electricity.

“These are issues that are very serious for consumers, and when they request reconciliation most time the DISCOs are not forthcoming.

“That is why complaints are brought to the NERC and FCCPC, which is the last resort apart from the court,” she said.

In his remarks,  Mr Osakuni Emmason, Secretary, NERC Eko Forum, urged electricity consumers to ensure  that  metering  and  other  electrical  equipment within  their premises  belonging  to  the  DisCo  are  not tampered with, or by-passed.

Emmason said that customers should also notify  the  DisCo  serving  within their jurisdiction  of  any  outstanding electricity bill before moving into new premises.

He said that unauthorised  access,  which  includes  illegal  connection,  meter  by-passing  and  tampering  as  well  as  several  other  physical  methods  to evade payment for electricity consumption, constitutes a serious crime.

According to him,  ln  addition  to  sanctions  approved  by  the  Commission,  the National  Assembly  is  also considering  a  request  to  criminalise  it with severe punishments.

”As at February 2024, EKEDC has 435,970 metered customers,  691,967 customers and 255,997 unmetered customers.

”On Maximum Demand meters, EKEDC recorded 7,057 prepaid meters on MD customers, 17,004 metered on MD customers and 9,870 post- paid meters on MD customers.

”On energy theft and meter bypass,  EKEDC has 745 customers,  recorded 18,500,000,00 reconnections, 17,085,000,00 recorded on administrative charges and 123,510,671.8 was recorded on revenue loss,” he added.

Reacting, Mr Odozimba Iheakanwa, Power Committee Chairman, Lekki Estates Residents and Stakeholders Association (LERSA),  demanded a timeline for all the issues that had been raised by the customers within the Lekki-Ajah-Epe axis.

According to him , it does not make any business sense for customers of the utility companies to continue to complain over the same issues despite all sorts of engagement forum where the issues have been raised between the various critical stakeholders.

“EKEDC has been coming to take money from us and so we deserve adequate supply of electricity and satisfactions in the delivery of services.

“Customers within the Lekki- Ajah axis deserved to be treated with maximum respect. There must be promptness in response to issues within a time frame.

He further expressed dismay over attitude of the top management of EKEDC to concerns raised by the LERSA.

According to him, all the complaints have been itemised but nothing has been done to address the issue.

He, therefore, charged the management to be receptive to accomodating concerns of the customers within 1004 Axis to the Epe Corridor.

He also emphasised that efforts have been made in recent times to encourage the Lagos state government to hand over the Lekki 132/33KV 120MVA GIS substation to the EKEDC to improve supply within the axis. (NAN)

Edited by Olawunmi Ashafa

By Rukayat Moisemhe

Michael Ervin, Senior Foreign Service Officer, United States Consulate, Lagos, says access to capital for young companies and an enabling environment for technology start-ups will enable new perspectives to Nigeria’s economic growth and development.

Ervin made the call at the American Business Council (ABC) Economic Update on Tuesday in Lagos with theme; “Navigating the Start-up Landscape in Nigeria amidst Economic Challenges”.

He described start-ups as the lifeblood of any thriving economy and pioneers that carve new paths into uncharted markets.

He added that these set of businesses were the engine of job creation and the launch pad for the next generation of groundbreaking technologies.

Ervin noted that while start-ups might be small at first, their growth potential was tremendous, particularly as they hired local talent, injecting a surge of energy and opportunity into the Nigerian communities.

“So, what more can we do? How do we continuously leverage this vital force for social well-being and economic development?

“We need an environment that fosters risk-taking. We need access to capital for these young companies. We need to celebrate not just the successes, but the journey itself, the audacious spirit that dares us to dream big,” he said.

Ervin stated that in view of the above, the U.S. mission and ABC in 2023, launched an associate membership category for U.S. incorporated startups, admitting them into a community of established global businesses where opportunities could be expanded.

He noted that in 2023, the technology sector contributed over 17 per cent to Nigeria’s Gross Domestic Product (GDP), almost doubling the revenues from oil and gas.

According to him, U.S. venture capital firms have invested heavily in African tech startups, with over 60 and 40 per cent of venture capital funding in Nigeria and Africa, respectively, coming from the United States.

This, he said, meant that technology was a driving force, a fundamental force of Nigeria’s prosperity.

He urged all start-ups registered in the United States to join the American Business Council and leverage the opportunities that exist therein.

Ervin affirmed that the United States had been committed to fostering collaboration with Nigeria across the sectors of agriculture, education, healthcare, power, technology, and other vital areas for development and economic growth.

“Up to 60 per cent of African start-ups are incorporated in the United States, and this figure jumps to 80 per cent when considering Nigeria alone.

“In 2022, African start-ups raised 4.6 billion dollars, translating to an average of over one million dollars every two hours.

“In spite of the global downturn in Venture Capital funding last year in 2023, the United States still accounted for about 40 per cent of the nearly three billion dolars raised by African star-tups last year.

“These numbers indicate that we have a strong interest in supporting the growth of not just the start-up ecosystem, but the digital economy of Nigeria, of Africa, and clearly Nigeria is a key market in that equation,” he said.

Mrs Magaret Olele, Chief Executive Officer, ABC, noted that they were various opportunities for economic growth through the start-up space.

She said the council was committed to recognising and identifying these start-ups, understanding their challenges, point them to opportunities and show them the agencies to go, to help them upscale.

“We are training them to build more employability with banks and other spaces, thereby closing the gap in terms of employment and having exportable talents.

“We are also committed to building parameters that would engender female inclusion in the start-up ecosystem to foster gender equality and equity in the technology space,” she said.

Mrs Folashade Ambrose Mebedem, Commissioner for Commerce, Cooperatives, Trade and Investment, Lagos State, noted that the state boasted of quite a number of unicorns that had been birthed in it.

The commissioner said the state continued to provide support to a number of start-ups, particularly given the current challenging economic situation.

According to her, the Governor of Lagos, Mr Babajide Sanwo-Olu, has disbursed about N500 million to start-ups and continues to engage with them to identify their areas of needs and investments.

“Under the THEMES Plus agenda, the Lagos State government is committed to driving economic prosperity and growth by strengthening the organised private sector, alongside women and youth owned businesses.

“We would continue to identify formidable partners to work with, to drive women inclusion and achieve great successes in the start-up space,” she said.

Mrs Omoboye Odu, Head, Global Corporate Division, Ecobank, said the Nigerian entrepreneurial spirit was undeniable as brilliant minds came together on a daily basis to form ideas that shape the future of the country.

Odu noted that the dynamic environment had the potential to be engines of the future which required more than just a brilliant idea.

“This is where institutions like Ecobank steps in, in recognising the transformative power of start-ups.

“Our renowned partnership offers loans, advisory services for business and job creation across the continent and we remain committed to providing crucial financial and advisory support,” she said.

Mrs Yemi Keri, Founder, Rising Tide Africa, an Angel Network with Investment Pieces, said the firm had invested $1.98 million in about 35 start-ups.

She, however, noted that Nigeria was still at the surface, in terms of technology, stating that there existed massive opportunities not just for traditional but for emerging technologies.

“In terms of the Start-up Act, the implementation is where we are at now and some of the policies in the Act have not really identified and looked at the gender lens in the way we expected it to.

“Government needs to improve on the ease of doing business, while we encourage more women to become angel investors and hand-hold many female start-ups founders and guide them in the ecosystem,” she said.

Mr Yakubu Musa, Acting National Coordinator, office for Nigerian Digital Innovation, National Information Technology Development Agency (NITDA), said over 12000 start-ups have registered under the National Start-up Act.

Musa added that there were also over 1,000 angel investors and the next phase under the Act was to create profiles, verify stakeholders and engage several state governments to domesticate the Act. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

By Lydia Ngwakwe

The Association of Private Practising Surveyors of Nigeria (APPSN) has urged private surveyors to equip themselves with the knowledge and skills needed to manage their finances effectively.
APPSN, a sub-group of the Nigerian Institution of Surveyors (NIS), Lagos State Branch, gave the advice at its 2024  Annual General Meeting and luncheon, on Wednesday, in Lagos.
The News Agency of Nigeria (NAN) reports that the meeting had the theme: “Sustainable Financial Solutions and Understanding Financial Literacy as a Private Practitioner.”
The programme aims to empower private surveyors with the financial knowledge and literacy they need to run their practices more profitably and ensure their long-term financial well-being.
The Chairman, APPSN, Mr Ibironke Adaranijo, noted that financial knowledge was a must-have skill for private surveyors in today’s world.
Adaranijo said financial knowledge would enable surveyors to excel in their business at the long run.
“In a world where financial stability is paramount for success, our theme underscores the critical importance of equipping ourselves with the knowledge and tools necessary to navigate the complexities of financial management effectively.
“As private practitioners in the field of surveying, understanding financial literacy is not just advantageous, it is indispensable for sustainable growth and prosperity,” he said.
The Guest Speaker, Mr Omoniyi Shiwoku, the Managing Director, Pecuniary Professionals and Variant Pecuniary Consulting, who noted that the theme of the event was apt, said it fits the situation currently facing the country.
Shiwoku advised the professionals to set a solid foundation for themselves by being financially literate, saying the major reason businesses failed was lack of planning.
He emphasised the need for them to be financially literacy, adding that it would provide surveyors with a framework to understand the “why” and “how” of money management.
This, he said, would equip them to make sound financial decisions that would contribute to their business’s stability and growth.
He said: “Financial literacy allows surveyors to analyse their income and expenses, understand financial products and services, and make informed choices about saving, investing, and borrowing.
“They can assess risks and potential returns before committing to financial decisions that could impact their business’s success.”
Mr George Olawande, Member, Representing Amuwo-Odofin Federal Constituency at the National Assembly, advised the organisers to always invite experts with the requisite knowledge about financial literacy in their midst to do justice to the topic.
He said that the knowledge which the expert would share would help private surveyors to avoid making risky financial choices that could hurt their business.
This, he said, would help them to weigh the pros and cons before borrowing money, investing, or spending.
Olawande was represented by one of his aides, Mr Robert Obasi.(NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

By Grace Alegba

The Infrastructure Report by Coronation Group, an African financial services, has highlighted private sector participation in funding of infrastructure projects as catalyst for economic growth and societal advancement.

Aigbovbioise Aig-Imoukhuede, Managing Director of Coronation Asset Management, at the unveiling of the maiden edition of the report on Thursday in Lagos, said that private sector investment remained necessary, especially in an environment where public resources were often limited.

The Infrastructure Report revealed how private sector investment were reshaping the landscape of infrastructure development.

It emphasised the imperative of private sector participation in funding infrastructure projects and underscored the pivotal role that infrastructure investments play in driving economic growth and societal advancement.

The report also identified the key challenges and opportunities within infrastructure development, providing invaluable insights to stakeholders.

From aging infrastructure to emerging technologies, the report navigated through a spectrum of sectors, offering practical solutions and best practices to propel progress forward.

Aig-Imoukhuede described the significance of the maiden Coronation Infrastructure Report as a pivotal moment in fostering dialogue on infrastructure financing across Africa.

“With infrastructure playing a critical role in driving economic growth and societal development, the report catalyses informed discussions.

“By shedding light on the challenges and opportunities in infrastructure financing, it lays the groundwork for efforts to address Africa’s infrastructure needs and unlock its full potential,” he said.

Guy Czartoryski, Head of Research at Coronation, highlighted the commitment embedded within the report to deliver comprehensive insights into the infrastructure investment landscape.

“By meticulously analysing the intricate dynamics of infrastructure investments, the report serves as a beacon of knowledge, guiding stakeholders through the complexities of infrastructure financing across the continent,” he said.

Edited by Olawunmi Ashafa

By Lucy Ogalue

The Nigerian Export Promotion Council (NEPC) has called for more support from the World Trade Organisation (WTO) and the International Trade Centre (ITC), to boost women led export businesses in the country.

The Executive Director/Chief Executive Officer of NEPC, Nonye Ayeni, said this at the SheTrades Nigeria Hub Interactive Session with the WTO and ITC in Abuja.

The News Agency of Nigeria( NAN) reports that SheTrades Nigeria Hub was initiated in 2016 to deliver tailored capacity building and business generation activities for women in Nigeria.

Ayeni said: “we will also use this opportunity to appeal to WTO and ITC for more support for the interest of the women and interest of Nigeria in general.

“I thank the WTO and indeed ITC team for your support over the years, a lot has been done.

“I appreciate your contributions to the success of NEPC and the success of Nigeria, especially as it relates to export and what you have done specifically for women.

“We have seen women who were not doing anything and suddenly they are able to provide for their families.

“We all know that once you train a women, you have trained a community, you have trained a whole nation. So kudos to all the women, let’s leverage on this opportunity and make sure that we do our best,” Ayeni said.

According to the NEPC boss, the focus of the event is to strengthen further, the partnership between WTO, ITC and NEPC as the host-implementing agency for the SHE Trade hub.

“Through this collaboration, we are working with the private and public sector and women in export development programme have recorded some successes.

“In terms of provision of better trade, opportunities for women engagement with women to build a support network and access to information and resources for women led Small and Medium enterprises (SMEs).

“Knowledge and experience sharing for successful female exporters to provide guidance and mentorship for upcoming women entrepreneurs among others.

“I am delighted to say that since 2016, NEPC has registered 29,000 exporters while almost about 8, 000 are women and the numbers are increasing.”

While reiterating other programmes by the council for women, Ayeni said over 4, 000 women had benefited from the SheTrade programme, which was a game changer that would be leveraged on.

Meanwhile, the WTO Director-General, Dr Ngozi Okojo-Iweala, emphasised the important of trade to economic development of any nation.

“Trade has helped to lift more than one billion people in the world out of poverty.

“A research we have done at the World Trade Organisation shows that women who export, earn almost three times more than those who sell domestic goods.

“So being able to export increases your well-being, your living standards, your income, and you can help your family and the nation more.

“And that is why we came to Nigeria to inaugurate a series of programmes that we hope will be beneficial to the country, including our women,” she said.

According to Okojo-Iweala, one of the most important things to consider in export is meeting certain standards and quality expectations of a country.

The WTO director-general reiterated the commitment of the organisation in supporting women businesses to achieve standardisation and get certification for their exported products.

Okonjo-Iweala recalled that the organisation recently inaugurated a 50 billion dollar fund programme aimed at helping women trading digitally.

“So many people are trading digitally, e-commerce, what we are trying to do is to use this one to help you add a scale of your business; improve the quality of what you doing.

“So I implore you not to get discouraged because I know you meet all kinds of obstacles along the way,” she said.

For her part, the Deputy Executive Director, ITC, Dorathy Tembo, also reiterated the importance of trade.

According to her, no country has been able to develop without substantial trade and Nigeria is not left out.

She expressed willingness of the ITO to continue to partner with Nigeria to ensure standard and certification of their exported agricultural products. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

By Angela Atabo

A group of academicians have emphasised the need for Nigeria to join BRICS, an economic bloc comprising Brazil, Russia, India, China and South Africa for economic transformation.

The experts made the call at a summit in Abuja on Tuesday, with the theme: “BRICS+ And Global South Collaboration; Problems and Prospects”.

According to Prof. Williams Ijoma, President, United Nations Economic and Social Council Foundation, BRICS countries operate as an organisation seeking to further economic cooperation among member nations and increase their economic and political standing in the world.

“Nigeria joining BRICS is a gateway to boost its influence around the world, no doubt about it. This is based on the abundant human and natural resources to leverage on.

“UNESCO in collaboration with Universal Migration Enlightenment Centre is committed to increasing public awareness of the noble goals and prospects of BRICS and its power and impact on all aspects.

“Let me state unequivocally that Nigeria is ripe to become a member of the organisation.

“Already, the authorities are towing the path which I consider germane in our collective bid to strengthen the naira; revive the economy and enhance good governance,” he said.

He commended the Federal Government led by President Bola Tinubu, for his efforts to reposition the economy and making moves to join BRICS.

He called for synergy among Nigerians to achieve the set goal of becoming a member of BRICS, thereby, putting the country back to global reckoning and free itself from economic strangulation policies of the West.

Prof. Maurice Okoli, Fellow, Institute for African Studies and the Institute of World Economy and International Relations, Russian Academy of Sciences, said Nigeria joining BRICS was of great advantage.

“Nigeria joining BRICS will not affect her membership in other organisations.

“As a country you can belong to so many organisations, what you are looking for is how to grow your economy to ensure your people benefit economically,” he said.

Also, Prof. Ajibade Biodun, Founder, Horizon International University, Nigeria, said that joining BRICS would lessen the western grip on the country.

According to Biodun, it is time for us to look inward for vision able to sustain economic delivery.

“BRICS is the right way to go, South Africa went with BRICS years ago and has advanced economically.” (NAN)(www.nannews.ng)

Edited by Chinyere Bassey/Folasade Adeniran