By Yetunde Fatungase

An expert in Economics, Dr Obindah Geshon, on Thursday in Abeokuta urged the Federal Government to look into extending the country’s rail network towards the border regions.

Geshon, in his lecture at the 38th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), said this would help the country’s economy.

”This will help to tackle some of the challenges bedeviling the manufacturing sector,” the Associate Professor of Energy and Sustainability Economics at the Department of Economics and Development Studies, Covenant University in Ota, said.

The News Agency of Nigeria (NAN) reports that the AGM has as its theme “Re-engineering Economic Pathways for the Growth and Advancement of the Real Sector- Current Realities and Future Prospects”.

Geshon pointed out that if rail transportation was extended to the border areas, the pressure of increase in price of petrol and diesel would not affect cost of manufactured goods.

He also urged government to support manufacturers with cheap credits, just as it should create an enabling environment which would “boost their confidence in an uncertain economy”.

“Government needs to look at transportation, particularly rail transportation, which should be extended to all states and the border countries around.

“If the rail transportation is in place, all of the pressure of increased price of PMS and diesel will not affect the cost of manufactured goods.

“Government also needs to address logistics at the ports  —- the pricing and the time frame,” the Associate Professor said.

Geshon however, tasked manufacturers on the need to source inputs locally, saying this is a sure pathway to growth.

He noted that the fluctuation of the foreign exchange is adversely affecting the value of the Naira.

”In view of this, there is no sense in sourcing raw materials in dollars to produce goods that would be sold in Naira.”

Geshon also urged them to invest in renewable energy, and not individually but collectively as a body.

In his submission, Gov. Dapo Abiodun of Ogun noted that energy which has continued to be the driving force of the manufacturing sector has been unavailable as it should be.

“Successive administrations have not been able to proffer lasting solutions to the challenges of energy availability,” he said.

Abiodun, who represented by the Secretary to the State Government (SSG), Mr Tokunbo Talabi, lamented that a sizeable number of manufacturing firms have folded up.

He said this was due to irregular power supply and high cost of petroleum products, resulting in a rising unemployment rate in the country.

“It was with that determination to change the narrative and redirect our economy for greater performance in the real sector that the present administration summoned the courage to address the age-long conundrum in the upstream sector of our oil industry.

”This is through the deregulation policy that has led to the removal of subsidy,” the governor said.

Earlier in his address, the Chairman of Ogun chapter of MAN, Mr George Onafowokan, said manufacturers were groaning under the weight of diverse taxes by federal, state and local government agencies.

“These are bodies who regulate the same manufacturing process, using same checklists.

“This often resulted in multiple charges and increase production costs for the manufacturers.”

He then pleaded with the regulatory agencies, especially in Ogun, to harmonise their lists of requirements and visits to manufacturing outfits.

Onafowokan said this would help reduce the financial burden imposed on them by such visits.

“It is our plea that regulatory agencies, especially within Ogun, will harmonise their lists of requirements to reduce the financial burden on manufacturers.

“The tax net should also be expanded to bring in more revenue for the government, rather than putting undue pressure on manufacturers in the state,” he said.

The Ogun MAN Chairman expressed hope that the recommendations of the Presidential Committee on Fiscal Policy and Tax Reforms would lead to ending multiple and illegal taxation of manufacturers.

NAN reports that the committee was set up to review and harmonise major tax laws and revenue collection processes.(NAN)

Edited by Olawale Alabi

By Justina Auta

The Nigerian Economic Summit Group (NESG), says strategic efforts are in place to galvanise actions that will address high unemployment and minimise brain drain in the nation’s economy.

Ms Amina Maina, the Chairperson, Central Organising Committee at the NESG 29th Summit (NES 29) said this in a statement on Thursday in Abuja.

Maina added that the forthcoming NES 29 would explore the subject as a sub-theme to observe the emigration of highly skilled professionals, which deprived Nigeria of valuable human capital assets.
“Issues around high levels of youth unemployment has hindered the utilisation of human capital, thereby contributing to economic underperformance, will also be spotlighted.

” Wherever you go around the world, you hear that the best people whether in education, healthcare, the financial industry or even in infrastructure, are Nigerians.

” We must find a way to keep and retain our best brains in the country.

“We hope that at NES 29, the private sector community will be able to give us bold ideas, which will be a way of turning things around,” she said.

The chairperson, also added that the summit would enable stakeholders to brainstorm on measures to reduce unemployment rate, ensure youths were gainfully employed and have something to look forward to.

”We desire to use the human capital we are blessed with to put Nigeria back on the trajectory where it should be.

” We should be able to take our place amongst the comity of nations because we do have the best and brightest and with the right system, we can retain them back home,” she said.

She said that the theme for the NES 29 summit, ‘Pathways for Sustainable Economic Transformation and Inclusion’, was aimed at translating economic growth into improved and sustainable living standards for all citizens.

” This year’s summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development,” she said. (NAN)(www.nannews.ng)

Edited by Dorcas Jonah/Ali Baba-Inuwa

By Abigael Joshua

TEXEM UK, a leadership development organization has praised the appointment of Zacch Adedeji as Chairman of Federal Inland Revenue Service (FIRS) by President Tinubu describing it as a trailblazing step in revenue transformation.

In a statement on TEXEM’s website signed by Caroline Lucas, Director Special Projects, Adedeji was described as a visionary leader who pursues excellence always.

Lucas said the prestigious appointment follows closely on the heels of Adedeji’s appointment as Special Adviser to President Tinubu on Revenue Matters, adding that it is a testament to his remarkable journey in revenue transformation.

She said Adedeji’s ascent to the pivotal position is not a coincidence but the culmination of years of dedication, innovation, and strategic thinking.

“His story is one that inspires and showcases the incredible possibilities that arise from unwavering commitment to excellence,” Lucas said.

She recalled that in 2011, Adedeji etched his name into the annals of history by becoming the youngest ever Commissioner for Finance in Oyo State.

Lucas added that during his tenure, he displayed a remarkable knack for introducing groundbreaking reforms that elevated Oyo State’s internally generated revenue to unprecedented heights.

“Through the implementation of best financial practices and plugging financial leakages, Adedeji showcased his unparalleled ability to innovate and generate revenue, a skill set that would prove invaluable in his future endeavors.

“TEXEM UK takes pride in having contributed to Adedeji’s journey of excellence.

“In 2015, he participated in our prestigious “Leaders in Oil and Gas programme” in London, UK,” she said.

Lucas said his participation in TEXEM’s programme allowed Adedeji to broaden his strategic outlook and gain valuable insights from global industry leaders.

She affirmed that his commitment to personal growth and professional development has undoubtedly played a pivotal role in his outstanding achievements.

“Following his triumph in Oyo State, Adedeji was appointed as the Executive Secretary of the National Sugar Development Council in March 2021 by former President Muhammadu Buhari.

“For over two years, he worked tirelessly toward Nigeria’s ambitious goal of achieving self-sufficiency in sugar production through the faithful implementation of the Nigeria Sugar Master Plan.

“Adedeji’s dedication and strategic acumen propelled Nigeria closer to this vital objective, underscoring his capability as a transformative leader,” Lucas said.

She said Adedeji is a Fellow of Chartered Accountants, a member of the Institute of Chartered Accountants of Nigeria, and a member of the Chartered Institute of Taxation of Nigeria.

Lucas said that with all the qualifications, Adedeji possesses a formidable wealth of knowledge and expertise in the financial sector.

“His deep understanding of finance and taxation is an invaluable asset that will undoubtedly drive revenue growth and economic stability under his guidance at FIRS.

“One of the most striking aspects of Adedeji’s leadership is his versatility and ability to transform revenue challenges into opportunities for growth and innovation.

“His strategic outlook, combined with an unwavering commitment to excellence, distinguishes him as a transformative leader capable of driving financial change and shaping Nigeria’s economic landscape,” she said.

TEXEM UK’s founder, British Nigerian, Dr Alim Abubakre also commended Adedeji saying his appointment is well-deserved.

“His remarkable journey from a state Commissioner to a Presidential Special Adviser serves as an inspiration to aspiring leaders across Nigeria.

“Adedeji’s accomplishments demonstrate the incredible possibilities that arise from passion, dedication, and a relentless pursuit of excellence.

“As Zacch Adedeji takes the helm at FIRS, TEXEM UK extends its best wishes, and hopes for a tenure marked by groundbreaking achievements, sustainable revenue growth, and a prosperous future for Nigeria,” Abubakre said.

He said TEXEM proudly stands behind Adedeji as he continues to drive Nigeria’s revenue transformation with his visionary leadership and unwavering commitment to excellence. (NAN) (www.nannews.ng)

Edited by Razak Owolabi

By Kadiri Abdulrahman

The Debt Management Office (DMO), has assured prospective investors in Federal Government of Nigeria (FGN) securities of profitable yield on their investments.

The Director-General of the DMO, Patience Oniha, said this on Thursday in Maiduguri during the FGN Securities Issuance Awareness Programme in the capital city of Borno.

The News Agency of Nigeria (NAN) reports that the programme was jointly organised by the DMO and CSL Securities Limited, the stockbroking firm for the Federal Government .

Oniha, who was represented by Mr Abubakar Sani, DMO’s Deputy Director, Policy and Risk Management Department, said that the programme was designed to educate Nigerians about safe investment opportunities in FGN securities.

She described investment in FGN securities as the safest place for Nigerians to grow and diversify their finances.

According to Oniha, the various FGN security instruments, which constitute the local component of the country’s public debt, also contribute to developing the local financial market and deepening financial inclusion.

She said that they were backed by full faith and credit of the Federal Government of Nigeria and were default risk-free.

“One function of these FGN securities is to raise capital to finance deficits in the budget and also to raise funds to execute critical infrastructure projects.

“The Federal Government of Nigeria securities also contribute to the development of the domestic capital market, and they serve as a benchmark for other private institutions to issue their own securities.

“The idea of getting more Nigerians to invest in government securities is to also promote and encourage financial inclusion. ,” she said.

Mr Abiodun Fagbulu, the Managing Director, CSL Stockbrokers Limited, said that FGN securities were designed to accommodate all categories of Nigerians.

Fagbulu, represented by Mr Richard Akinmoladun, Head, Property Trading at CSL, said that government securities also enhanced the savings and investment opportunities of the populace.

He described FGN securities as financial instruments issued by the DMO on behalf of the Federal Government .

He listed the various investment platforms to include FGN bond, FGN savings bond, treasury bills, the green bond, and the Sukuk bond.

He said that the FGN savings bond was specifically designed for the retail investors to benefit, thereby promoting financial inclusion.

Fagbulu urged residents of Maiduguri to take advantage by investing massively in FGN savings bond, which had a minimum subscription of N5,000.

“The FGN savings bond was particularly designed to encourage Nigerians across all social status, thus promoting financial inclusion.

“The idea is to enable retail investors, who are mainly low income earners, also benefit from the investment opportunities in FGN securities.

“Federal Government of Nigeria securities are mostly fixed-income instrument under which the government is obliged to make payments of a fixed amount on a fixed schedule, once or twice a year, and repay the principal amount on maturity.

“Investors in fixed-income securities are, therefore, guaranteed a constant and secure return on their investments,” he said.

The News Agency of Nigeria (NAN) reports that the awareness programme was inaugurated in Lagos in March 2022.

It has also been held in Enugu, Ibadan, Kano, Yola, Umuahuia, Gombe, Osogbo, Port Harcourt, Benin, Uyo and Asaba. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

Economy

By Justina Auta

Abuja, Sept. 28, 2023 (NAN) The Nigerian Economic Summit Group (NESG), says strategic efforts are in place to galvanise actions that will address high unemployment and minimise brain drain in the nation’s economy.

Ms Amina Maina, the Chairperson, Central Organising Committee at the NESG 29th Summit (NES 29) said this in a statement on Thursday in Abuja.

Maina added that the forthcoming NES 29 would explore the subject as a sub-theme to observe the emigration of highly skilled professionals, which deprived Nigeria of valuable human capital assets.

“Issues around high levels of youth unemployment has hindered the utilisation of human capital, thereby contributing to economic underperformance, will also be spotlighted.

” Wherever you go around the world, you hear that the best people whether in education, healthcare, the financial industry or even in infrastructure, are Nigerians.

” We must find a way to keep and retain our best brains in the country.

“We hope that at NES 29, the private sector community will be able to give us bold ideas, which will be a way of turning things around,” she said.

The chairperson, also added that the summit would enable stakeholders to brainstorm on measures to reduce unemployment rate, ensure youths were gainfully employed and have something to look forward to.

”We desire to use the human capital we are blessed with to put Nigeria back on the trajectory where it should be.

” We should be able to take our place amongst the comity of nations because we do have the best and brightest and with the right system, we can retain them back home,” she said.

She said that the theme for the NES 29 summit, ‘Pathways for Sustainable Economic Transformation and Inclusion’, was aimed at translating economic growth into improved and sustainable living standards for all citizens.

” This year’s summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development,” she said. (NAN)

Edited by Dorcas Jonah/Ali Baba-Inuwa

By Taiye Olayemi

Mr Odunayo Ayeku, Chief Executive Officer, Kinka token, a Bitcoin company, on Wednesday urged the Federal Government to further embrace blockchain technology to boost the nation’s economy.

Ayeku gave the advice while speaking with the News Agency of Nigeria (NAN) against the backdrop of the dwindling economy.

He said a couple of other things must be done to further boost the economy like: cutting cost, structural empowerment, adequate monitoring of government establishments and projects and good power supply.

“ At this stage of the nation’s development, the Federal Government must prioritise boosting our economy. Government needs to invest in capacity building to revive the economy.

” The Federal Government should also embrace blockchain technology, blockchain institutions should not be left out as well because with this, we can generate much money to clear our debt in the diaspora.”

Speaking on the need for government to educate Nigerians on cryptocurrencies, he said it would go a long way in curbing the ‘Japa syndrome’ ravaging the country.

He said Nigerians continue to travel out in quest for better means of livelihood because they no longer find Nigeria attractive but crypto education could make many change their minds to stay.

“ Crypto education can indeed offer a potential path toward financial freedom in Nigeria and across the world.

“ Investing in cryptocurrencies, such as Bitcoin, Ethereum, and Kinkajou has provided substantial returns for many early adopters.

” The advent of crypto has really contributed to job creation in Nigeria but our government is not looking into that aspect, and the crypto market in no doubt can help boost Nigeria’s economy.”

He,however, said that it was essential to approach it with caution and understand the risks involved.

According to him, to achieve financial freedom with crypto, there are a few steps to consider.

Ayeku, therefore, advised the youth to explore the power of the internet legitimately by acquiring relevant skills for problem-solving, and creating digital businesses.

” As a developer and Chief Executive Officer of Kinkajou token, a digital currency, I have been able to fully maximise opportunities on the internet legitimately. (NAN) (nannews.ng)

Edited by Folasade Adeniran

By Ikenna Uwadileke

The Special Adviser to the President on Economic Affairs, Dr Tope Fasua, has called for a structural reform of Nigeria’s foreign exchange market.

Fasua made the call at a roundtable organised by the National Policy Advocacy Centre (NPAC) of the Abuja Chamber of Commerce and Industry (ACCI) on Tuesday in Abuja.

The theme of the event was “Unification of Foreign Exchange and the Effect of Fuel Subsidy Removal on the Business Community’’.

“I believe we should reform the Bureau De Change (BDC) sector and make it stronger. You cannot manage over 5,000 BDCs selling money on the streets.

“If we can do the structural reforms in the BDCs sector and the banks and supervise them well, the CBN with our reserves can incentivize that sector, allowing people to get money much quicker.

“And you have to define the illegal market and by then we will be able to find stability,” he said.

Fasua said that Nigeria spends over $45 billion annually importing refined petroleum products, milk, chemicals and fish, among others.

He said: “I hear things like scarcity of forex. What is scarcity of forex, as if the world owes us any forex.

“The world does not owe us any forex. The forex you get is depending on the trade that you do.

“If you look at Nigeria’s import and export profile, over 20 items that we import in Nigeria are in the billions of dollar range.

“Our biggest import, fuel and diesel take about $25 billion to $30 billion every year.

“We have things like cars, which is about four billion every year; sugar, fish, milk one billion each; wheat four billion; chemicals, three billion dollars; pharmaceuticals two billion dollars.”

Fasua listed crude oil and fertiliser as two things that Nigeria exports in the billion dollar range.

“The first is petroleum and gas, you will see a figure like $57 billion, but out of that only 30 per cent is ours, according to Nigeria Extractive Industries Transparency Initiative (NEITI).

“The international oil companies that have the technology that do production own most of that money,’’ he said.

The Director, Policy Advocacy Centre, ACCI, Mr Chidiebere Onwumere, said that foreign exchange unification held promises of increased transparency, improved access to forex and reduced market distortions.

He, however, said that it raises questions about exchange rate stability, inflationary pressures and the cost of imports.

“We must carefully consider how these factors will affect the competitiveness of our industries and the purchasing power of our citizens.

“Fuel subsidy removal, on the other hand, is expected to free up fiscal resources, reduce government spending, and potentially lead to increased investment in critical sectors.

“Yet, it also raises concerns about the immediate impact on transportation costs, inflation, and the welfare of our citizens, especially those in vulnerable communities,’’ he said.

Mr Oscar Onyema, Managing Director, Nigerian Exchange Group (NEG) PLC, said collaborative dialogue was essential in formulating policies that balance short-term challenges with long-term benefits.

Highlighting the effects of both policies on the economy, Onyema said that immediate transition could disrupt businesses and the economy in several ways.

Represented by Mrs Cordelia Ihedioha, Onyema said that businesses that were heavily reliant on imports may face short-term disruptions due to the sudden shift in exchange rates.

According to him, this could result in increased costs for imported raw materials, leading to potential price adjustments for end consumers.

“To mitigate these disruptions, businesses may need to explore alternative sourcing strategies and adjust their pricing models,” Onyema said

Mr Dele Alimi, Director General, Institute of Directors of Nigeria appealed to the Federal Government to take total control of the mineral sector.

He said: “The mineral sector over the years has been poorly handled by previous governments as host communities have been left impoverished by illegal mining activities.”

Alimi described the subsidy removal and unification of the foreign exchange as bold steps by the Federal Government, saying that it was a necessity for economic revival.

He urged more emphasis should be placed on efficiency of governance than cost of governance.

Dr Chijiokr Ekechukwu, Vice President of ACCI, urged the Federal Government to fix the refineries and dvocated alternative sources of energy for cars to cushion the effect of the petrol subsidy removal.

According to him, 60 per cent of cars in the United States run on electricity, adding, “that is where we should be headed for.”

He expressed concern that while the unification of foreign exchange rate brought checks and balances and better accountability, saying, “the high exchange has affected prices of goods and services.

“The inflation rate continues to coast upwards and there is a high cost of production, criminality, low standard of living and unemployment has risen above 33 per cent to 35 per cent.’’

Mr Asishana Okauru, the Director General of the Nigerian Governors’ Forum, represented by Olarenwaju Ajibasile said the cost of governance needed to be channelled to the local sector.

“Patronising locally made products will bost the local economy,’’ he said.

Olasupo Agbaje, General Manager Economic Regulations, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said that efficiency in the downstream operations was key in sustaining the petrol subsidy removal.

“What we hope for and where we want to be is not just the Nigeria National Petroleum Company Limited (NNPCL) being the sole supplier.

“We want other operators, the private sector coming in and this is one of the objectives of the Petroleum Industry Act,” Agbaje said. (NAN) (www.nannews.ng)

================

Edited by Bashir Rabe Mani

By Kadiri Abdulrahman

The Bureau of Public Procurement (BPP) has partnered with the African Development Bank (AfDB) to strengthen ongoing reforms in the energy sector to improve productivity and add value to the economy.

According to a statement by Janet McDickson, Head,  Media, BPP, the Director General of BPP, Mamman Ahmadu, made this known on Tuesday while welcoming the AfDB team to his office.

The News Agency of Nigeria (NAN) reports that the AfDB team was led by Dr Patrick Owuori, the Regional Procurement Coordinator.

Mamman said that emphasis should be placed on quality while implementing the much needed energy sector reform, adding that  government projects needed to be long-lasting and sustainable.

He said that sufficient rules should be made on how the money the organisation is putting on the table for the project is to be expended.

The director general said that BPP was working assiduously to achieve the Public Procurement Act, 2007.

“Procedures and strategies are put in place for spending government funds that will give value for money,” he said.

According to him, BPP is also collaborating with the World Bank to put in place an e- procurement mechanism for transparency in all procurement processes.

“We are designing a capacity building sector to design customises areas to train procurement officers in skills and knowledge that will match global best practices,’’ he said.

Mamman said that the BPP needed more funding to design procurement capacity that can work with the energy sector and  all procurements across board.

He, however, said.that BPP’s partnership with AfDB would go a long way in enhancing the procurement sector engagement.

Earlier, the leader of the delegation and Regional Procurement Coordinator, AfDB, Dr Patrick Owuori said, the new government of President Bola Tinubu, in the bid to get the power sector improve its services, had requested AfDB to develop and redesign a template to improve the energy sector.

Owuori said that the task would take them between six and nine months to redesign.

He said that the entire project would cost $1billion, with the timeline between 2023-2024. (NAN)

Edited by Bashir Rabe Mani

By Nana Musa

The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, on Tuesday received a copy of the draft Programme for Country Partnership (PCP) document, which forms the basis for the 2023-2027 cooperation agreement.

Bagudu received the document during a courtesy visit by the United Nations Industrial Development Organisation (UNIDO) team, which is also a party to the agreement, in Abuja.

He said that the constitution of the committee was sequel to the request of the past administration of President Muhammadu Buhari in March 2021, for UNIDO to upscale its country programme 2018-2022 in its next programme cycle starting from 2023 to 2027.

“The assignment of the committee was to align the proposed Nigeria PCP (2023-2027) priority areas with the National Development Plan (NDP) 2021-2025, and identify sources of funding for the PCP during the programme period.

“The committee presented its report in August 2022, the proposed total budget for PCP Nigeria 2023-2027 of 174.585 million dollars  and how it is to be sourced.

“Government counterpart ccontribution is 14.3 per cent using the structure for financing of NDP 2021 – 2025: 24.965 million dollars and UNIDO/Partner’s contributions 85.7 per cent 149.619 million dollars,” Bagudu said.

He expressed satisfaction with the document due to its gender inclusiveness.

“Women are strong factors and they are very enterprising,” he said.

Earlier, the Regional Director of UNIDO, Mr Jean Bakola, said that the organisation had achieved a lot of development in the country.

“We have engaged many women in the private sector, and we have also developed some projects for agriculture, small and medium-sized enterprises.

“We have done a lot for the energy sector and capacity building,” Bakola said.

He commended President Bola Tinubu for appointing Bagudu as minister, and promised to continue working with him in the overall interest of Nigeria. (NAN)

Edited by Muhammad Suleiman Tola